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.
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.
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.
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.
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.