RE-160 Lecture Notes - Lecture 26: Lenders Mortgage Insurance, Capital Gains Tax, Ad Valorem Tax

• School: Diablo Valley College
• Department: Business Accounting/Management/Marketing/Real Estate
• Course: RE-160
• Professor: Langager

Document Summary

General real estate taxes ad valorem. Takes priority when property is liquidated for sale. They are statutory with priority over liens created by contract. The right of a defaulted tax payer to recover property before its sale for unpaid taxes is equitable right of redemption. Ad valorem tax taxation according to value. Value his higher next to large building. Tax rate: m/m = 1. 50% ( 15 mills ) A house assessed at k would pay k in taxes. Mortgage interest, points, private mortgage insurance (pmi) Capital gains tax (track any capital improvements) A lien or change on the property of a mortgagor that secures the underlying debt obligation. Warns any potential purchaser that a property is subject to a pending legal action. A lien imposed on property by statue, a tax lien, for example, in contrast to an equitable lien , which arises out of common law. A charge against property, created by operation of law.