In Connecticut, who is legally responsible for paying the state real estate conveyance tax under CGS § 12-494?
Correct Answer
B) The seller, as the party transferring title to the property
Under CGS § 12-494, the Connecticut real estate conveyance tax is imposed on the grantor — that is, the seller — as the party transferring title. The tax is paid by the seller at the time the deed is recorded.
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TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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