Common terms used in a real estate transaction
Complexities have overtime characterized real estate transactions and this is because of boundless procedures and terminologies. This has led people to believe that these transactions are only reserved for the professionals who have acquired expertise through training and long-term practice. However, this assertion couldn’t be further from the truth because it is important for you as a party in the property transaction to learn the basic lingo. Knowledge of the basic terms also protects you from unscrupulous agents that may not necessarily act in good faith.
The basic terminologies used are highlighted as hereunder;
Agent
This is an individual that has been granted power by the legitimate owner of property to transact on their behalf. Usually, such power is evidenced by the execution of a document called a power of attorney. However, powers granted could differ from one jurisdiction to another. Examples of agents include Lawyers like The Florida Stucco Lawyers , buyer’s agents, dual agents, sub-agents and a selling agent.
Conflict of interest
It may be the desire of two consenting parties to transact under the facilitation of a single advocate. The decision may seem appropriate due to retainer fees and general convenience. However, this has been cited as dangerous and detrimental to either of the parties. For example when a buyer and seller share an advocate it is probable that he will be partisan depending on where his bread is buttered.
Title search
Every party in a conveyancing transaction is required to exercise due diligence and ensure the ownership of the subject matter. Also, a title search is done to disclose the existence of any encumbrance.
Encumbrance
This is a form of an existing claim over land belonging to a particular proprietor. Examples of an encumbrance include a lien, right of way, liability, mortgage, wayleave or a writ of execution. In essence this is significant for the fact that you cannot purport to transfer title of the property that has an encumbrance. For example, if your property is charged to a bank then you ought to undertake a discharge before you can sell.
Registration
Every conveyancing transaction is based on the mutual consent between parties. Such consent is usually captured in a sale agreement or a tenancy agreement drafted by the seller’s lawyers. Once these documents have been witnessed and executed it is the duty of the attorneys to lodge them for registration in the relevant government offices. Without such registration then the agreements or documents will lack legitimacy in law and can be declared void ab initio.…
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