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Real estate transfer taxes are a one-time fee imposed by state or local governments on the transfer of property ownership. The cost of transfer taxes varies by location and is based on the sale ...
Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
A family member has an ownership stake in the home: If an immediate family member has an ownership stake in the property, you might transfer the mortgage into their name.
Allodial title is related to the concept of land held in allodium, or land ownership by occupancy and defence of the land. Most property ownership in common law jurisdictions is fee simple . In the United States, the land is subject to eminent domain by federal, state and local government, and subject to the imposition of taxes by state and/or ...
The extensive guarantees and protections offered by grant deeds include assurances of the grantor's legal authority to transfer ownership, the absence of undisclosed claims or encumbrances on the property, and protection against defects in title. [1] Understanding liens and encumbrances is important in real estate transactions.
On death, assets transfer privately and immediately with no probate tax or public scrutiny, For a more modest estate consisting of a bank account containing $40,000, a small estate affidavit can work.