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The purpose of Act 425 is to provide for a means for two local units of government to share tax revenues resulting from new or expanding development in the areas of their jurisdiction. Most typically a city and a nearby township are the parties to such an agreement. Because of the limited ability for a city in Michigan to annex adjacent ...
The vast majority of states in the United States employ a system of recording legal instruments (otherwise known as deeds registration) that affect the title of real estate as the exclusive means for publicly documenting land titles and interests. The record title system differs significantly from land registration systems, such as the Torrens ...
Air rights. An example of air rights transfer between properties: a high-rise building extends over a four-story building in New York City. In real estate, air rights are the property interest in the "space" above the Earth's surface. Generally speaking, owning or renting land or a building includes the right to use and build in the space above ...
Estoppel certificate. An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and ...
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental ...
Key takeaways. Real estate transfer taxes are a one-time fee imposed by state or local governments on the transfer of property ownership. The cost of transfer taxes varies by location and is based ...
Private transfer fee. A private transfer fee covenant [1] is a legal instrument that is filed in the real property records, which imposes an assessment payable in connection with a series of future transfers of title to certain real property. The assessment [2] can be for a fixed amount or a percentage of the sales price, and typically runs for ...
The Uniform Environmental Covenants Act (UECA) is one of the uniform acts drafted by the National Conference of Commissioners on Uniform State Laws, a non-profit, American unincorporated association. The act is intended to provide clear rules for perpetual real estate interests – an environmental covenant – to regulate the use of brownfield ...
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