info@newyorknylawfirm.com
   
Magna Carta Transcript
US Constitution Transcript
Landmark Supreme Court Cases
Supreme Court/States Links
Administrative Law
Admiralty Law
Agriculture Law
Antitrust And Trade
Banking Law
Bankruptcy Law
Business Law
Civil Rights
Communications Law
Constitutional Law
Construction Law
Contracts
Corporation & Enterprise Law
Criminal Law
Cyberspace Law
Disibility Law
Dispute Resolution & Arbitration
Education Law
Employment Law
Energy Law
Entertainment & Sports Law
Environmental Law
Ethics/ Prof. Responsibility
Family Law
Gaming Law
Government Law
Health Law
Immigration Law
Indian & Native Peoples
Injury & Tort Law
Insurance Law
Intellectual Property
International Law
Labor & Employment Law
Litigation
Military Law
Probate Trusts & Estates
Property Law & Real Estate
Regulation
Securities Law
Tax Law
Transportation Law
Workers Compensation


Jan12_2004 Feb24_2004
March30_2004 April6_2004
May4_2004 June10_2004
July1_2004 August31_2004
Sept14_2004 Oct19_2004

Other Links
LawFirms1 LawFirms2
LawFirms3 LawFirms4
LawFirms5 LawFirms6
LawFirms7 LawFirms8
LawFirms9 LawFirms10
LawFirms11 LawFirms12
LawFirms13 LawFirms14
Law15 Law16 Law17
Boston Law Firm
Web Design Laser Marking


Property Law

Property Tax: an overview

Taxes are sometimes classified as either specific or ad valorem. Specific taxes are of a fixed amount based on a number, or standard of weight or measurement. Ad valorem taxes are based on a fixed proportion of the value of the property with respect to which the tax is assessed. They require an appraisal of the taxable subject matter's worth. General property taxes are almost invariably of this second type -- ad valorem. Ad valorem property taxes are based on ownership of the property, and are payable regardless of whether the property is used or not and whether it generates income for the owner (although these factors may affect the assessed value).

Income tax meets the broadest definition of a property tax. The term, however, is often limited to taxes based on real property. See Real Property.

The most frequent use of property taxes in the U.S. is by municipal governments, authorized to generate necessary revenue in this fashion under state law. See Income Tax. Real Estate Transactions: an overview

Real estate transactions are governed by a wide body of federal statutes and state statutory and common law. The requirements established by state law often differ significantly from one state to the next.

Real estate brokers are employed as the agent of the seller in order to obtain a buyer for their property. See Agency. The contract between the broker and seller is called a listing agreement. The agreement may be an open agreement where by the broker earns a commission only if he or she finds a buyer. A listing is exclusive if the broker is the only agent entitled to a commission for finding a buyer. Under an exclusive arrangement a broker may be entitled to a payment even if the seller finds the buyer without the brokers aid. Real estate brokers and salesperson are licensed and regulated by local state laws. See, e.g., California Civil Code 2079. Professional organizations may also provide further guidelines.

The Federal Fair Housing Act prohibits discrimination in real estate transactions on account of race, color, religion, sex, or national origin. See 42 U.S.C. 3601-3631. Real estate brokers are specifically prohibited from discriminating by the act. See 3606 of the act.

The agreement to sell between a buyer and seller of real estate is governed by the general principles of contract law. See Contracts. The Statute of Frauds requires that contracts for real property be in writing. See, e.g., California Civil Code 1624.

It is commonly required in real estate contracts that the title to the property sold be marketable. This requires that the seller have proof of title to all the property he or she is selling and that third parties not have undisclosed interests in the title. See Property.

A title insurance company or an attorney is often employed by the buyer to investigate whether the title is, indeed, marketable. Title insurance companies also insure the buyer against losses caused by the title being invalid.

In order to pass title, a deed with a proper description of the land must be executed and delivered. Some states require that the deed be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers.

The most common method of financing real estate transactions is through a mortgage. See Mortgages.


9842 Park Avenue New York, NY 10022
Phone 212.555.4629 Email:
info@newyorknylawfirm.com


web design boston concrete contractor laser marking, laser engraving, laser systems boston limousine