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For example, if a buyer pays a $2,000 down payment and borrows $8,000 for a $10,000 parcel of land, and pays off in installments another $4,000 of this loan (not including interest), the buyer has $6,000 of equity in the land (which is 60% of the equitable title), but the seller holds legal title to the land as recorded in documentation in a ...
The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds .
Thus, the owner is not prevented from selling the land for (non-borrowed) cash, pledging it as security for a speculative loan, or giving it away, all subject to the outcome of the lawsuit. Once the lis pendens is recorded, however, the recipient (a "purchaser" or "grantee pendente lite ") [ 12 ] would be deemed to have notice of the litigation ...
A primer to Ohio's property taxes. For premium support please call: 800-290-4726 more ways to reach us
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
A preapproval letter and a proof of funds letter are two separate documents, but they’re both important when buying a house. Before you can get a mortgage, you will need a mortgage preapproval ...
In Neponsit Property Owners' Association, Inc. v. Emigrant Industrial Savings Bank, 15 N.E.2d 793, 797 (N.Y. 1938), for example, the court considered whether a covenant touched and concerned the land when the covenant created an obligation to pay a sum of money devoted to maintenance and other public purposes. [176]
Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .