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The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, ... Per diem interest;
Per diem clauses may be used in contracts to specify penalty accruals. Such wording would be found in reference to the expected closing date for a real estate contract, typically compensating a seller for a buyer's lack of expedience. [citation needed].
Multiply your loan amount by the interest rate: $400,000 x 0.06 = $24,000 Divide the interest by 365 to find the daily rate: $24,000 / 365 = $65.75 Multiply the daily rate by the number of days ...
The Fifth Amendment's Takings clause does not provide for the compensation of relocation expenses if the government takes a citizen's property. [1] Therefore, until 1962, citizens displaced by a federal project were guaranteed just compensation for the property taken by the government, but had no legal right or benefit for the expenses they paid to relocate.
The only stipulation was that the $15.00 per diem must be paid every year whether the unit was occupied or not. This "must be paid yearly fee" would become the roots of what is known today as "maintenance fees", once the Florida Department of Real Estate became involved in regulating timeshares.
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