Guam Option to Purchase - Short Form

State:
Multi-State
Control #:
US-01730-AZ
Format:
Word; 
Rich Text
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Description

This is a short form of an real estate purchase contract. If purchasing a dwelling, a full length contract is advisable. Adapt to fit your specific facts and circumstances. Don't reinvent the wheel, save time and money.

The Guam Option to Purchase — Short Form is an agreement that grants an individual or entity the right to buy a specific property located in Guam within a specified timeframe. This particular document is commonly used when the parties involved intend to keep the terms of the option simple and straightforward. The Guam Option to Purchase — Short Form typically includes essential details such as the name and contact information of both the option holder (buyer) and the option granter (seller). It also outlines the property's specifics, such as its address, legal description, and any unique features that may be relevant in the agreement. This agreement's key elements entail the purchase price, which is the pre-determined amount at which the option holder can exercise their right to buy the property. Additionally, the agreement mentions the option period, which is the duration during which the option holder has the exclusive right to purchase the property. The Guam Option to Purchase — Short Form provides flexibility to both parties by allowing the option holder to either exercise their right to purchase or decline the option within the predetermined period. Furthermore, this document may specify any additional terms and conditions, such as the responsibility of property maintenance or any restrictions on how the option holder may use the property during the option period. While the Guam Option to Purchase — Short Form generally follows a standardized structure, specific variations may exist depending on the parties involved and their requirements. Some common types of Guam Option to Purchase — Short Form may include: 1. Residential Option to Purchase — Short Form— - Specifically tailored for residential properties such as houses, apartments, or condominiums located in Guam. — Designed to address unique factors that may affect residential property transactions. 2. Commercial Option to Purchase — Short Form— - Customized for commercial real estate, including offices, retail spaces, or industrial properties. — Takes into account certain commercial aspects like leasing provisions or zoning restrictions. 3. Vacant Land Option to Purchase — Short Form— - Specifically focuses on undeveloped or vacant land located in Guam. — Considers factors such as land use regulations, environmental concerns, or potential development plans. In conclusion, the Guam Option to Purchase — Short Form is a vital document that grants the right to buy a particular property in Guam. Its primary purpose is to establish a concise and clear agreement between the option holder and the option granter. The document's structure and content may vary depending on the type of property involved, such as residential, commercial, or vacant land.

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FAQ

If you have no business location or resident salesperson but are liable for gross receipts tax (for instance, because you lease property used in New Mexico or perform a non-construction service in New Mexico), you are liable for tax at the rate for out-of-state businesses, the state gross receipts tax rate of 5.125%.

The Dave Santos Small Business Enhancement Act also known as the Limited Exemption for Certain Small Businesses (LECSB) has been amended by Guam Public Law 35-90 to mitigate the impact on small businesses as a result of the COVID-19 pandemic.

Title 11, Chapter 26, of the Guam Code Annotated provides the authority for imposing gross receipts taxes, and Section 26202(a) of Chapter 26 states that businesses (referred to in this report as taxpayers) selling goods and services will be taxed at a rate of 4 percent on the gross proceeds of sales.

GROSS RECEIPTS TAX: Gross receipts are the total amount of money received from: Selling, leasing, or licensing New Mexico property; Granting a right to use a franchise in New Mexico; Performing services in New Mexico; and.

Guam, Pacific island states among the last 9 jurisdictions still on EU's tax haven blacklist. Guam, along with other U.S. territories and Pacific island states, remains on the European Union's shrunken list of jurisdictions with tax systems described as vulnerable to tax fraud and dirty money.

All businesses with sales over $500,000 per year must file monthly GRT reports and pay 4% GRT on all sales to the Treasurer of Guam. All businesses with sales less than or equal to $500,000 per year must file monthly GRT rep01is and pay 4% GRT on all sales over $50,000 to the Treasurer of Guam.

Your GRT Account Number is part of a sequence of numbers printed next to ACCOUNT NO at the top of your Business License. The GRT account number can be a minimum of 1 digit and a maximum of 9 digits long.

See GRT E-Filing Help.Email grt@revtax.gov.gu.Call 671-635-1835/1836.Write to Department of Revenue and Taxation, BPTB, P.O. Box 23607, GMF, Guam, 96921.

All businesses with sales over $500,000 per year must file monthly GRT reports and pay 4% GRT on all sales to the Treasurer of Guam. All businesses with sales less than or equal to $500,000 per year must file monthly GRT rep01is and pay 4% GRT on all sales over $50,000 to the Treasurer of Guam.

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Real Estate Purchase EXHIBIT 1 — SALE AGREEMENT 1.1. Date of Event — this document is to take effect upon entering into Execution. EXHIBIT 1 — PROPOSAL 1.2. Purpose — Purchase and Sale of Property. In consideration for an Option to purchase property located Southside on Goodliest Farms Parkway east side, known as EXHIBIT 1: B.B., between the parties, dated July 5, 2018, hereinafter “Option 1”, the parties hereby agree as follows: 1.2.1. Option 1.1: Purchase Price: 6,100,000.00 1.2.2. Option 1.2: Total Principal: 6,100,000.00 1.2.2.1. Existing Leases The Goodliestst Farms Parkway. Option 1.2: As a result of the option, a lease agreement for a term of one (1) year and the right to renew two (2) consecutive one (1) year periods, effective as of the date of Option 1, exists between the parties. The terms and conditions of the lease agreement will be determined by a vote of the parties and set forth on the Certificate of Merger. 1.2.3. Option 1.

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Guam Option to Purchase - Short Form