Press Statement: Leisure and Resorts World Corp | LRWC

Posted by – December 20, 2013

Share This Article:
Facebook Linkedin Pinterest Stumbleupon

LR

Leisure & Resorts World Corporation (LRWC) has listed P1.65 billion of its preferred shares under the symbol LRP and the corresponding 82.5 million warrants under the symbol LRW.

Last, July 2013, LRWC raised P1.65 billion through a share sale of preferred shares to private investors, to wit:

LRWC

The preferred shares have a coupon rate of 8.5% per annum and are paid semi-annually. These Preferred shares are cumulative, non-voting and non-participating. Twenty (20) preferred shares will entitle each investor to one warrant. Each warrant, if exercised at a price of P15.00 or the average weighted trading price for the three months prior (whichever is lower) will be converted to one common share. This option will be exercisable starting on the 5th year.

The funds were used primarily to finance LRWC’s participation in the Belle Corporation’s City of Dreams Integrated Resort and Casino project, the renovation and capital expenditures for the Midas Hotel and Casino, the construction of the Techzone BPO building in Makati City, and the acquisition and roll-out of additional bingo sites, among others.

City of Dreams Manila

source: http://www.cityofdreams.com.ph/index.php

As part of the company’s commitment, LRWC is working to have another tranche of preferred shares of P250MM offered to the investing public and listed on the Philippine Stock Exchange by the 1st Quarter of 2014. The next tranche will have same features and benefits as the current preferred shares already listed.

source: http://wp.me/aYTMK-VD

Guest Post: All in the Family: 5 Tips for Selling Your Home to a Family Member

Posted by – November 8, 2013

Share This Article:
Facebook Linkedin Pinterest Stumbleupon

All in the Family: 5 Tips for Selling Your Home to a Family Member

Putting your home on the market and actually finding a qualified buyer that wants to purchase it often turns into a long, drawn-out process. This is a big reason that many homeowners jump at the chance to sell their home to a family member they trust.

However, selling your home to a family member can be a sticky situation, as well. After all, mixing business with family is sometimes tricky, and if you need the income from your home, it could be opening up a real can of worms if the family buyer defaults.

That doesn’t mean you can’t sell your home to a family member – it just means you need to do it the right way.

Image Courtesy of ShutterStock

1. Hire a Real Estate Attorney

When individuals look to sell their home to a family member, they are selling to somebody that they know and trust. For that reason, many sellers basically make handshake agreements and don’t take care of all of the necessary paperwork in a timely fashion.

To avoid that, and to keep any potential problems from becoming issues, hiring a real estate attorney when selling your home to a family member is a good idea. A real estate attorney is different than an agent, which you don’t need because you have a buyer – they’re just going to help make sure the paperwork is properly filed.

A qualified real estate agent can also point out potential tax or mortgage problems you or the buyer might have if you go through a certain type of sale.

2. Make an Owner-Financed Sale

An owner-financed sale is basically an agreement that allows the buyer to make monthly payments toward a home directly to the current owner. It’s essentially as if the seller is acting as the bank in this case.

The real benefit of this is that you can set monthly payments, based on where you want them to be. This means the seller can make sure they get enough to live comfortably, while the buyer may be able to pay a little less than what a standard mortgage would offer.

3. Consider a Quitclaim Deed

A quitclaim deed is basically a transfer of property ownership from one person to another. In many cases, the person buying the property takes title of the home for a set amount of money – often the amount of interest the seller has accrued in the property.

It should be noted that a quitclaim deed will not get the new buyer out of any financial obligations or liens placed against the property – as these stay with the property, not the owner. If you’re considering a quitclaim deed to sell your home to a family member quickly because of mortgage issues, talking to a real estate attorney about potential problems before doing so is wise.

4. Don’t Sell Too Low

When selling your home to a family member, it’s easy to knock the price down below market value if you don’t need the money. After all, you want to be more than fair to a family member who desires your property.

However, knocking the price down more than 25-percent below the current market value and transferring the title to a family member may cause you to get stuck with a large gift tax penalty.

If your family member sells the home quickly, they could also be hit with a large capital gains tax if they purchased the home for less than it was worth. This is where a real estate attorney comes in handy. They can help you settle on a fair price, without shooting too low, or going much too high – and an outside party is always helpful when debating money between family members.

5. Get a Conventional Mortgage

If your family member is a qualified home buyer and is still interested in your house, going through the conventional mortgage process isn’t always a bad idea. It can allow you to get the money you need out of your home, while making sure the sale is properly structured by the bank.

Yes, the family member who buys your home will be required to pay interest on the loan, but if you sell at a slightly reduced rate, it might still be worth buying, especially if it’s a family home or property with value, other than its monetary value.

Image Courtesy of ShutterStock

Putting your home on the market is often a nerve wracking decision, as you never really know how it is going to pan out. Sometimes, selling your home to a family member is the best bet, and it can be a great thing to do for somebody you care about. However, that doesn’t mean you can simply hand over the deed. A proper sale and transfer does require paperwork, and you’ll want to get everything in writing.

Getting things in writing when dealing with family members is especially important if you’re going to be holding the title. That way if a family member defaults on payments or something goes wrong you won’t be out on a limb with no recourse. In the end, the best thing to do is talk everything through at length, to make sure the right decision is being made. You don’t want to make a rash agreement and regret it later. A sour financial agreement ruins lots of things, including relationships, and that is the last thing you want between family members.

Naomi Shaw is a freelance writer in Southern California. She enjoys learning about the real estate market, and writing on topics within this field is something she is very passionate about.

 

 

Guest Post: Ayala Land: Turning houses into homes

Posted by – July 24, 2013

Share This Article:
Facebook Linkedin Pinterest Stumbleupon

Ayala Land is the largest and experienced developer of different infrastructures across the Philippines. A trusted real estate developer, Ayala Land doesn’t just build commercial and residential establishments, but also nourish the community that will thrive through time.

atayala, atayala real estate, atayala logo, logo of atayala, real estate in Philippines, Philippine real estate logo

Started as a strategic business, Ayala Land‘s Residential Business was formally organized in 2005. It is made to emphasize the company’s focus on residential/housing developments and construction. After decades of hard work, premier developments followed, to name a few like Ayala Heights, Ayala Westgrove Heights, and Ayala Greenfield Estates, One Serendra in Bonifacio Global City, and The Residences at Greenbelt.

Valuing consistency of results, integrity, and uncompromised commitment to quality are the reasons why people continually trust Ayala Land. They build middle-income housing developments, affordable homes, even elegantly-styled and luxurious condominiums. The Filipino dream to own a home can be reached with the help of Ayala Land.

Trusted name, trusted projects

The Ayala Corporation is the parent company of Ayala Land. They are known for financial and organizational strength, quality products, services and business stability. The corporation operates not just here in the Philippines, but also abroad. The corporation runs different products and establishments such as banking, insurance, telecommunications, mall operations, residential construction, residential real estate sales, and commercial buildings.

ayala, ayala properties, ayala property, ayala real estate, real estate Philippines, Philippine real estate

Ayala began their residential construction in the 1920s. The organizational strength of Ayala Land lies in the professionalism and capability of its people. The believed in sustainable development and have created an array of projects perfect for conjugal families, newly-wed couples, young professionals, and other people who want to own an ideal home.

Superior craftsmanship, engineering and high-quality materials created by innovative technology are used to build every project. Ayala Land also listens to what the customer wants. They address the needs of aspiring homeowners who are driven by dreams to one day live in their own homes but are less financially capable.

Check out different projects of Ayala Land at www.atayala.com/Philippine-properties.php. You can choose from different developers such as Ayala Land Premiere, Avida, Alveo, and Amaia. They have an array of real estate ranging from well-designed house and lots to sophisticated condominiums.