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An alienation clause is common in most mortgage contracts. But what is alienation in real estate? This is a provision that requires a home seller to repay their mortgage balance at the time of ...
In property law, alienation is the voluntary act of an owner of some property to convey or transfer the property to another. [1] Alienability is the quality of being alienable , i.e., the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another.
In New Zealand, Te Ture Whenua Maori Act 1993/Maori Land Act 1993 puts restrictions on alienation of land owned by a Māori person, or by a group which is predominantly Māori. Sections 146 and 147 of the Act force an owner of Māori land who wishes to alienate their interest in the land to give right of first refusal to people belonging to ...
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 ...
A spendthrift trust is an example of an arrangement containing an anti-alienation provision. The governing document of such a trust provides that the trust corpus may not be reached by creditors while the property is held in the trust. [1] Creditors aware of this legal restriction on alienation may choose not to lend to the spendthrift.
Realtor commissions: The real estate agents involved in the transaction will be owed a commission fee at closing. This typically comes to somewhere between 2.5 and 3 percent of the home’s sale ...
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Attornment (from French tourner, "to turn"), in English real property law, is the acknowledgment of a new lord by the tenant on the alienation of land. Under the feudal system, the relations of landlord and tenant were to a certain extent reciprocal. So it was considered unreasonable to the tenant to subject him to a new lord without his own ...