| Foreign Investment in Real Property Tax Act FIRPTA |
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| In the year 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA). The law can be found at 26 U.S.C.S. § 1445. Briefly stated, the law provides that if a seller of real property is a "foreign person," the buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies under the law.
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| Tangible and Intangible Property |
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| Property is an external thing that can be owned or possessed. Property can be divided into two categories: tangible and intangible. The word tangible refers to something that has a definable physical form that can be felt or touched. The word intangible refers to something that cannot be perceived by the senses. More... |
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| Estates in Property -- Fee Simple |
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| Fee simple is the type of ownership that embraces every interest in property. In other words, when a person owns property in fee simple, there are no limitations on his or her right to possess, use, sell, or pass the property on to his or her descendants through a will or a trust. The owner of a fee simple estate owns the whole bundle of rights. More... |
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| Homeowners' Associations |
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| As the name suggests, a homeowners' association is a group of homeowners. Homeowners' associations function within condominiums, co-operatives, and planned neighborhoods. More... |
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| The Rule against Perpetuities |
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| The Rule against Perpetuities: No future interest is valid unless it can be shown that it will necessarily vest, if at all, no later than 21 years after some life in being at the creation of the interest.
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