Related Research Articles
This aims to be a complete list of the articles on real estate.
Caveat emptor is Latin for "Let the buyer beware". It has become a proverb in English. Generally, caveat emptor is the contract law principle that controls the sale of real property after the date of closing, but may also apply to sales of other goods. The phrase caveat emptor and its use as a disclaimer of warranties arises from the fact that buyers typically have less information than the seller about the good or service they are purchasing. This quality of the situation is known as 'information asymmetry'. Defects in the good or service may be hidden from the buyer, and only known to the seller.
A real estate agent, referred to often as a real estate broker, is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency.
In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. In property law, it refers to a covenant by the grantor of a deed. In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured.
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases cover such rentals since they typically do not result in recordable deeds. Freehold conveyances of real estate are covered by real estate contracts, including conveying fee simple title, life estates, remainder estates, and freehold easements. Real estate contracts are typically bilateral contracts and should have the legal requirements specified by contract law in general and should also be in writing to be enforceable.
OTC Markets Group is an American financial market providing price and liquidity information for almost 10,000 over-the-counter (OTC) securities. The group has its headquarters in New York City. OTC-traded securities are organized into three markets to inform investors of opportunities and risks: OTCQX, OTCQB and Pink.
In the law of the sale of property a latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. In relation to a construction contract, a latent defect is a fault in the property or its underlying site which comes to light after construction has been completed.
In real estate, stigmatized property is property that buyers or tenants may shun for reasons that are unrelated to its physical condition or features. These can include death of an occupant, murder, suicide, and even the belief that a house is haunted.
Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed (transferred) to the buyer. Closing costs are incurred by either the buyer or the seller.
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate. A general warranty deed protects the grantee against title defects arising at any point in time, extending back to the property's origins. A special warranty deed protects the grantee only against title defects arising from the actions or omissions of the grantor.
"As is" is a phrase used to indicate the existing condition of something without any modifications or improvements. The term is employed in legal, business, and consumer settings to establish that an item or property is being sold or provided in its current condition, with no warranties or guarantees regarding its quality.
Smith v Hughes (1871) LR 6 QB 597 is an English contract law case. In it, Blackburn J set out his classic statement of the objective interpretation of people's conduct when entering into a contract. The case regarded a mistake made by Mr. Hughes, a horse trainer, who bought a quantity of oats that were the same as a sample he had been shown. However, Hughes had misidentified the kind of oats: his horse could not eat them, and refused to pay for them. Smith, the oat supplier, sued for Hughes to complete the sale as agreed. The court sided with Smith, as he provided the oats Hughes agreed to buy. That Hughes made a mistake was his own fault, as he had not been misled by Smith. Since Smith had made no fault, there was no mutual mistake, and the sale contract was still valid.
First American Financial Corporation is an American financial services company which provides title insurance and settlement services to the real estate and mortgage industries.
Stambovsky v. Ackley, 169 A.D.2d 254, commonly known as the Ghostbusters ruling, is a case in the New York Supreme Court, Appellate Division, that held that a house, which the owner had previously advertised to the public as haunted by ghosts, legally was haunted for the purpose of an action for rescission brought by a subsequent purchaser of the house. Because of its unique holding, the case has been frequently printed in textbooks on contracts and property law and widely taught in U.S. law school classes, and is often cited by other courts.
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617. The main objective was to protect homeowners by assisting them in becoming better educated while shopping for real estate services, and eliminating kickbacks and referral fees which add unnecessary costs to settlement services. RESPA requires lenders and others involved in mortgage lending to provide borrowers with pertinent and timely disclosures regarding the nature and costs of a real estate settlement process. RESPA was also designed to prohibit potentially abusive practices such as kickbacks and referral fees, the practice of dual tracking, and imposes limitations on the use of escrow accounts.
Laidlaw v. Organ, 15 U.S. 178 (1817), is a case decided by the Supreme Court of the United States that established the rule that buyers need not disclose advantageous information to sellers. This rule should not be confused with either caveat emptor—a rule placing the burden of due diligence on the purchaser of goods—or caveat venditor—the rule that vendor sales come with an implied warranty.
A real estate transaction is the process whereby rights in a unit of property 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).
Chandelor v Lopus (1603) 79 ER 3 is a famous case in the common law of England. It stands for the distinction between warranties and mere affirmations and announced the rule of caveat emptor.
The Marine Insurance Act 1906 is a UK Act of Parliament regulating marine insurance. The Act applies both to "ship & cargo" marine insurance, and to P&I cover.
Seixas & Seixas v. Woods 2 Cai. R. 48 was an 1804 American case which contributed to precedent around the doctrine of caveat emptor. The plaintiff Seixas & Seixas purchased wood from the defendant and alleged that he had been delivered a lower grade of wood than he had contracted to purchase.
References
- ↑ http://www.trec.state.tx.us/pdf/contracts/op-h.pdf [ bare URL PDF ]
- ↑ David F. Hinkel. "Caveat Emptor and the Seller Disclosure Form" in Practical Real Estate Law. Seventh Edition. Cengage Learning. 2015. ISBN 9781285448633. Page 166.
- ↑ New Mexico Real Estate Basics. Dearborn Real Estate Education. 2003. ISBN 9780793160570. Section 4.B.1 at page 42.
