Real estate law

1. REAL ESTATE LAW

2. Table of content What is real estate? Forms of real estate ownership Role of real estate agent Purchasing real estate What is foreclosure? What is an escrow?

3. What is real estate? Real Estate is property consisting of land and the building or buildings on it, along with the natural resources An item of real property; real property referring to land not only on the face of the earth, but everything of a permanent nature. Including structures and minerals Also the profession of buying, selling, or renting land, buildings or houses The provinces have exclusive jurisdiction over the land within their borders, not the Federal Government

4. Forms of real estate ownership Tenancy in Common: when the concurrent owners own a fractional interest in the property, which may vary according to owner or, usually, it is divided equally Joint Tenancy: same as tenancy in common, but the joint tenants have an undivided interest with rights of survivorship Tenancy by the Entirety:is held by a husband and wife whereby each owns the undivided whole of the property, coupled with the rights of survivorship, so that upon the death of one, the survivor is entitled to the decedent's share. Community Property: this a special form of joint tenancy exists between husband and wife, with each owning a one-half interest. Upon death, the decedent's interest passes in a manner similar to tenants in common. Sole Ownership: Property is owned entirely by one person.

5. Role of real estate agent acts as an agent of the seller or the buyer seller contracts with real estate agent in standard listing agreement tries to find a buyer that suits the needs of the seller in return for seller to pay a commission buyer can contract with real estate agent to find a property that suits them in return for a commission Duties: act in the best interest of the principal, seller or buyer act honestly, exercise reasonable care and skill

6. Purchasing Real Estate • Offer must be in writing and will be made in a • contract of purchase and sale • If seller accepts and signs offer, this becomes a • binding and enforceable contract by both parties • If either party breaks any promises, the other party • can sue for damages or specific performances • Contract of purchase and sale will identify property, • establish price and terms of purchase and sale, • amount of deposit items included in the price and • specific dates

7. What is foreclosure? • The process of taking possession of a mortgaged property • as a result of the mortgagor's failure to keep up mortgage payments. • Judicial Foreclosure: is allowed in all states, and occurs • when the lender files a civil lawsuit against the borrower, • with the entire process being handled by the court.  • Non-judicial foreclosure: allows a lender to advertise and sell the property at a public auction, without court • involvement, by following a process specified by the state.

8. What is an escrow? • Escrow is a deposit of funds, a deed or other instrument by one party for the • delivery to another party upon completion of a particular condition or event. • The duties of an escrow holder include: • following the instructions given by the principals and parties in a timely manner • handling the funds and/or documents in accordance with the instruction • paying all bills as authorized • responding to authorized requests from the principals • closing the escrow only when all terms funds in accordance with instructions • provide an accounting for same : the Closing or Settlement Statement.

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10. For further information visit: http://margarianlaw.com/ https://en.wikipedia.org/wiki/Real_property http://www.hg.org/realest.html

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