IRS Residency Certificates can be described as documents that verify an individual’s U.S. tax residency status. The Certificate confirms that you are in compliance with the U.S. tax laws and are subject to U.S. taxation on your worldwide income, no matter where you reside.
What is a 1099-INT?
A 1099-INT is an Internal Revenue Service (IRS) form that reports interest payments made to a taxpayer during the previous year. This form is usually sent to the taxpayer by the financial institution or company which paid them the interest income. The 1099-INT shows the total amount of interest payments received during the year, as well as the date, payer, and amount of each payment.
What are Acknowledgments and Affidavits?
Acknowledgments and affidavits are two of the most common forms used in closing a real estate transaction. In an acknowledgment, the parties to a contract or deed certify that they have received and read the document in question. Affidavits are sworn statements made by individuals and are often used to confirm certain facts or details about a particular situation.
What is a DFS Form (Florida Insurance Premium Disclosure)?
A DFS Form is used to provide the Florida Office of Insurance Regulation (OIR) with premium information on property and casualty insurance policies. The form is also used to report cancellations, non-renewals, or changes to a policy.
What is Warranty Deed/Assignment of Proprietary Lease (Co-op)?
The warranty deed/assignment of proprietary lease (co-op) is the most common form of conveyance for a co-operative apartment. It is a deed in which the grantor (seller) warrants good title to the property and agrees to defend the title against any legal challenge. The warranty deed/assignment of proprietary lease (co-op) also obligates the grantor to indemnify the grantee (buyer) for any loss suffered as a result of any breach of this warranty. In addition, the deed usually contains various other provisions that are specific to cooperative apartments.
For example, it may provide that the buyer will be given membership in the co-operative corporation or that the seller will remain liable for maintenance fees after the sale.
It should be noted that, in the case of co-op apartments, the deed is usually assigned to the co-operative corporation and not to the individual buyer.
A co-operative apartment is a form of housing in which the residents own shares in the corporation that owns the building in which they live. In order to purchase a co-op apartment, you must become a member of the co-operative corporation. The shares represent your ownership interest in the co-operative.
When you purchase a co-operative apartment, you are actually purchasing an “assignment of the proprietary lease.” This means that you are not buying the physical property, but rather you are acquiring the right to live in the property pursuant to a lease from the co-operative corporation.
What is a Bill of Sale?
The Bill of Sale is a legal document that transfers the ownership of personal property from one individual to another. It is a type of contract, and as such, it must be entered into knowingly, willingly, and voluntarily by both parties.