| As-Is Clauses in Real Estate Sale Contracts |
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| In today's white-hot real estate market, more and more sellers are listing there properties for sale "as is." What does this mean to a prospective buyer? When a seller indicates that a property is being sold "as-is," the seller is essentially offering the property on a take-it or leave-it basis.
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| Land Trusts |
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| A land trust is a device by which land is conveyed to a trustee for the benefit of another. A settlor is the owner of the property that is placed into the trust. A land trust is created when settlor expresses his or her intent to create a trust through a written instrument. The instrument must name the trustee and identify the trustee's powers, the beneficiaries, and any remaindermen. The settlor may be the trustee and, in most cases, the beneficiary of the land trust.More... |
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| Mechanic's Liens |
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| A mechanic's lien, also known as a materialman's lien or a construction lien, is a mechanism whereby contractors involved in the process of making improvements to real estate secure payment for their services and materials.More... |
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| Judgment Liens and Other Types of Liens against Real Property |
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| Most agreements for the sale of real estate contain a clause that requires the seller to convey "marketable title" or "merchantable title" to the buyer. In essence, "marketable title" refers to a title free of encumbrances. A lien is an encumbrance upon real property, and the existence of a lien on real property renders the title unmarketable.More... |
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| The Home Mortgage Disclosure Act |
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| In 1975, Congress enacted the Home Mortgage Disclosure Act (HMDA). The statute can be found at 12 U.S.C.S. §2801.More... |
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