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According to Omotola the bill of sale is "a form of legal mortgage of chattels". Bullen and Leake and Jacobs define a bill of sale as "a document transferring a proprietary interest in personal chattels from one individual (the 'grantor') to another (the 'grantee'), without possession being delivered to the grantee".
Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more conventional real estate contracts, a seller does not provide a loan to the buyer; the contract either does not specify a loan or includes provisions ...
A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed.
The names of these offices are usually the "Recorder of Deeds" or something similar. State statutes also prescribe the following elements: What instruments are entitled to be recorded, usually deeds, mortgages (whether or not in the form of deeds of trust), leases (usually longer term varieties), easements, and court orders. There is generally ...
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When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing. In England and Wales , the terms "purchaser" and "vendor" are used. [ 1 ] Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality.
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