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Exam 3
Chapter 13
| Term | Definition |
|---|---|
| Assignment | The transfer of the original lessee's rights under the lease contract to another tenant. The original lessee and the new tenant may be coliable if rent payments are not made |
| Closing | Event at which possession and title to real estate normally and transferred from seller to buyer |
| Consideration | Anything of value given to induce another party to enter into a contract |
| Contract conditions | Specific requirements that must be satisfied by or for a party to a contract |
| Contract for sale | The legal document between a buyer and seller that states the purchase price and other details of the transaction, and the detailed manner in which ownership rights are to be transferred |
| Contract terms | The detailed requirements of a fully enforceable contract , such as the price, the downpayment, any seller financing, provisions for inspections, type evidence of title, type of deed, dates, and other details of the transaction process |
| Contracts with contingencies | An agreement for sale that makes the sale conditional on the buyer's obtaining something such as financing or a favorable engineering report |
| Earnest money | A cash deposit by a buyer at the time of the offer to establish credibility of the offer, and to provide recourse to the seller if the buyer reneges |
| Equitable title | The right of someone to obtain full, legal title to real estate, provided the terms and conditions of the document creating equitable title (usually a contract for sale) are fulfilled |
| Escrow | The status of real estate transactions that are closed through the help and intercession of a third party, called an __ agent . The deed is delivered to the agent for delivery to the buyer on performance of a condition |
| Escrow agent | A person or company that performs the closing function for a fee; escrow agents collect all needed documents and funds for disbursement at the closing |
| Estimated closing costs | An estimate of all the costs to be incurred at a real estate closing. Most commonly, the estimate is provided by a lender, in accordance with the requirements of the Real Estate Settlement Procedures Act |
| Legal title | Ownership of property; for real estate, a lawful claim, supported by evidence of ownership |
| Personal performance | A contract that requires a service or action on the part of one party. This includes leases and mortgage loans, for example, which require regular payments. Generally, these contracts are not fully assignable in that the lessee or mortgagor remains |
| Prorating | Allocation of costs and revenues between buyer and seller of real property at closing, based on the time of ownership by each party |
| Recording | Filing of a document with the appropriate public official or office in order to provide constructive notice to the public of a sales transaction or legal contract |
| Rescission | The termination of a contract by cancellation. Under the Truth in Lending Act, a borrower's right to cancel a non-purchase loan contract within three days that is secured by his or her principal residence |
| Specific performance | A legal action brought in a court of equity, compelling a party defaulting on a contract to carry out the exact requirements of the contract rather than, for example, settling for damage |
Created by:
drewmad5
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