| Considerations for Sellers of Real Estate |
| There are probably as many reasons for putting a house up for sale as there are sellers. Regardless of the reasons, once the decision is made to sell, sellers have many things to consider that will make the process run smoothly. Among them are the physical condition of the property, the selling price, the remaining balance on any other mortgages or liens that are recorded against the property, and the use of a broker.More... |
| Disclosures in Residential Real Estate Transactions |
| One of the biggest decisions in a person's life is the decision to buy real estate. The excitement often associated with the purchase of a new home can be overshadowed by disappointment once the newness wears off and defects become apparent. Generally, the rule of "caveat emptor" -- buyer beware -- requires the buyer to conduct a reasonable inspection of the premises to discover defects and imperfections.More... |
| Foreclosure and Redemption of Residential Purchase-Money Mortgages |
| Typically, a purchaser of residential real estate pays for the property with funds that are obtained from a lender, called the mortgagee, through a mortgage transaction. In exchange for the funds, the purchaser, called the mortgagor, promises to repay the funds and gives the mortgagee a security interest in the property to secure the repayment. In the event that the mortgagor does not repay the funds as required by the mortgage document or is otherwise in default, the mortgagee may foreclose on the mortgage.More... |
| Predatory Lenders |
| Ella is 89 years old. She just received a notice in the mail that her mortgage loan is being foreclosed upon by the lender. Just a year ago, Ella obtained a home equity loan on the home. Ella owned the home outright, but was having trouble meeting her monthly living expenses. Also, Ella needed to make some costly home improvements. Ella recalls meeting a mortgage broker. The mortgage broker was a fast talker.More... |
| Sharecropping |
| Generally speaking, the term "sharecropping" refers to an agreement between a property owner and another person whereby the property owner hires the other person to farm the property owner's land. In exchange for the person's labors, the person is entitled to receive a share of the crop or harvest.More... |
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