Can I legally hold money for someone else?
Can I legally hold money for someone else?
You simply have a DEBT to pay back someone else. AND to answer the question, it depends. If you are doing this as a service to help someone commit crimes such as money laundering, tax evasion, fraud, etc, then yes, that’s illegal.
Can you get in trouble for holding money?
But as long as you came by it legally in the first place, it is usually not a crime to hold on to it. It’s a crime to steal property and it’s a crime to possess stolen property, but not to possess property that came into your possession lawfully even if the owner now demands it back and you refuse to return it.
Does a holding deposit mean the property is yours?
A holding deposit is money paid when you’ve agreed to rent a property, but haven’t signed a contract. If you pay a holding deposit you’re guaranteeing you’ll take up the tenancy. If the agents accept it they’re guaranteeing they’ll let the property to you.
What is holding a mortgage for someone?
A holding mortgage is a type of mortgage loan in which the seller acts as the lender and retains the property title. The buyer makes monthly payments directly to the owner.
Can you stop someone putting money into your bank account?
Even if you have not revoked your authorization with the company, you can stop an automatic payment from being charged to your account by giving your bank a “stop payment order” . This instructs your bank to stop allowing the company to take payments from your account.
What are the advantages of seller financing?
The Advantages of Seller Financing Sellers, in turn, can usually sell faster and without having to make costly repairs that lenders typically require. Also, because the seller is financing the sale, the property may command a higher sale price.
How to hold a mortgage for someone else?
Create a promissory note, which deals with the mortgage financing. You should have a real estate attorney do this. The promissory note, once signed by the buyer, is the buyer’s promise to repay you in monthly mortgage payments at the interest rate you’ve agreed to over the term of the mortgage. Establish an escrow account.
Is there any way to access the money of a deceased person?
If the deceased person had several bank accounts, each holding only a small amount of money, but in total exceeding £10,000, then it may still be possible to access the money in those accounts without a grant of probate or letters of administration.
Can a resident hold a foreign currency account in India?
(1) A resident Individual may open, hold and maintain with an Authorised Dealer in India a foreign currency account, to be known as Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, bank notes and travellers’ cheques as under:
Can a non-resident keep US dollars in a FCNR account?
Taxation: Interest earned in this account is taxable. FCNR is a fixed deposit foreign currency account that allows non-residents to keep their deposits in foreign currency. Permissible currencies for opening FCNR account: US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, and Canadian Dollars.
Can a nursing home resident manage their own money?
Nursing homes that are Medicare and/or Medicaid certified must adhere to rules regarding the residents’ finances, which include allowing residents the right to manage their own money, or choose someone they trust to manage it for them. Here is the specific language from the Medicare website listing additional resident financial rights:
Can a person have more than one primary residence?
And, in general, someone’s primary residence is the home that’s closest to a person’s employer. You can have only one primary residence at a time. Discover a Home You Will Love! home in your area.
What happens when I get rid of someones property?
Disposing of someone else’s property is tricky. You will have to establish that you gave written notice to the owner, and a reasonable amount of time for the owner to retrieve the stuff. Even then, you could face a small claims court suit for the value of the stuff after you get rid of it…
Is it safe to open a resident’s fund?
• Caution is exercised if establishing a resident’s fund – as a general principle a person’s money and property should be in their control and not seen as belonging to everyone. • Any person using the service who has a lot of money is supported to open an account.