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How many Parties are involved in hire purchase transaction?
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What is an affidavit of sale?
An affidavit of sale or bill of sale is a document that records a transaction. All parties involved in the transaction must sign this document.
What is the purpose for having incoterms?
Incoterms specify the terms of sale, ownership, and liability between the parties involved in a transaction.
How is escrow involved in the buying or selling of a home?
An escrow is a third party that oversees the transaction of buying or selling a home. Essentially it ensures that the transaction happens smoothly and both parties are satisfied.
Why is it important to use system of units?
It is so that, in most transactions, both parties involved in the transaction know exactly what is being traded.
What is 3rd party advertising?
someone other than the parties directly involved in the action or transaction; outsider with no legal interest in the matter.
What type of relationship has probably been formed if two or more parties agree to combine their efforts for a single business transaction?
A partnership has most likely been formed when two or more parties agree to combine their efforts for a single business transaction. In a partnership, all parties involved share in the profits and risks associated with the transaction.
Can a realtor act as their own agent in a real estate transaction?
Yes, a realtor can act as their own agent in a real estate transaction, but it is important to disclose this dual role to all parties involved in the transaction to avoid any conflicts of interest.
What costs are the responsibility of the seller in a real estate transaction?
A real estate transaction is negotiated, which means the costs can be split up any way that the parties agree. Typically in the US the negotiation starts with the seller offering to pay commissions for both agents involved in the transaction, but there is nothing that requires this to be the case and the parties can agree to something different if they choose.
What is commercial substance?
Commercial substance refers to a significant change in the future cash flows of the parties involved in a transaction. In accounting, a transaction has commercial substance if it significantly impacts the financial position of the entities involved. For example, if a company exchanges a product for another product with different characteristics, and this exchange results in a change in cash flow for the company, then the transaction has commercial substance.
What does a financial intermediary do?
A financial intermediary is a title given to a person that works in the financial world. Their job is basically to act as the middleman between parties that are involved in a financial transaction.
What are the regulations for a California 3-way transaction in real estate?
In a California 3-way real estate transaction, there are regulations that require full disclosure of all parties involved, including the buyer, seller, and intermediary. The intermediary must be a licensed real estate broker or attorney. Additionally, all parties must agree to the terms and conditions of the transaction, and the transaction must comply with all state and federal laws governing real estate transactions.
