Category Archives: How Do Estate Sales Work
The Uniform Standards of Professional Appraisal Practice (USPAP) is published by The Appraisal Foundation located in Washington DC. This document is re-issued every two years and is the guidelines for Appraisers and the users of Appraisals. USPAP involves real estate, personal property and business valuation.
The document is broken into nine parts. The first seven sections (Definitions, Preamble, Ethics Rule, Record Keeping, Competency, Scope of Work, and Jurisdictional Exception ) pertain to all those who use USPAP in their professional lives. The following sections are The Standards which pertain to the development of an appraisal and the reporting of the findings. The final section is the Statements which clarify, interpret, explain and elaborate the Standards.
All the parts of USPAP are important in an appraisers work. However, USPAP does not state how reports are to be written. The Standards only indicate what needs to be included in the report to be a USPAP compliant report.
This article was contributed by CRTS and was written by Erin Kurimay
There comes a time when an elderly person can no longer manage their home or live alone, and the grown children begin to realize that their parents or aging loved ones need to either move to an assisted living residence, or downsize, remodel, and modify the design of the current home to age-in-place.
The aging parents have most likely lived in the home for 30 years or more, and with that have collected a lifetime full of memories and stuff. Furniture, china, silver, collectibles, family heirlooms, art work precious photo albums, clothing, holiday decorations, the entire contents of the kitchen, medicines, hazardous household chemicals, gasoline cans, the lawn mower, snow thrower………the list goes on.
The state of Florida requires the collection of sales tax by estate liquidation companies unless you possess a resales tax certificate which a buyer will need to present to the liquidator. Florida requires the liquidator to keep a copy of this certificate on file.
In many areas of Florida you will find signs posted in highly visible locations on the front yard of the home (or where there isn’t a front yard near the entrance) where the sale is being held letting buyers know that no purses or large bags can be brought into the home. This is a security measure for the protection of the sale.
Especially on nice days you will find the check out for the sale in the garage, under a canopy or tent. Many Florida liquidation companies record their sales on computers. It is beneficial for keeping track of the sales tax collected that must be reported and turn into the state.
More and more local authorities are requiring estate sales companies to take out a local license for their estate liquidation business.
More discussion in the future.