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Marketable Title
Marketable title (real estate) is a title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer. Marketable title does not assume that absolute absence of defect, but rather a title that a prudent, educated buyer in the reasonable course of business would accept. For real estate practitioners, the most complete reference to title issues is found in the preprinted wording contained within an agreement/contract. If you cannot produce a clear title of deed to the property then the prospective buyer should expect to lose in a specific performance action. Merchantable title and marketable title are synonymous terms. In the absence of an agreement to the contrary, there is an implied undertaking in the contract that the vendor (person selling the property) has a marketable title. The contract typically provides that on failure of a vendor to deliver good and marketable title, the vendee (buyer) may rescind the contract and r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011 In terms of law, ''real'' is in relation to land property and is different from personal property while ''estate'' means the "interest" a person has in that land property. Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state. History of real estate The natural right of a person t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deed
In common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed. It is commonly associated with transferring (conveyancing) title to property. The deed has a greater presumption of validity and is less rebuttable than an instrument signed by the party to the deed. A deed can be unilateral or bilateral. Deeds include conveyances, commissions, licenses, patents, diplomas, and conditionally powers of attorney if executed as deeds. The deed is the modern descendant of the medieval charter, and delivery is thought to symbolically replace the ancient ceremony of livery of seisin. The traditional phrase ''signed, sealed and delivered'' refers to the practice of seals; however, attesting witnesses have replaced seals to some extent. Agreements under seal are also called contracts by deed or ''specialty''; in the United States, a specialty is en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specific Performance
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate alternative. Specific performance is almost never available for contracts of personal service, although performance may also be ensured through the threat of proceedings for contempt of court. Specific performance is commonly used in the form of injunctive relief concerning confidential information or real property. While specific performance can be in the form of any type of forced action, it is usually to complete a previously established transaction, thus being the most effective remedy in protecting the expectation interest of the innocent party to a contract. It is usually the opposite of a prohibitory injunction, but there are mandatory injunctions that have a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty Of Title
In common law jurisdictions, an implied warranty is a contract law term for certain assurances that are presumed to be made in the sale of products or real property, due to the circumstances of the sale. These assurances are characterized as warranties regardless of whether the seller has expressly promised them orally or in writing. They include an implied warranty of fitness for a particular purpose, an implied warranty of merchantability for products, implied warranty of workmanlike quality for services, and an implied warranty of habitability for a home. The warranty of merchantability is implied, unless expressly disclaimed by name, or the sale is identified with the phrase "as is" or "with all faults". To be "merchantable", the goods must reasonably conform to an ordinary buyer's expectations, i.e., they are what they say they are. For example, a fruit that looks and smells good but has hidden defects would violate the implied warranty of merchantability if its quality does ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reverter
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he has (such as the owner of a fee simple granting a life estate or a leasehold estate). Once the lesser estate comes to an end (the lease expires or the life estate tenant dies), the property automatically reverts (hence ''reversion'') back to the grantor. A reversion interest is logically similar, but not legally identical, to the rights retained by someone who lends his property to another for a limited time. Although the bailee has the right to possess the property during the limited duration, these rights are neither permanent nor exclusive. When the time comes, the property rights of possession will terminate and return to the holder of the reversion. Reversions are commonly created in real property transactions, particularly during lease arrangements as well as devise (the transfer of real property through a will). In the context of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Easements
An easement is a nonpossessory right to use and/or enter onto the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another, B". An easement is a property right and type of incorporeal property in itself at common law in most jurisdictions. An easement is similar to real covenants and equitable servitudes. In the United States, the Restatement (Third) of Property takes steps to merge these concepts as servitudes. Easements are helpful for providing access across two or more pieces of property, allowing individuals to access other properties or a resource, for example to fish in a privately owned pond or to have access to a public beach. The rights of an easement holder vary substantially among jurisdictions. Types Historically, common law courts would enforce only four types of easement: * Right-of-way (easements of way) * Easements of support (pertaining to excavations) * Easement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chain Of Title
A chain of title is the sequence of historical transfers of title to a property. It is a valuable tool to identify and document past owners of a property and serves as a property's historical ownership timeline. The "chain" runs from the present owner back to the original owner of the property. In situations where documentation of ownership is important, it is often necessary to reconstruct the chain of title. To facilitate this, a record of title documents may be maintained by a registry office or civil law notary. Chain of title for real property Real estate is one field where the chain of title has considerable significance. In real estate transactions in the United States, insurance companies issue title insurance based upon the chain of title to the property when it is transferred. Title insurance companies sometimes maintain private title plants that track real estate titles in addition to the official records. In other cases, the chain of title is established by an abstra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dower
Dower is a provision accorded traditionally by a husband or his family, to a wife for her support should she become widowed. It was settled on the bride (being gifted into trust) by agreement at the time of the wedding, or as provided by law. The dower grew out of the practice of bride price, which was given over to a bride's family well in advance for arranging the marriage, but during the early Middle Ages, was given directly to the bride instead. However, in popular parlance, the term may be used for a life interest in property settled by a husband on his wife at any time, not just at the wedding. The verb ''to dower'' is sometimes used''.'' In popular usage, the term ''dower'' may be confused with: *A ''dowager'' is a widow (who may receive her dower). The term is especially used of a noble or royal widow who no longer occupies the position she held during the marriage. For example, Queen Elizabeth was technically the dowager queen after the death of George VI (though sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adverse Possession
Adverse possession, sometimes colloquially described as "squatter's rights", is a legal principle in the Common law, Anglo-American common law under which a person who does not have title (property), legal title to a piece of property—usually land (real property)—may acquire legal ownership based on continuous Possession (law), possession or occupation of the property without the permission (licence) of its legal owner. The possession by a person is not adverse if they are in possession as a Tenancy, tenant or licensee of the legal owner. In general, a property owner has the right to recover possession of their property from unauthorised possessors through legal action such as ejectment. However, in the English common law tradition, courts have long ruled that when someone occupies a piece of property without permission and the property's owner does not exercise their right to recover their property for a significant period of time, not only is the original owner prevented ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structural Encroachment
A structural encroachment is a concept in real property law, in which a piece of real property projects from one property over or under the property line of another landowner's premises. The actual structure that encroaches might be a tree, bush, bay window, stairway, steps, stoop, garage, leaning fence, part of a building, or other fixture. Some attorneys classify it as a type of easement, related to an ''easement in gross'', while some scholars classify such as one type of encroachment. Creation When a structural encroachment is created intentionally, it is basically an easement in gross, and may be done by a permit to a government authority. A zoning law may also restrict an intentional structural encroachment. A structural encroachment may also be created by necessity, by accident, or by prescription. Other uses * In some medical contexts, a lump protruding into a blood vessel is described as a structural encroachment. * In some ecological contexts, the process of a peat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
