I want to transfer property to a wholly owned subsidiary. Do I need to pay documentary stamp taxes on the deed?
Whether you need to pay documentary stamp taxes on the deed when transferring real property to a wholly owned subsidiary depends on the status of the property and the nature of the transaction. Where property, that is unencumbered by a mortgage, is transferred to a wholly owned subsidiary, documentary stamp taxes need not be paid on the deed so long as the transfer is not made in combination with transfers of ownership or, distributions from, an artificial entity.
To view the above discussion on video, visit http://schecterrealestatelaw.com/i-want-to-transfer-property-to-a-wholly-owned-subsidiary-do-i-need-to-pay-documentary-stamp-taxes-on-the-deed/ as featured on Law.TV.
How does a buyer assign his or her rights in a sales contract to another party?
Prior to a buyer assigning his or her rights in a sales contract to another party, the buyer should first check the language of his or her contract to ensure that an assignment is permissible and/or whether seller approval of the assignment is required. If a buyer is permitted to assign his or her sales contract, then the buyer and the third party should enter into a written Assignment of Sales Contract, which should be prepared by the buyer or the third party’s attorney.
To view the above discussion on video, visit http://schecterrealestatelaw.com/how-does-a-buyer-assign-his-or-her-rights-in-a-sales-contract-to-another-party/ as featured on Law.TV.
