Public Act 097 - 0555, titled the "Illinois Residential Real Property Transfer on Death Instrument Act" (the "Act") becomes effective January 1, 2012. It is codified in §755 ILCS 27/1 et seq. Below are the important bullet points of the new Act.
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The NY State Department of Taxation and Finance just announced that effective January 1, 2012 the tax rate for the gain reported by non residents on Forms IT-2663 and IT-2664 will be set at 8.82%
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In today's market, making decisions about jumbo and super jumbo loans can be a subjective and potentially risky process. The risk assessment on these loans varies from one financial institution to another, and even from state to state. Jumbo home price classifications can also vary, leading many lenders to require more than one appraisal on a jumbo mortgage loan.
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Earlier this year, both Fannie Mae and Freddie Mac have instituted a new set of compliance regulations for appraisals, called the Uniform Appraisal Dataset (UAD). All appraisals dated as of September 1st have included additional compliance codes to meet these requirements. Our Platinum Data Scrubber, along with our manual QC process helps to identify errors or reports missing the necessary UAD requirements.
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