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In other words, if your tax bill is $1,000 but you earn $2,000 in refundable tax credits, you’re entitled to a refund of $400 — 40% of the $1,000 that exceeds your tax liability.
The lump sum accrued from the initial deposit and the rent credit are only released to the buyer as down-payment on the house should the tenant/buyer decide to proceed with the purchase. The tenant/buyer is responsible for securing the necessary mortgage loan to finalize the purchase of the home.
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617.
A lump-sum tax is a special way of taxation, based on a fixed amount, rather than on the real circumstance of the taxed entity. [1] In this, the entity cannot do anything to change their liability. [2] In contrast with a per unit tax, lump-sum tax does not increase in size as the output increases. [3]
In October, there were fewer than 7,000 closed sales of homes and condos across the region. The average pay for a Florida real estate agent is about $54,000 a year, according to the latest data ...
Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
One type of tax that does not create a large excess burden is the lump-sum tax. A lump-sum tax is a fixed tax that must be paid by everyone and the amount a person is taxed remains constant regardless of income or owned assets. It does not create excess burden because these taxes do not alter economic decisions.
In the common usage of the term, cash out refinancing occurs when equity is liquidated from a property above and beyond sum of the payoff of existing loans held in lien on the property. This is often done when the value of the property has increased allowing the mortgagor to increase their mortgage taking cash out to spend on other things.