An abstract update involves making current an existing, but old, Abstract of Title by adding all relevant documents recorded since the preparation or the most recent update of the existing abstract.
An affidavit is a written statement made under oath or affirmation before an authorized officer, often used to authenticate facts pertaining to a real estate transaction.
Deed books are official public records maintained by county governments, containing deeds and various real estate-related documents critical for property transactions and ownership verification.
An estoppel certificate is a legal document where the borrower acknowledges the amount of debt secured by a mortgage. It also can be a lease clause where a tenant confirms the lease's enforceability, absence of landlord default, and current rent status.
Et Con. is an abbreviation of the Latin phrase et conjunx, meaning 'and husband.' It is commonly used in legal documents to refer to a party and their spouse, particularly in the context of property transactions and other legal matters.
A finder's fee refers to money paid to an individual who identifies or connects a buyer and seller or lender and borrower, facilitating a transaction. While finder's fees are permissible in certain jurisdictions under specific conditions, they cannot be substantial and get mistaken for a broker's commission.
Fraud in real estate involves the intentional use of deception for financial gain, leading to losses for another party. Understanding how to identify and address fraud is crucial in protecting one's investment.
Good faith in real estate refers to the intent to act honestly and sincerely without any intention to defraud or deceive others. This concept is pivotal in establishing trust between parties involved in property transactions.
An implied contract is an agreement created by actions of the parties involved, but it is not necessarily spoken or written. Such contracts are legally binding, provided they demonstrate mutual intent and agreement.
A market participant interview is a discussion conducted to elicit opinions from individuals who actively buy, sell, or rent a specific product. This process typically involves a smaller, more knowledgeable sample compared to a random sample or survey.
Offer and acceptance is a fundamental concept in contract law that requires a clear and unequivocal offer by one party and an unambiguous acceptance by the other party, forming a legally binding agreement once acceptance is communicated.
The Office of Interstate Land Sales Registration (OILSR) supervises the regulation and oversight of interstate land sales, ensuring compliance with body legal requirements and protecting consumers from fraudulent practices. The OILSR helps maintain transparency and accountability in interstate land transactions.
Owner financing, also known as seller financing, is a real estate arrangement where the seller provides a loan to the buyer to purchase the property, bypassing traditional mortgage lenders.
A Real Estate Salesperson is a licensed professional who assists buyers and sellers in real estate transactions, providing expert advice, market analysis, and negotiation skills to facilitate property sales.
A Rolling Option provides the right to extend the term of a purchase option by offering some form of compensation. The option holder can delay purchasing the property under specified terms.
A licensed real estate agent employed by a designated or employing broker who conducts daily sales activities and facilitates property transactions.
A Vendor’s Lien, also known as a Purchase Money Mortgage, gives the seller a security interest in the property sold until the buyer pays the full purchase price.
