Contracts
In Maryland, unless negotiated otherwise, these are split evenly between the buyer and seller.
What are Transfer Taxes?
Under RESPA, these "under the table" payments in exchange for referrals are a no no.
What are kickbacks?
The liability on an owners title policy is based on this number.
What is the purchase price?
First time Maryland homebuyers are exempt from paying this type of tax at closing.
What is state transfer tax?
Chum to the old settlement statement.
What is a hud bud?
This occurs if a buyer tries to back out of a deal without a reason that is permitted under the sales agreement.
What is breach of contract or default?
In Maryland, this party has the absolute right to choose the settlement company.
Who is the buyer?
A Closing Disclosure must be acknowledged by a buyer at least this many days before closing.
What is a 3?
DAILY DOUBLE!
The rate of County Transfer Tax in Anne Arundel County.
What is 1%?
A musical performance by a search of the land records.
What is title recital?
A contract is this if it is dependent on the occurrence of something, like an inspection or financing.
What is contingent?
In this type of illegal transaction, a seller will usually enter into a contract for a property they have not obtained title to yet.
What is a flip?
A means by which a property is sold and the capital gains tax is deferred.
What is a 1031 Exchange?
The fiscal year for real estate taxes in Maryland runs between these two dates.
What is July 1 - June 30?
One who pulls the chain of Mr. Coldwell's partner.
What is a Banker yanker?
Daily Double!
Some say time is a like a river. In a sales contract, time is this, meaning that deadlines are hard and fast.
What is "of the essence"?
Named for the two legislators who authored it, it's the law that established the Consumer Financial Protection Bureau.
What is Dodd-Frank?
An IRS Tax Lien is effective for this many years...but don't worry, they can be renewed!
What is 20?
The disposition of a U.S. real property interest by a foreign person or foreign entity is subject to withholding under this 1980 law with a funny sounding name.
What is FIRPTA?
The type of identification that Dorothy's dog must bring to closing.
What is Toto photo?
The Maryland contract calls for disputes between the buyer and seller to be resolved through this process.
What is mediation?
When a divorce is finalized, tenants by the entireties converts to this.
What is a tenants in common?
An out of state seller who wants to file for an exemption from withholding tax must apply for the exemption at least this many days prior to closing.
What is 21?
A Maryland property assessed as this classification may be subject to an additional 5% in transfer taxes if the existing use is not continued by the buyer.
What is agricultural?
DAILY DOUBLE!!!
Ridding yourself of a non-primary residence.
What is an investment divestment?