Ownership and Title
Fee Simple Ownership: The most absolute form of property ownership; unlimited rights to use, sell, or pass the property.
Joint Tenancy: Co-ownership with equal shares and rights of survivorship.
Tenancy in Common: Co-ownership without rights of survivorship; ownership may be unequal.
Title Search: A search of public records to verify the seller’s legal right to convey ownership.
Title Insurance: Protects the buyer against undiscovered claims or liens on the property.
Read Also:
- https://legalnexishub.com/20-critical-questions-about-property-law/
- https://legalnexishub.com/30-legal-pitfalls-in-real-estate-transactions/
- https://legalnexishub.com/40-property-law-faqs-explained-for-beginners/
Acquisition and Transfer
Deed: A legal document that transfers ownership from the seller to the buyer.
Warranty Deed vs. Quitclaim Deed: A warranty deed guarantees clear title, while a quitclaim deed transfers whatever rights the seller has, with no guarantees.
Closing Process: The final step where ownership officially transfers, including signing documents and paying fees.
Earnest Money Deposit: The initial deposit a buyer makes to demonstrate his seriousness, which is forfeited in some situations.
Contingencies: The conditions of the purchase agreement that have to be satisfied before the sale can take place, for instance, financing or inspections.
Rights and Obligations
Property Taxes: These are the annual taxes based on the assessed value of the property.
Easements: The legal rights granted to others to use a portion of your property for a specified purpose, for example, utilities or access.
Encumbrances: Liens, mortgages, or easements placed against a property and that may have an effect on ownership rights.
Zoning Laws: Local rules and regulations of how a property is allowed to be used, either residential, commercial, or industrial.
Covenants: Private restrictions or obligations attached to the property, often as part of the HOA agreements.
Mortgages and Financing
Mortgage: A loan secured against the property. Payments are regularly made or foreclosure risk occurs.
Loan-to-Value Ratio (LTV): The ratio of the mortgage amount to the property’s appraised value, influencing loan terms.
Foreclosure: The legal process where the lender takes ownership if the buyer defaults on the mortgage.
Disclosures and Inspections
Property Disclosure Statements: Seller-provided information about known property issues or defects.
Home Inspection: A professional evaluation of the property’s condition to identify potential problems.
Appraisal: A professional valuation of the property’s worth, often required by lenders.
Legal Protections
Consumer Protection Laws: Regulations to prevent fraudulent practices in real estate transactions.
Eminent Domain: The government’s right to seize private property for public use with compensation.
Fair Housing Act: Prohibits discrimination in real estate transactions based on race, religion, gender, or other factors.
Statute of Frauds: Requires certain real estate agreements to be in writing to be enforceable.
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