| Mortgagee Insurance |
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| Most residential real estate transactions involve a mortgagee. A mortgagee is the financial institution that loans the money to enable the homeowner to purchase the real estate. The mortgagee is a creditor of the homeowner. When the mortgagee lends the funds, it takes back a security interest in the real estate. As a secured creditor, the mortgagee is entitled to protect its interest in the real estate to the extent of the unpaid balance of the mortgage. More... |
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| Home Inspection |
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| Often when a home buyer enters into an agreement of sale for the purchase of a home, the agreement contains a provision which entitles to home buyer to a home inspection. The home buyer's right to a home inspection is determined by the terms of the parties' agreement of sale. More... |
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| The Attractive Nuisance Doctrine |
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| Generally speaking, an owner of real property owes no duty to a trespasser, other than to avoid willfully, wantonly, or deliberately harming the trespasser. In some circumstances, however, the owner of real property has an obligation to exercise reasonable care in order to prevent trespassing children from injury. More... |
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| Residential Real Estate Contracts |
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| When buying or selling real estate, a contract must be drawn up between the buyer and the seller. In order to satisfy the requirements of the Statute of Frauds, the contract must be in writing and signed by the parties. Ordinarily, the contract consists of a blank form that is provided by the seller's broker, but an attorney may also draw up the contract. Other times, the seller will draft the contract himself or herself. The responsibility for drafting the contract may vary from one location to the next, depending on local custom and statutes. More... |
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| Gifts |
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| A gift is a transfer of property without any money changing hands. The person who makes the gift is called the donor. The recipient is called the donee. The requirements of a valid gift are that the donor voluntarily intends to give property, which is delivered to and accepted by the donee.
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