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The risk of loss is then transferred to the buyer – if a house on the property burns down after the contract has been signed, but before the deed is conveyed, the buyer will nevertheless have to pay the agreed-upon purchase price for the land unless the seller in possession or deemed in possession has failed to protect it. Such issues can and ...
The merger also refers to the doctrine whereby "a fee simple estate, once fragmented into present and future interests, can thereafter be reconstituted. 'Merger is the absorption of a lesser estate by a greater estate, and takes place when two distinct estates of greater and lesser rank meet in the same person or class of persons at the same time without any intermediate estate.' "[1 ...
The Rule in Shelley's Case is a rule of law that may apply to certain future interests in real property and trusts created in common law jurisdictions. [1]: 181 It was applied as early as 1366 in The Provost of Beverly's Case [1]: 182 [2] but in its present form is derived from Shelley's Case (1581), [3] in which counsel stated the rule as follows:
The National Association of Realtors (NAR) agreed to new rules around real estate commissions as part of a lawsuit settlement in March. As of August 17, they’re actually rolling out — and ...
Here are 15 real estate terms you need to know. Real Estate Agent Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction.
A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [ 1 ] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the ...
In this type of system, if Oscar purports to sell a piece of land to Alice for $100,000, and the next day purports to sell exactly the same piece of land to Bob for another $100,000, then Bob will own the land only if he was not aware of the prior sale to Alice, and if Bob actually records his interest before Alice does. In the hybrid race ...
Corcoran’s Golden Rule of real estate investing consists of two main parts. The first is being able to purchase property with at least 20% down, ideally in a location that has started seeing an ...