An explanation of the adjustments made to comparables to better match the subject property in real estate transactions.
An Attorney Opinion Letter is a formal document provided by a lawyer, offering a professional opinion on the status and validity of a property title, derived from public records. This differs from title insurance as it does not offer financial protection.
Closing costs are fees and charges that are additional to the property price, paid by either the buyer or the seller at the conclusion of a real estate transaction.
Understanding the concept of a closing date in real estate, where closing documents are signed and ownership transferred.
Comprehensive overview of conveyancing: the process of transferring land ownership, including historical context, procedures, legal considerations, examples, and related terms.
A detailed exploration of the concept of defeasible title in law, including its historical context, types, key events, and legal significance.
Deferred Exchange, a common type of property exchange in real estate transactions, where the original property is sold first, and the replacement property is acquired later.
Understanding the concept and implications of dual agency disclosure in real estate transactions where a single agent represents both the buyer and the seller.
A detailed exploration of Earnest Money, including its historical context, types, key events, significance, practical examples, and related terminology.
Earnest Money is a deposit made by a buyer to show their serious intent to purchase a property, commonly used in real estate transactions.
The Exchange Period is a critical component in real estate transactions, particularly in the context of a 1031 exchange, representing the 180-day timeframe within which a taxpayer must complete the acquisition of the replacement property.
A comprehensive overview of a Free and Clear Sale, where property is sold without any pre-existing mortgages or encumbrances.
Understanding FSBO, its process, benefits, challenges, and everything in between.
Gazumping refers to the situation where a seller reneges on an agreement to sell a property because of a higher offer from another buyer. This phenomenon typically occurs due to delays between an initial agreement and the signing of a legally binding contract, and is more common when property prices are rising.
Gazundering occurs when a property buyer reneges on an agreed price and offers a lower amount, exploiting market conditions where prices are falling and properties are hard to sell.
A detailed examination of the physical condition of a property, usually conducted before a home sale, often confused with appraisal.
LBTT, or Land and Buildings Transaction Tax, is the Scottish equivalent of the Stamp Duty Land Tax (SDLT) in England and Northern Ireland. It is levied on the purchase of property and land transactions in Scotland.
An in-depth look at Lien-Theory States where the borrower retains title to the property, and the lender holds a lien as security for the mortgage.
Individual appointments scheduled for prospective buyers to view a property in a private, one-on-one setting.
An in-depth look at public records errors, their impact on property titles, and ways to rectify them.
A Qualified Intermediary (QI) is a person or entity that plays a crucial role in facilitating a 1031 exchange, ensuring compliance with IRS regulations.
A comprehensive overview of Stamp Duty Land Tax (SDLT), including historical context, key events, formulas, importance, applicability, and more.
A detailed look at the role of a seller’s agent in real estate transactions, including their responsibilities, advantages, and differences from other types of agents.
An in-depth look at settlement costs in real estate transactions, including definitions, types, calculations, examples, historical context, and related terms.
A comprehensive understanding of Simultaneous Exchange involving the concurrent transfer of properties, including its logistics, challenges, and practical applications.
An in-depth explanation of the concepts of 'Subject to Mortgage' and 'Assumption of Mortgage,' including their implications, differences, examples, and related terms.
Title Closing specifically refers to the process and documentation involved in transferring ownership of a property, ensuring legal transfer and finalization of related documentation.
Unknown liens are claims by creditors that were not identified in the initial title search, presenting potential risks in real estate transactions.
An in-depth look at agency disclosure in real estate, detailing its purpose, types, special considerations, and historical context. Learn how it clarifies broker representation roles and fosters transparency.
An assignor is the party who assigns or transfers an agreement or contract to another party. This legal concept is integral in fields such as contract law, real estate, and business transactions.
The Assumption of Mortgage involves a buyer taking over the seller's mortgage, becoming personally liable for the debt. This is typically part of a real estate transaction and distinguishes itself by making the purchaser directly responsible to the lender, unlike a 'subject to' mortgage.
A Bargain and Sale Deed is a type of real estate contract that conveys property and transfers title to the buyer without any guarantee from the seller regarding the validity of the title.
A Buy-Back Agreement is a contract provision where the seller agrees to repurchase the property at a stated price upon the occurrence of a specified event within a certain period of time. This provision can offer reassurance to buyers, particularly in dynamic markets or situations involving potential relocations.
A comprehensive explanation of a cash buyer, including methods of payment, examples, and comparison with other types of buyers such as credit order buyers.
A Certificate of Occupancy is a document issued by a local government agency signifying that a building or dwelling conforms to local building code regulations. It is required for initial occupancy or transfer of title.
Comprehensive guide to understanding the concept of Contract Price in Installment Sales for tax purposes, including its definition, calculation, historical context, and significance.
A detailed explanation of 'Convey' as it pertains to the transfer of property from one party to another, including the legal formalities involved.
A Deed of Trust involves the transfer of legal title to a property from its owner to a trustee, so that the trustee may hold the title as security for the performance of certain obligations, monetary or otherwise, by the owner or a third party.
A detailed exploration of the Due-On-Sale Clause, which mandates that a mortgage loan is due upon the sale or transfer of the property, including its implications, exceptions, and related concepts.
An examination of the interest held by one who has agreed to purchase but has not yet closed the transaction, known as equitable title.
Detailed explanation of Escrow Closing, particularly in states where deeds of trust are used instead of mortgages, encompassing examples, historical context, and related terms.
A Forced Sale is a mandatory sale of an asset or property at less than its fair market value because the seller is compelled to sell urgently, often due to legal or financial pressures.
A General Warranty Deed guarantees that the grantor holds a clear title to a piece of real estate and has the right to sell it. This deed provides the highest level of protection for the grantee.
An innocent purchaser is one who buys an asset without knowledge of any claims or flaws in the title of the property, often protected under the concept of 'bona fide purchaser.'
An insurable title is one that can be insured by a title insurance company, providing a critical safeguard in real estate transactions. Learn more about its implications.
An in-depth look at Involuntary Liens, their types, legal implications, and relevance in property law.
A detailed exploration of land contracts, an installment selling arrangement where the buyer uses, occupies, and enjoys the property without receiving the deed until a specified part of the sale price is paid.
A Limited Occupancy Agreement allows a prospective buyer to obtain possession of a property under a temporary arrangement prior to closing.
A detailed explanation of the roles, responsibilities, and significance of a listing agent or listing broker in real estate transactions, including comparisons with selling agents.
The LOT AND BLOCK Method is a system of identifying and locating a specific parcel of land using designated lot numbers and block numbers within a subdivision plat. This method is commonly used in modern real estate and property transactions to provide a clear and precise legal description of land.
A Low-Ball Offer in real estate is a significantly lower bid than the property's asking price, indicating the buyer seeks a bargain or perceives the property's listing price as unrealistic.
An Opinion of Title provides a legal assurance on the validity of property ownership, typically issued by an attorney. It is crucial for subsequent title insurance policies.
Preclosing is a rehearsal of the closing process, where instruments are prepared and signed by some or all parties to the contract. It is often used when closings are expected to be complicated.
Understanding the legal term 'Procuring Cause,' which refers to the direct cause resulting in accomplishing a transaction goal, specifically used in real estate to determine a broker's entitlement to a commission.
An in-depth examination of purchase money mortgages, their types, applications, historical context, and relevance in modern real estate transactions.
Comprehensive definition of Selling Agent, including roles, responsibilities, comparison with Listing Agent, and frequently asked questions.
A comprehensive guide to Settlement Statements in real estate transactions, detailing the amounts to be paid by each party and how the funds are distributed.
A comprehensive evaluation of a site for the existence of hazardous waste, conducted prior to property acquisition to ensure compliance with environmental laws and regulations.
A Special Warranty Deed provides a warranty of title limited to claims arising by, through, or under the grantor, excluding defects existing before the grantor's ownership.
An individual who buys property and then transfers it to another person to hide the identity of the ultimate purchaser.
A detailed exploration of Title Guaranty Companies, their role in the real estate market, and their relationship to title insurance.
The Uniform Settlement Statement, prescribed by RESPA, is essential for federally related loans. It details relevant closing information and must be provided to both buyer and seller.
An Uninsurable Title refers to a real estate title that cannot be covered by title insurance due to significant defects or claims. This entry explores the reasons, examples, and implications of an uninsurable title.
Vendor's lien refers to the collateral granted to the seller of property as security for a promissory note taken by the seller as part of the selling price. This entry explores the concept, types, and importance of vendor's liens in real estate transactions.
A comprehensive look at deeds, including their legal definition, types, requirements, and how they compare with titles.
A comprehensive guide on Deed of Reconveyance outlining its purpose, functionality, examples, and frequently asked questions.
An in-depth look at the responsibilities and importance of escrow agents in real estate transactions, including their fiduciary duties and role in ensuring smooth property transfers.
A comprehensive guide to the Gift of Equity: its definition, how it functions, tax implications, and the pros and cons of using this unique real estate transaction method.
Understand the role of a grantee in real estate transactions, the legal implications, and examples illustrating the process.
Comprehensive guide on HUD-1 form, detailing its purpose in real estate transactions, including reverse mortgage and refinance processes. Explore the breakdown of charges, historical context, and practical examples.
A comprehensive guide to understanding lien waivers, including their definition, various types, and practical applications in the construction industry.
Comprehensive overview of the mortgagee, detailing their definition, responsibilities, and pivotal role in real estate transactions. Explore the functions and significance of the mortgagee in homebuying and property financing.
A comprehensive guide on quitclaim deeds, detailing their application, implications, and key considerations in property transactions.
A comprehensive guide on the definition, role, and compensation of real estate agents, covering how they operate and their importance in property transactions.
A comprehensive exploration of Special Warranty Deeds, including their definition, usage, and a comparison with General Warranty Deeds. Learn about the differences, legal implications, and best practices in property transactions.
A comprehensive overview of what a Trust Deed is, how it functions in real estate transactions, and sample forms for better understanding.
A comprehensive guide to viager transactions, a unique real estate arrangement where the buyer makes a down payment followed by regular payments until the seller's death. This article covers types, special considerations, examples, historical context, and related terms.
A comprehensive guide to Warranty of Title, explaining its significance, how it operates, and its implications in various transactions.
Explore the comprehensive definition of a listing agreement, different types, and how they function in real estate transactions. Understand the role of real estate brokers and property owners in this essential contract.
