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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.
Usually, the present insurer will cover this new property free of increased premium until the completion date. This is a system that occurs only under English law, and the exchange of contracts can occur many weeks or months after a sale offer has been agreed in principle.
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
The amount a buyer is likely to pay for a real estate asset (i.e., property). Broadly speaking, capital gains tax is the tax owed on the profit (aka, the capital gain) you make when you sell an ...
An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and ...
A "base date" is a reference date from which changes in conditions can be assessed. In a construction contract, the inclusion of a base date is generally used as a mechanism for the allocation of risk between the owner and contractor for changes which might occur in the period between the contractor pricing the tender and the signing of the ...
The FDIC is an independent government agency charged with maintaining stability and public confidence in the U.S. financial system and providing insurance on consumer deposit accounts.