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The escrow payment used to pay taxes and insurance is a long-term escrow account that may last for years or for the life of the loan. Escrow can also refer to a shorter-term account used to facilitate the closing of a real estate transaction.
The size of such payments can be controversial, especially where the organization appears to have federal income from taxable activities. For example, the tax-exempt Appalachian Mountain Club operates a modern hotel for its members in Carroll, New Hampshire, paying a negotiated PILOT amount to the town. A competing commercial hotel would also ...
Examples of services often billed to tenants as CAM charges include portering, parking lot striping, parking lot lighting, and landscaping. [1] CAM charges can be broken into two subcategories—controllable and uncontrollable. Uncontrollable CAM charges are taxes, security costs, utilities, and snow removal expenses.
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 ...
An initial down payment from the buyer to the seller is usually also required. The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more ...
Rent credit - How much of the lessor's monthly payment will go to the eventual purchase price at the end of the lease. The contract will also generally include terms that relate to repairs and maintenance and, for real estate transactions, how such expenses such as property taxes and homeowner association fees will be paid.
Typically, the withheld tax is treated as a payment on account of the recipient's final tax liability, when the withholding is made in advance. It may be refunded if it is determined, when a tax return is filed, that the recipient's tax liability is less than the tax withheld, or additional tax may be due if it is determined that the recipient ...
Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the ...