Sentences with phrase «estate settlement purposes»
When Willard's widow sought to reopen his estate in order to exercise her statutory authority to waive the privilege for estate settlement purposes, the North Carolina Supreme Court, in In re Miller, 357 N.C. 316 (2003), found that her true purpose was not to effectuate the goals of the estate but to uncover information relevant to the murder investigation.
http://www.slaw.ca/ Not exact matches
For the purposes of residential mortgage lending and Regulation X — Real Estate Settlement Procedures Act (RESPA), the balance of the benefit given and received is of critical importance.
One purpose of RESPA is to regulate the referral of business between companies involved in a real estate transaction settlement.
Appraisers: Property appraisals performed by qualified appraisers are often required for financing, estate planning, divorce settlements, asset division and other purposes.
Lundquist Appraisal Company is available to appraise residential properties for divorce, estate planning / settlement, litigation, pre-listing, bankruptcy, foreclosure, purchase, refinance, loan modification, bail bond, FHA, property tax appeal, USDA, insurance purposes, short sale, pre-foreclosure, PMI removal, and more.
There are many purposes for an appraisal some of these are: sale or list price decisions, estate planning, tax or divorce settlement, tax assessment, refinance and mortgage lending purposes.
The Real Estate Settlement Procedures Act (RESPA) sets limits on the amounts that a lender may require a borrower to put into an escrow account for purposes of paying taxes, hazard insurance and other charges related to the property.
Affiliated Business Arrangment means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider; and (8) the term «associate» means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such business.
One may want an Appraisal for a number of reasons, being: for tax purposes; for the settlement of an estate; for the awarding of a mortgage or a re finance; for a marriage split (there will be two appraisals here) as well as for a simple sale price to be established etc., and even then regarding the last category, whether one wants to sell very quickly (fire sale) or whether one is prepared to wait for top dollar via having the property exposed to the market place for ninety days, one hundred - twenty days, six months or more (in a then currently ascending market) etc..
It also prohibits settlement service providers from conducting or participating in certain acts or practices commensurate with business arrangements for consumer - purpose real estate transactions.
The Bureau believed that incorporating this guidance into appendix A to Regulation X would have improved the effectiveness of the disclosures when used for reverse mortgages, thereby reducing industry confusion and advancing the purpose of RESPA to provide more effective advanced disclosure of settlement costs to both the borrower and the seller in the real estate transaction, consistent with RESPA section 19 (a).
The purpose of this part is to promote the informed use of consumer credit by requiring disclosures about its terms and cost, to ensure that consumers are provided with greater and more timely information on the nature and costs of the residential real estate settlement process, and to effect certain changes in the settlement process for residential real estate that will result in more effective advance disclosure to home buyers and sellers of settlement costs.
A trade association representing real estate agents, a financial holding company, a compliance company, and various settlement agents recommended that the final rule distinguish between loan and settlement costs for purposes of imposing a pre-consummation period.
In addition to providing consumers with appropriate disclosures, the purposes of RESPA include, but are not limited to, effecting certain changes in the settlement process for residential real estate that will result in (1) the elimination of kickbacks or referral fees that Congress found to increase unnecessarily the costs of certain settlement services; and (2) a reduction in the amounts home buyers are required to place in escrow accounts established to insure the payment of real estate taxes and insurance.
The Bureau believed that these revisions would have satisfied the purpose of RESPA to provide more effective advance disclosure of settlement costs to both the consumer and the seller in the real estate transaction, consistent with RESPA section 19 (a).