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A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
In 2015, Texas law was changed to automatically place the legal title to the property with the buyer by filing the contract with the deed records office of the county where the property is located. While the seller loses title, the seller retains a vendor's lien in the property for the outstanding balance of the contract. [3]
In most jurisdictions, the real property interest created by the contract will pass to the buyer's heirs, while the seller's personal property interest created by the contract will pass to the seller's estate. The State of New York does not recognize equitable conversion. In New York, as long as the buyer is without fault, the risk of loss ...
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
Development and subdivision of real estate property may occur while its title is under dispute from another party. If a suit is resolved in favor of a plaintiff, this renders uncertain the circumstances that allowed the said development to occur, and may result in the resources invested going to waste. [8] The case of Paxton v.
A general warranty deed is the most common deed you'll come across in a standard home sale. It's "the physical representation of the transfer of ownership," says Kendall Bonner, a licensed Florida ...
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