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In a typical transaction for the sale of real estate encumbered by a private transfer fee assessment, a contract for purchase of the real property is receipted at the title company. The title company then provides the prospective purchaser with a title commitment showing all encumbrances of record, including the transfer fee assessment.
Abbreviations and Acronyms of the U.S. Government (maintained by U.S. Government Publishing Office) The Cardiff Index to Legal Abbreviations (maintained by Cardiff University). Common Abbreviations and Legal Citation Examples for Selected Federal Government Documents: Legislative, Regulatory and Statutory (maintained by LLSDC.org)
Collections by the Real Estate and License Divisions were confined to revenue accruing to the City of Manila. In line with the Filipinization policy of then US President William McKinley, Filipino Collectors were appointed. The first three BIR Collectors were: Wenceslao Trinidad (1918–1922); Juan Posadas Jr. (1922–1934) and Alfredo Yatao ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
The reference to 'HUD' in the form's name refers to the Department of Housing and Urban Development. Federal regulations require that unless its use is specifically exempted, either the HUD-1 or the HUD-1A, as appropriate, must be used for all mortgage transactions that are subject to the Real Estate Settlement Procedures Act. Prior to October ...
[citation needed] The fact that it comes without any warranties from the government means that the new owner may not have a good title. [ citation needed ] If in fact, the city did not have a good title or the city could not convey a good title, then the new landowner is unlikely to be successful in obtaining a refund of the purchase price.
Once an instrument affecting the title to real estate has been recorded, the law holds that everyone is deemed to know of its existence, even if they have not searched the records in the recorder's office. This is the doctrine of "constructive notice" and it is nearly universal in the various states of the U.S. So, for example, after a deed or ...
Ken H. Johnson, a real estate economist at Florida Atlantic University and a former real estate broker, says the new rules just add another layer of complexity to an already-confusing process.