Among these are the buying and selling of real estate, with all the associated necessities such as the drafting of purchase and sale agreements, checking contracts, title examinations
and reviewing lease agreements.
For example, the costs of land surveys, appraisals, title examinations
, termite inspections, transfer taxes, and recording fees are transactional expenses," While the payment of transactional expenses out of proceeds will not disqualify an exchange, payment of such items may generate boot resulting in the recognition of some taxable gain.
DataQuick's title offerings now include nationwide escrow, title examinations
, commitment and closing services; document preparation and recording services; and expedited ordering, processing and deliv-ery--all backed by local practice and regulation expertise.
Following the takeover, it also offers nationwide escrow, Title examinations
, commitment and closing as well as document preparation and recording services with expedited ordering, processing and delivery.
Sample topics include researching deeds, deciphering mortgage clauses, and conducting title examinations
. Each chapter contains one relevant annotated sample document, as well as a case excerpt and review questions.
Only a few jurisdictions presently require title examinations
as part of the tax foreclosure process, but a large number are finding it necessary to define with increasing specificity the scope of records to be examined in order to identify the parties.
Law of Federal Oil and Gas Leases contains extensive coverage of all aspects of oil and gas leases relating to the federal lands, including leasing legislation, options and rights to acquire, federal land records, title examinations
, outer-continental-shelf leases, surface management requirements, and state and local regulation.
It further held that the homes are capital assets to the taxpayer and that amounts paid by the taxpayer to the relos for such items as mortgage payments, broker's commissions, title examinations
, and transfer taxes are nondeductible capital expenditures that must be added to the bases of the homes.