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The Home Equity Theft Prevention Act (HETPA, NY RPL §265-a) is a New York State law passed on July 26, 2006, to provide homeowners of residential property with information and disclosures in order to make informed decisions when approached by persons seeking a sale or transfer of the homeowner's property, particularly when homeowners are in default on their mortgage payments or the property ...
In a typical transaction for the sale of real estate encumbered by a private transfer fee assessment, a contract for purchase of the real property is receipted at the title company. The title company then provides the prospective purchaser with a title commitment showing all encumbrances of record, including the transfer fee assessment.
It is a transfer fee, payable upon the sale of an apartment to the co-op. Flip taxes are considered a method to help raise money for a co-op's overhead expenses without raising the maintenance fees or assessing flat charge to all residences. Charging the fee to those who are leaving the building seems to be the most politically feasible.
In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property from one entity to another. This kind of tax is typically imposed where there is a legal requirement for registration of the transfer, such as transfers of real estate , shares , or bond .
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
It is also one of the key elements in international taxation as it allows an adequate allocation of profit taxation rights among countries that conclude double tax conventions, through transfer pricing, among each other. Transfer pricing and the arm's length principle were one of the focal points of the base erosion and profit shifting (BEPS ...
[6] [9] Online resources include LexisNexis, WestLaw, the LRS, and the New York Legislative Service, and selected laws can be found online on the New York State Legislature website and the free public legislative website. [6] [9] The pocket part was introduced in 1916 by the West Publishing Company to update McKinney's. [15]
Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to increase transfer taxes on higher end property sales to help combat issues like homelessness. 2022's Chicago's Bring Chicago Home initiative, seeks to increase transfer taxes on $1 million transactions by 253% or t o 2.65% or $26,500 per million dollar of ...