Other LanguagesA conveyance to the United States in trust for an Indian is not subject to the real estate excise tax.
Where a number of vendees under an executory contract for the sale of real estate are jointly and severally liable for payment of the full purchase price, the real estate tax on the transfer of one of the vendees' interest to the remaining vendees is measured by the amount paid for the transferring vendee's equity in the land plus the proportional share of the transferring vendee remaining unpaid on the balance of the contract of sale at the time of the transfer to the remaining vendees.
Where in accordance with a prior agreement an individual transfers separately owned real estate to a grantee by a deed reciting consideration of love and affection and the grantee pursuant to the same agreement then executes a deed setting forth the same consideration and transferring the title back to the grantor and another person as joint tenants the real estate excise tax does not apply.
Where a corporation transfers property owned by it in trust for its own use and benefit under the terms of which trust agreement the trust may be terminated by the beneficiary at any time, the transfer by the trustee to the beneficiary on termination of the trust is not subject to the real estate excise tax or the conveyance tax.