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Term. Meaning. Abstract of Title. A schedule listing the documents which set out the history of ownership of a property. Acting for both sides. The same firm is used by the seller and buyer which usually speeds up the transaction. The same conveyancer cannot act for both, but a different conveyancer in the same firm can act for the other party.
Nov 13, 2023 · You can explain to them that a commission is the amount charged by the real estate agents who lead the transaction. It is almost always paid by the seller. Generally 6% of the purchase price of the property, commissions are usually split between the buyer and seller agents and then between the agents and their brokers.
LEGITIMIZE definition: 1. to make something legal or acceptable: 2. to make something legal or acceptable: 3. to make…. Learn more.
- Abstract of Judgment
- Adverse Possession
- Arbitration
- Beneficiary
- Bona FIDE Encumbrancer
- Bona FIDE Purchaser in Value
- Boundary Disputes
- Breach of Contract
- Broker
- Buyer’s Agent
A post judgment lien against real property that the debtor currently owns, or may try to purchase in the future. This is recorded in the county recorder’s office in every county where the debtor may now own or later acquire property. Related Blog- Abstract of Judgment
The legal process by which someone gains legal title to real property by the actual, open, hostile, and continuous possession of it and payment of taxes on it for 5 years. Visit Our Practice Area Page- Adverse Possession Attorney
A method of alternative dispute resolution in which the parties’ disputes are resolved through a private arbitration hearing in front of typically a retired judge. Similar to a court trial, witnesses and evidence are presented to a neutral arbitrator who acts in a similar capacity as a judge would in the trial. Related Blog- Why Arbitration Can Be ...
A person who inherits or benefits from a trust. It is someone for whose benefit a trust is created. A person or entity can be a beneficiary of a revocable trust, irrevocable trust, or even a deed of trust.
A person or entity that holds a legal interest in a property, such as a mortgage or lien, that was obtained in good faith and for valuable consideration. The term "bona fide" means genuine, sincere, or made in good faith, and an encumbrancer is someone who has a claim or lien against a property. This would be a lender who placed a lien on title wit...
A party who purchases real property without any knowledge of outside claims to the title, or encumbrances impacting the land. The buyer takes the property “free and clear” of any claims to title provided the buyer did not know about these claims and the buyer was not on notice of these claims via publicly recorded documents which provide the buyer ...
Disputes between neighboring owners of real estate concerning the property boundary lines and whether either owner has the right to extend beyond their legal property lines. Visit Our Practice Area Page- Boundary Disputes Attorney
When one party fails to fulfill any of the obligations outlined in a valid contract without a legal excuse. In real estate transactions, contracts are commonly used for buying or selling property, leasing agreements, construction contracts, and property management agreements, among others.
A broker is the person the principal designates to buy or sell property in California. All real estate agents in California have to have a supervising broker in order to buy and sell real estate.
The agent in a real estate purchase and sale deal who represents the buyer. The buyer’s agent is often called the selling agent, which can be confusing. The agent actually selling the property is then called the listing agent.
The earliest known use of the verb legitimize is in the mid 1600s. OED's earliest evidence for legitimize is from 1646, in the writing of T. Blake. legitimize is a borrowing from Latin, combined with an English element. Etymons: Latin lēgitimus, ‑ize suffix.
LEGITIMIZE meaning: 1. to make something legal or acceptable: 2. to make something legal or acceptable: 3. to make…. Learn more.
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Define legitimize. legitimize synonyms, legitimize pronunciation, legitimize translation, English dictionary definition of legitimize. tr.v. le·git·i·mized , le·git·i·miz·ing , le·git·i·miz·es To make legitimate, as: a.
