Transfer taxes punish lenders who take deeds in lieu of foreclosure

Article Abstract:

The increasing number of problem loans is causing more lenders to take deeds in lieu of foreclosure. However, new and increased transfer taxes are making this process more expensive as financially troubled states, counties and cities tap this new source of revenue. Borrowers and lenders must consider the issue of who pays the tax, lender liability, double transfer taxes, calculation formulas and tax calculation delays. Some means to reduce the tax burden are available.

Finance, taxation, & monetary policy, Usage, Taxation, Economic aspects, Foreclosure, Transfer (Law), Deeds

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Caveat emptor or caveat broker?

Article Abstract:

Courts, in property-defect actions, appear to be abandoning the principle of caveat emptor. Brokers, therefore, are sometimes being found liable for defects discovered after closings. There are alternatives, however, to civil lawsuits in the resolution of broker-buyer disputes. These alternatives include disclosure of agency status, legislative requirements for brokers to inspect properties and mandatory inspections by qualified experts.

Laws, regulations and rules, Real estate agents, Real estate industry, Real estate agents and brokers

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