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An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction.
Earnest money is a "good faith" deposit the homebuyer provides with an offer, to show the seller an intent to follow through on a home purchase. The funds are typically held in an escrow account ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
The amended subsection (a) of 31 U.S.C. § 3729 effectively reverses the Allison Engine decision, weakening the requirement to "a false record or statement material to a false or fraudulent claim", where a claim includes "any request or demand" related to a government program and which will be paid from funds supplied by the government. [14] [15]
By law, the Fund can receive revenue from general revenue appropriated by the Legislature, private contributions, loan repayments, or other sources that the Legislature could establish by law. Currently, the Trust Fund receives revenue earned from the interest on earnest money in real estate transactions, as established by RCW 18.85.285. [25]
Chapter V of the United Nations Convention against Corruption (2003) makes clear that Asset Recovery is an international priority in the fight against corruption. International asset recovery is any effort by governments to repatriate the proceeds of corruption hidden in foreign jurisdictions. Such assets may include monies in bank accounts ...
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617.