Equitable title is the interest held by one party to purchase property before closing. Before we jump into specifics, though, if you have no idea what title is – title exists to prove ownership. Having title is not a physical …
Title and deed are two incredibly important real estate concepts. The terms are thrown around interchangeably all the time, but they are not precisely the same thing. The average person assumes that deeds and titles are the same things, but …
In your real estate career, you will hear the terms power of attorney and attorney-in-fact, plus it shows up on your exam, so understanding the terms is essential. What is an Attorney-in-Fact? Definition: Someone authorized to act on behalf of …
Eminent domain is the government’s right to take over privately owned real estate for public use. Eminent domain is a government power granted by the constitution and protected under the fifth and fourteenth amendments. This article also covers the difference between …
Escheat is the government’s right to take ownership of unclaimed real estate or assets. Escheat is a government power granted by the constitution, and part of the reason it’s critical to have a will, but more on that later. What …
The release clause, also known as a buyout clause, is a contract provision that allows for the freeing of all, or part of a property, through a proportional or full amount of the mortgage being paid. This clause is usually …