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Legal Documentation

Legal Documentation. CONTRACTS. FOUR ESSENTIAL ELEMENTS: PARTIES TO A CONTRACT MUST BE LEGALLY COMPETENT SUBJECT MATTER MUST BE LEGAL AND PROPER MUST BE EVIDENCE OF AN OFFER AND AN ACCEPTANCE MUST BE CONSIDERATION. REAL PROPERTY.

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Legal Documentation

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  1. Legal Documentation

  2. CONTRACTS • FOUR ESSENTIAL ELEMENTS: • PARTIES TO A CONTRACT MUST BE LEGALLY COMPETENT • SUBJECT MATTER MUST BE LEGAL AND PROPER • MUST BE EVIDENCE OF AN OFFER AND AN ACCEPTANCE • MUST BE CONSIDERATION

  3. REAL PROPERTY • THE DEED OF TRUST IS THE INSTRUMENT USED TO ESTABLISH A SECURITY INTEREST IN REAL PROPERTY • IT IS A THREE PARTY INSTRUMENT • LENDER • BORROWER • TRUSTEE

  4. WARRANTY DEED • THE INSTRUMENT THAT TRANSFERS TITLE IN REAL PROPERTY • THE SELLER IS GUARANTEEING THAT THE TITLE IS FREE AND CLEAR OF ENCUMBRANCES

  5. QUITCLAIM DEED • THE SELLER IS AGREEING ONLY TO CONVEY ANY INTEREST IN THE PROPERTY, BUT NOT GUARANTEEING THAT THE PROPERTY IS FREE OF ENCUMBRANCES BY OTHERS

  6. OTHER INSTRUMENTS • ABSTRACT - ALL DEEDS, MORTGAGES, FORECLOSURES, AND OTHER PERTINENT FACTS THAT AFFECT TITLE TO LAND. • TITLE INSURANCE - USED IN PLACE OF AN ABSTRACT.

  7. A LIEN IS A CLAIM OR ENCUMBRANCE ON A PROPERTY. • FORECLOSURE IS THE PROCESS UNDER WHICH LENDERS EXERCISE THEIR RIGHTS TO HAVE SECURITY SOLD AND THE PROCEEDS APPLIED TO THE OUTSTANDING LOAN BALANCE.

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