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A sale agreement on real estate is legally binding even without registration in the land register, the only requirement being certification of the agreement by a notary. Registration is required, however, in order for the new owner to sell or otherwise transfer the property, or enter a mortgage.
Once an instrument affecting the title to real estate has been recorded, the law holds that everyone is deemed to know of its existence, even if they have not searched the records in the recorder's office. This is the doctrine of "constructive notice" and it is nearly universal in the various states of the U.S. So, for example, after a deed or ...
Torrens title is a land registration and land transfer system in which a state creates and maintains a register of land holdings, which serves as the conclusive evidence (termed "indefeasibility") of title of the person recorded on the register as the proprietor (owner), and of all other interests recorded on the register.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Palm Bay. Josh Dotoli, a Florida based Realtor and principal of Dotoli Group, recommended Palm Bay. “Tucked along the east coast, Palm Bay is a hidden gem with a laid-back atmosphere and an ...
Assignment [a] is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. [1] An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.
The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. [ 1 ] On the closing day, ownership of the property is transferred from the seller to the buyer.
Assignment of Legal Title to Stocks represented by Standard Oil Trust, issued 17. July 1897. When a contract for the sale of land is executed, equitable [interest/title] passes to the seller to the buyer. When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing.