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Real Estate Transaction
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations. Conventions and requirements also vary considerably among different countries of the world and smaller legal entities (jurisdictions). In more abstract terms, a real estate transaction, like other financial transactions, causes transaction costs. To identify and possibly reduce these transaction costs, the Organisation for Economic Co-operation and Development (OECD) addressed the issue through a study commissioned by the European Commission, and through a research action. The mentioned research action 'Modelling Real Property Transactions' investigated methods to describe sele ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jurisdictions
Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple levels (e.g., local, state, and federal). Jurisdiction draws its substance from international law, conflict of laws, constitutional law, and the powers of the executive and legislative branches of government to allocate resources to best serve the needs of society. International dimension Generally, international laws and treaties provide agreements which nations agree to be bound to. Such agreements are not always established or maintained. Extraterritorial jurisdiction is exercised through three principles outlined in the UN charter. These are equality of states, territorial sovereignty and non-intervention. This raises questions of when can many states prescribe or enforce jurisdiction. The ''Lotus'' case establishes two key rules to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawn Sign
Lawn signs (also known as yard signs, bandit signs and placards, among other names) are small signs that can be placed on a street-facing lawn or elsewhere on a property to express the support for an election candidate, or political position, by the property owner (or sometimes to promote a business). They are popular in political campaigns in the United States and Canada. Placement Lawn signs are often also placed near polling places on election day, although in most jurisdictions, there are legal restrictions on campaigning within a certain distance from a voting facility. In most states, there are also restrictions on where these signs can be placed. There are some residential areas that have ordinances prohibiting any posting of yard signs. The signs are typically placed close to the road for greater visibility. In most highways a sign may not be erected so that the part of the sign face nearest a highway is within five feet of the highway's right of way line. Signs come i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closing Costs
Closing may refer to: Business and law * Closing (law), a closing argument, a summation * Closing (real estate), the final step in executing a real estate transaction * Closing (sales), the process of making a sale * Closing a business, the process by which an organization ceases operations Computing * Closing (morphology), in image processing * Finalize (optical discs), the optional last step in the authoring process * CLOSING, a TCP connection state Other uses * Closing a letter or e-mail (see valediction) * "Closing", a song by Enter Shikari from the album ''Take to the Skies'' See also * Closing argument * ''Closing Bell'', CNBC television programs * Closing credits * Closing statement (other) * Closing time (other) * Close (other) * Closed (other) Closed may refer to: Mathematics * Closure (mathematics), a set, along with operations, for which applying those operations on members always results in a member of the set * Closed se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Appraisal
Real estate appraisal, home appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). The appraisal is conducted by a licensed appraiser. Real estate transactions often require appraisals to ensure fairness, accuracy, and financial security for all parties involved. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, etc. Sometimes an appraisal report is also used to establish a sale price for a property. Factors like size of the property, condition, age, and location play a key role in the valuation. Process for Obtaining an Appraisal Appraisals are often required by lenders for issuing or refinancing a loan. In such cases, when the borrower asks the lender for a loan or a refinance, the lender will order an appraisal. Once ordered, the borrower will have to schedule an appointment with the appraiser for the in-home visit. The appraiser will visit the property, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Escrow
An escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word , meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed. Types Escrow generally refers to money held by a third party on behalf of transacting parties. It is mostly used regarding the purchase of shares of a company. It is best known in the United States in the context of the real estate industry (specifically in m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Settlement (closing)
Settlement may refer to: *Human settlement, a community where people live *Settlement (structural), downward movement of a structure's foundation *Settlement (finance), where securities are delivered against payment of money *Settlement (litigation), a resolution between disputing parties about a legal case *Settlement (trust), a deed whereby property is given by a settlor into trust * Thomson Bay Settlement, Rottnest Island, Western Australia, also known as simply The Settlement *Closing (real estate), the final step in executing a real estate transaction See also * * *Act of Settlement (other), various legislation *Settlement Act, or Poor Relief Act 1662 *Collective settlement, another name for an intentional community *Collective settlement (litigation), a legal term *Sedentism, the practice of living in one place for a long time *Settlement geography, investigating the part of the Earth's surface settled by humans *Settlement movement, a Victorian era reformist social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ratified
Ratification is a principal's legal confirmation of an act of its agent. In international law, ratification is the process by which a state declares its consent to be bound to a treaty. In the case of bilateral treaties, ratification is usually accomplished by exchanging the requisite instruments, and in the case of multilateral treaties, the usual procedure is for the depositary to collect the ratifications of all states, keeping all parties informed of the situation. The institution of ratification grants states the necessary time-frame to seek the required approval for the treaty on the domestic level and to enact the necessary legislation to give domestic effect to that treaty. The term applies to private contract law, international treaties, and constitutions in federal states such as the United States and Canada. The term is also used in parliamentary procedure in deliberative assemblies. Contract law In contract law, the need for ratification often arises in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bidding
Bidding is an offer (often competitive) to set a price tag by an individual or business for a product or service ''or'' a demand that something be done. Bidding is used to determine the cost or value of something. Bidding can be performed by a person under influence of a product or service based on the context of the situation. In the context of auctions, financial transactions on international markets, or real estate, the price offer a business or individual is willing to pay is called a bid. In the context of corporate or government procurement initiatives. in Business and Law school students actively bid for high demand elective courses that have a maximum seat capacity though a course bidding process using pre allocated bidding points or e-bidding currency on course bidding systems. The price offer a business or individual is willing to sell is also called a bid. The term "bidding" is also used when placing a bet in card games. Bidding is used by various economic nich ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earnest Payment
An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. In the Middle Ages, the earnest payment was called variously an earnest penny, Arles penny, or God's silver (in Latin Argentum Dei). It was either money or a valuable coin or token given to bind a bargain, notably for the purchase or hiring of a servant. According to Black's Law Dictionary (sixth ed.), ''Et cepit de praedicto Henrico tres denarios de Argento Dei prae manibus'' ("And he took it from the aforesaid Henry ealed by a silver three pence iece handed over n the sight ofGod"). A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Loan
A mortgage loan or simply mortgage (), in civil law (legal system), civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "collateral (finance), secured" on the borrower's property through a process known as mortgage origination. This means that a Mortgage law, legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Legal professions in England and Wales, Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken throu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classified Advertising
Classified advertising is a form of advertising, particularly common in newspapers, online and other periodicals, which may be sold or distributed free of charge. Classified advertisements are much cheaper than larger display advertisements used by businesses, although display advertising is more widespread. They were also commonly called "want" ads, starting in 1763, and are sometimes called small ads in Britain. Newspaper classifieds Advertisements in a newspaper are typically short, as they are charged for by the line or word, and are one newspaper column wide. Publications printing news or other information often have sections of classified advertisements; there are also publications that contain only advertisements. The advertisements are grouped into categories or ''classes'' such as "for sale—telephones", "wanted—kitchen appliances", and "services—plumbing", hence the term "classified". Classified advertisements generally fall into two types: individuals adverti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction
A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A financial transaction always involves one or more financial asset, most commonly money or another valuable item such as gold or silver. There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including Cash, physical currency, debit cards, or cheques. The other main form of payment is credit, which gives immediate access to funds in exchange for repayment at a later date. History There is no evidence to support the theory that ancient civilizations worked on systems of barter. Instead, most historians believe that ancient cultures worked on princi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
