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Real Estate Newsletters

Deeds

In order to transfer title to real property from one person to another, some type of written instrument is required based on a doctrine known as the Statute of Frauds. The written instrument that is most commonly used to effectuate such transfers is known as a deed.

Foreign Investment in Real Property Tax Act FIRPTA

In the year 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA). The law can be found at 26 U.S.C.S. § 1445. Briefly stated, the law provides that if a seller of real property is a "foreign person," the buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies under the law.

Home Warranties

In today's real estate market, it is not uncommon for either a buyer or a seller to purchase a home warranty. Such warranties usually cover appliances, as well as the systems within the house, including heating/air conditioning, electrical, and plumbing. Typically, the cost ranges from $350 to $500 for an average home.

Marketable Title and How It Is Affected by Liens

A entered into an agreement of sale with B wherein A agreed to purchase certain real estate. Among other items in the agreement, B specifically agreed to convey "marketable title" to A. The title inspection ordered by A revealed numerous liens against the real estate, including tax liens and judgment liens.

Residential Leases and the Tenancies Created

A lease is defined as a contract by which a landlord transfers to a tenant a leasehold interest in property. The leasehold interest is a possessory right to the quiet enjoyment of habitable premises. The lease agreement sets out the rights and duties of the landlord and the tenant during the lease period.