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FlipSwarm Wiki version 20230404
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flipswarm wiki
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ownership
  deed
  title
    legal vs equitable
  states
    theory
      title vs lien (mortgage)
    recourse vs nonrecourse
    nonjudicial foreclosure
  conveyance

contract
  agents
    buyers: idx
    listing: mls
  agency
    exclusivity
    procuring cause
    dual / designated
  title abstractor
  earnest money
    included with offer
    part of down payment
    inspection contingency
  contingencies
    appraisal
      mpr
    inspection
      home (buyer)
      pest (termite)
      mold (stachybotrys)
      lbp / asbestos (1978)
      methamphetamine (lab)
    finance
      preapproval
      certificate of occupancy
    force majeure
  due diligence
    survey &c.

condition
  county (tax)
    market valuation
    fractional assessment ratio
    equalisation factor (multiplier)
  municipal / local
    building inspector
    certificate of occupancy
      purpose
      habitability
      code compliance
  lender
    appraiser
    desktop underwriter
      piw / ace
  seller
    material defect
    mandatory disclosures
    pre-listing inspection
  listing verbiage
    as-is
    cash only
    needs tlc
    fixer upper
    movein ready
    tenants rights
    handyman special
    motivated seller
    investment property
    bring your paintbrush
    no seller disclosures
    agent related to seller
    seller has not lived in home
    seller not to provide occupancy
    inspection for information purposes only
  as-is
    normal clauses
    foreclosure / reo
    hud: preappraised
    in its present condition
    sellers choice eg short sale
    nonreliance on representations
    seller will not
      make repairs
      offer concessions
      pay for inspections
      grant closing cost credits
  negligence
    tortfeasor
    duty breach causation

financing
  contracts
    promissory note
      amount / rate / term
      downpayment
    security instrument
      mortgage agreement / deed of trust
      collateral mortgage
  insurance
    title
    homeowners
    pmi: ltv >80% ie 20% down
  renovation: fha 203k
  discharge
    defeasance
    short sale
    recourse clause
    prepayment premium
    deed of reconveyance
    alienation / due on sale
    satisfaction of mortgage
    acceleration / foreclosure
    assumable 1982 garn-stgermain

property
  real = fixed (immovable)
  personal
    chattel
    intangible
      cash
      stock
      brands
      patents

asset accounting
  real = tangible
    current = 1yr
      cash
      stock
    non-current = fixed (permanent)
      chattel
      real property
  intangible
    non-current = fixed (permanent)
      brands
      patents
      goodwill

asset investing
  real estate
  equity = stock
  cash & eqivalents  
  fixed income = bonds
takeaways:
o cars are chattel
o all commissions are always negotiable
o real property loans are collateralised
o lender appraisals come in at or above contract 90% of the time
o personal property isnt real but that doesnt make it intangible
o in asset accounting chattel is fixed, & like cash & stock is tangible & real
o in property chattel is not fixed nor real & neither are cash & stock which are also intangible

Statutory Fractional Assessment Ratios
https://s-space.snu.ac.kr/bitstream/10371/69897/1/kjps_20_2_43-67.pdf
      1999     1991
-- ------- --------
AK    100%     100%
AL     NAb      20%
AR    100%      20%
AZ     10%      10%
CA    100%     100%
CO     NAb   14.34%
CT     70%      70%
DE     NAb   100.0%
FL    100%     100%
GA     40%      40%
HI    100%     100%
IA    100%     100%
ID    100%     100%
IL   33.3%    33.3%
IN     NAb    33.3%
KS   11.5%      12%
KY     NAb     100%
LA     NAb      10%
MA    100%     100%
MD     40%      40%
ME     NAb     100%
MI     NAb      50%
MN     NAb        d
MO     19%      19%
MS     10%      10%
MT    100%     100%
NC     NAb     100%
ND    4.5%    4.5%f
NE    100%     100%
NH    100%     100%
NJ     NAb 20%-100%
NM   33.3%    33.3%
NV     35%      35%
NY UNIFORM UNIFORMg
OH     35%     35%i
OK     NAb        e
OR     NAb     100%
PA     NAb     100%
RI     NAb    100%h
SC     NAb      40%
SD    100% Max 100%
TN     25%      25%
TX    100%     100%
UT    100%      71%
VA    100%     100%
VT     NAb     100%
WA     NAb     100%
WI    100%     100%
WV     60%      60%
WY    9.5%     9.5%
Notes:

a Residential Single Family Property.
b No Response.
c Residential Property.
d Adjusted by "Net Tax Capacity" Factor.
e Currently Set between 11%-14% (Max 35%).
f assessed Value is 50% of the Full & True Value / Taxable Value is 10% (9%) of Assessed Value.
g Max 100% Full Value.
h or Uniform with Max 100%
i State law sets tax value at no more than 35% of true value: commissioner set taxable value at 35%

Sources:

1999: IAAQ (2000) "Property Tax Policies and Administration in Canada and the United States."
1991: Census of Government (1992) Volume 2. Taxable Property Values.
IAAO (1990b. 1991), "Taxanomy of Administrative and Legal Features of States and Provinces of the United States and Canada."

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