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Before the closing happens, the settlement agency must ensure that all the money that the lender and buyer expect to send into escrow matches the total amount expected by parties that need to be paid, such as the seller and real estate agents. This matching process means that accounting information is gathered and the order is “balanced.” [8]
In law, a summary order is a determination made by a court without issuing a legal opinion. This disposition is also known as a nonopinion, summary opinion, affirmance without opinion, unpublished order, disposition without opinion, or abbreviated disposition. It is not to be confused with summary judgment, which means a decision without trial.
The procedure followed may either be solemn procedure, where the Sheriff sits with a jury of fifteen; or summary procedure, where the sheriff sits alone in a bench trial. From 10 December 2007, the maximum penalty that may be imposed in summary cases is 12 months imprisonment and/or a £ 10,000 fine , and in solemn cases 5 years imprisonment or ...
An abstract of title is the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
The Summary Jurisdiction Act 1848 repealed and consolidated the provisions of a large number of earlier acts. The Summary Jurisdiction Act 1857 provided a mode of appeal to the High Court by case stated as to questions of law raised in summary proceedings. The Summary Jurisdiction Act 1879 amended the procedure in many details with the view of ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Each U.S. state has a recording act, a statute which dictates the legal procedure by which an individual claiming an interest in real property (real estate) formally establishes their claim to that property. The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract ...
Solemn proceedings is the term used in Scotland for serious criminal cases prosecuted on indictment before a judge and jury. [1] These are distinct from summary proceedings before a sheriff or justice of the peace sitting without a jury.