What Two Terms Are Essentially Interchangeable in Legal Property Descriptions. They Are

A purchase and sale contract usually refers to a written contract between the buyer and seller that sets out the parties` conditions for selling and buying real estate. Surety means a natural or legal person who is legally liable for the debt, default or non-performance of a contractual obligation by a principal. The types of guarantees covered are: (2) Services of a type offered and sold on the commercial market in significant quantities, on the basis of fixed list or market prices for specific tasks performed or certain results to be achieved and on standard commercial terms. For the purposes of these services – Typically, a title examiner conducts a search based on title plants and sometimes county records to see who is listed as the owner of the property record. This information, along with any privileges or charges registered on the property, will be listed in the preliminary report for the parties to verify before closing the escrow account. Contract amendment is any written amendment to the terms of the contract (see 43.103). REO properties can sometimes present an opportunity for a buyer to be purchased below market value, as most banks prefer to reinvest the proceeds rather than waste time marketing the property for an extended period of time. If a buyer makes an offer for a property that he did not see, even if it were possible to see it, this offer is considered a “blind offer”. It is most often used in a highly competitive field and/or in circumstances and used as an attempt to be first and win quickly. A preliminary report highlights any issues related to a title that need to be resolved by the seller in order to deliver a clear title. It contains details such as ownership history, privileges, and easements. The title company collects this report by searching existing property registries at the county clerk`s office.

In the first part of our series on legal property descriptions, we looked at government land surveys, lands and blocks or veneer. But what about postal addresses? Construction or work means a construction activity other than manufacturing, supplying materials or maintenance and repair. Terms include, but are not limited to, buildings, structures and improvements of all kinds, such as bridges, dams, facilities, highways, park trails, roads, subways, tunnels, sewers, pipelines, power lines, pumping stations, heavy generators, railways, airports, terminals, wharves, wharves, wharves, trails, lighthouses, buoys, jetties, breakwaters, canals, dredging, shoring, plant rehabilitation and reactivation, scaffolding, drilling, blasting, excavation, clearing and landscaping. The manufacture or supply of materials, articles, consumables or equipment (whether or not a federal or state agency acquires ownership of such materials, articles, supplies or equipment during manufacture or installation, or owns the materials from which they are manufactured or supplied) is not a “building” or “work” as defined herein, Unless: it must be carried out in connection with and on the site of such building or work as set forth in the preceding sentence or in accordance with the U.S. Housing Act of 1937 and the Housing Act of 1949 in the construction or development of the project. A prequalification is an estimate by a lender of the amount a home buyer can expect during the loan process. Prequalification is a quick assessment of the buyer`s financial situation by a lender based solely on what the buyer tells a lender, rather than evidence or verification. Below are the real estate terms that we will explain (in the table of contents, we have grouped the terms by category and explained them below in alphabetical order): (iii) materially affect the life, liberty or property of individuals; A serious money deposit (MSD), sometimes called a “bona fide deposit,” is the initial money a buyer must deposit once a seller accepts the buyer`s offer. This shows not only that the buyer is serious about the purchase, but also that they are willing to put their money where their mouth is.

Legal descriptions may also change, but you must file the documentation in the real estate records for the change to occur. Most often, changes to legal descriptions are the result of a new investigation of the property in question. These surveys must be carried out by a licensed land surveyor. The new legal description must be attached to all documents relating to the property in question, and these documents must be recorded in the real estate registers of the district where the property in question is located. Another way to change a legal description is to include a platform. The platform contains a legal description of an entire property and most often refers to smaller departments with a lot and block type description. This then allows for the use of a much shorter legal description of the property/block, which essentially relates to the registered platform for clear information about the location of the property. Mahrenholz v County Bd of School Trustees of Lawrence County, 93 Ill App 3d 366, 417 NE2d 138, 48 Ill Dec 736 (5th D 1981). This condition was maintained along with the remedy for non-compliance in order to create an opportunity for repentance. The phrase “so long” or “provided that” clearly creates this “easily determinable fee” discount with its possibility of cancellation. Once the property is no longer used for school purposes, ownership immediately and automatically terminates and ownership reverts to O.Odeeds Greenacre, provided the property is used for educational purposes only. This condition subsequently establishes a right of readmission.

If A decides to close the school and open a saloon, title does not automatically revert to the licensor. On the contrary, his heirs must act physically to take possession of the property. They may act informally or request forced entry and detention. The defences available to the accused generally arise from the assertion that the CCR is no longer in force. In case of failure, the following defences are often used: tolerance of breach of contract; Estoppel; the waiver or prior release of the Agreement; Ordinance; Orlaches. Just objections of apartment, waiver or altered character of the neighborhood are generally not available to the offending party who, despite the knowledge of the Federation, has chosen to continue. Restrictive agreements do not replace or reduce the requirements of a zoning order. The strictest restriction will prevail. Rogers v City of Jerseyville, 196 Ill App 3d 136, 552 NE2d 1314, 142 Ill Dec 573 (4th D 1990). In general, a restrictive covenant is not applied if the character of the neighbourhood has changed so substantially that the purpose of the clause is defeated. Typical reasons for terminating a restrictive covenant are the end of the reason for the restriction, the change in the character of the neighborhood, the consolidation of encumbered and favored real estate or a form of government action such as the eminent domain. The parties to the contract or the assigns, if the restrictions are ongoing with the country, can provide evidence that the reasons for the termination or unenforceability of the restriction exist.

However, it cannot be terminated by unilateral action. At the time of conclusion of the contract, the grantor may reserve the right to waive or terminate the restrictions. Conclusion RACs have become a very common method of restricting the use and improvement of real estate. Since the law promotes the free use and disposal of property, any type of restriction or condition must be clearly stated to be valid. The nature of the restriction created determines the types of remedies available in the event of a violation. If it seems to the neighbourhood that it is impossible or unfair to continue to enforce the boundary, justice will often step in and free the landowner from his burden.