Atty. Ray Paolo J. Santiago I. The Nature of Sale A. Definition (Art. 1458) Sale is a contract whereby one of the contracting parties [the seller] obligates himself to transfer the ownership[2] and to deliver the possession, of a determinate thing, and the other party [the buyer] to pay therefor a price certain in money or its equivalent. xCruz v. Fernando, 477 SCRA 173 (2005).[3] 1. Elements of Sale Elements
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1st of September 2012, England and Wales passed legislation criminalising all acts of squatting, subjecting squatters to arrest, fine and imprisonment. Will Ireland follow in this direction? At first glance, it seems that there are no rationales to the law of adverse possession and that squatter’s rights fly in the face of common sense, depriving the ordinary citizen of his right to peaceful enjoyment of his property and granting to the squatter an undeserved benefit. The potential abuse of this
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Origin of contract Contract act 1872 Extends to all Pakistan DEFINITION (1)Between two or more than two parties\persons (2)To do or not to do any particular thing (3)Enforceable by law (4)Creates obligation between the parties \persons COMMUNICATION\REVOCATION\ACCEPTANCE COMMUNICATION (1)Offer or proposal (notice to other party) (2)Acceptance
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Chapter 50 1. Which of the following is NOT essential to the transfer of real estate by deed? Signature of the Grantee. 2. Which of the following carries with it no warranties or guarantees of title? Quitclaim deed. 3. If Stan's land is condemned in order to build a subway system for the city: he must be given the fair market value of the property as of the time of the taking. 4. In order for a deed to be effective between the seller and purchaser, the deed must: be in writing, signed
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with more disagreement. What is a property right? What role do property rights play in a market economy? A property right is a socially-enforced right to select the uses of an economic good. A property right is private when it is assigned to a specific person. Property rights are alienable when they can be transferred (sold or given) to other individuals. Since owners bear the wealth effects of their actions, there are strong incentives to rearrange property rights in market transactions to increase
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Tom Jones, owns real property held as an investment classified as Land A. Tom is interested in trading his property for a property classified as Land B, which is held by Quake. Quake is a limited liability company (LLC), not electing to be classified as an association pursuant to section 301.7701-3 (c) of the Procedures and Administration Regulations. The sole member if Quake is Patterson. Quake acquired certain real property and improvements were constructed on the property classified as Land B
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The Federal gift tax is imposed on the right to transfer property by one person (the donor) to another (the donee) for less than full and adequate consideration. The tax is payable by the donor. If the donor fails to pay the tax when due, the donee may be held liable for the tax to the extent of the value of the property received Since the donor cannot pay or cannot be located, as in the this case, the IRS can pursue the donees for the tax under the doctrine of transferee liability. For individual
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home = ($470,000 - $135,000) / 27 years = $12,407 Average annual gain for Muskoka area cottage = ($450,000 - $200,000) / 16 years = $15,625 The optimal solution would be to allocate as much of the principal residence exemption as possible to the property with the highest average annual gain. Therefore, allocate the principal residence exemption to the Hamilton home for all the years from 1987 to 1997, inclusive (11 years) and to the Muskoka area cottage from 1998 to 2013, inclusive (16 years)
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a straw buyer (someone who falsely represents themselves). After closing, the straw buyer signs the property over to the investor in a quit claim deed. The investor does not make any mortgage payments and rents the property until foreclosure takes place. * Property flipping: Property flipping in itself is legal. Where the mortgage fraud comes into play is through falsely appraising the property for a high value and then quickly selling it, often multiple times. This scheme usually involves fraudulent
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Taxation Finance Act 2009 Alan Melville S IT IN TH W EEN ON NO IFT ITI F ED ● ● 15th Annual Edition ● ● Class Tested Over 250 Worked Examples ● Over 250 Exercises and Questions On ACCA, CIPFA, AIA and IFA Reading Lists Taxation Supporting resources For instructors Visit www.pearsoned.co.uk/melville to find valuable online resources • Complete, downloadable Instructor’s Manual For more information please contact your local Pearson Education sales representative
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