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The reference to 'HUD' in the form's name refers to the Department of Housing and Urban Development. Federal regulations require that unless its use is specifically exempted, either the HUD-1 or the HUD-1A, as appropriate, must be used for all mortgage transactions that are subject to the Real Estate Settlement Procedures Act. Prior to October ...
Gazumping occurs when a seller (especially of property) accepts a verbal offer (a promise to purchase) on the property from one potential buyer, but then accepts a higher offer from someone else. This can happen at any point before the sale is legally finalised.
Housing tenure is a financial arrangement and ownership structure under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid by the occupant to a landlord, and owner-occupancy, where the occupant owns their own home. Mixed forms of tenure are also possible.
Many in the real estate industry worry that first-time homebuyers — those who need expert guidance the most, and who are already severely hampered by high prices and high mortgage rates — will ...
Development and subdivision of real estate property may occur while its title is under dispute from another party. If a suit is resolved in favor of a plaintiff, this renders uncertain the circumstances that allowed the said development to occur, and may result in the resources invested going to waste. [8] The case of Paxton v.
Duration: The exclusive right to sell clause in the contract you establish with your real estate agent should have an expiration date, which might be anywhere from 30 days to six months or more ...
If someone else with an interest in the property (such as the owner) believes the lis pendens is not proper, then he can then file suit to have it expunged. [ 4 ] Some states have lis pendens statutes which require the filer of the notice—in the event of a challenge to the notice—to establish that it has probable cause or a reasonable ...
Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .