This is a Seller's Annual Accounting Statement notifying the Purchaser of the number and amount of payments received toward contract for deed's purchase price and interest. This document is provided annually by Seller to Purchaser.
This is a Seller's Annual Accounting Statement notifying the Purchaser of the number and amount of payments received toward contract for deed's purchase price and interest. This document is provided annually by Seller to Purchaser.
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The Alabama (AL) state sales tax rate is currently 4%. Depending on local municipalities, the total tax rate can be as high as 11%.
Legislative Act 2015-448, entitled the Simplified Seller Use Tax Remittance Act, allows eligible sellers to participate in a program to collect, report and remit a flat eight percent (8%) sellers use tax on all sales made into Alabama.
Unlike in many other U.S. states, Alabama law employs a rule known as caveat emptor for the sale of used residential property. Caveat emptor is Latin for let the buyer beware, which means that the seller has no actual duty to advise the buyer of issues with the property's physical condition during the sale.
Alabama law provides that a seller or seller's agent has a duty to disclose information about used real estate in three scenarios 1) Defects affecting health and safety, 2) where a fiduciary relationship exists, and 3) upon specific inquiry by the buyer.
Buyer beware, also known as the doctrine of caveat emptor, is an age-old doctrine. It means that, if you intend to buy property, you generally bear the responsibility for finding out about the property's condition before purchasing it.
While there's no hard-and-fast list of which states follow caveat emptor and which don't, Alabama, Arkansas, Georgia, North Dakota, Virginia, and Wyoming are largely known as caveat emptor states. In others, courts have upheld the principle only some of the time.
In most cases, prepared food to be consumed on or off the premises is fully taxable in Alabama at 4%. However, counties and jurisdictions may charge an additional local sales tax of up to 7%, for a maximum possible combined sales tax of 11%.
4. How much does it cost to apply for a sales tax permit in Alabama? It's free to apply for a sales tax permit, but other business registration fees may apply.
The Alabama Supreme Court has held caveat emptor (buyer beware) to be the law in Alabama when selling existing homes. Everyone should be on notice that there is no warranty which comes with the sale of a used home. Buyers have a chance to inspect the property and should assume the responsibility of a purchase.