Terminology (1)
Real Estate has its own language / terminology:
Here is a sample contract as well as the standards for Real Estate transactions as they are part of most contracts.
They have been developed by members of the Florida BAR Association in conjunction
With members of the Florida Association of Realtors.
You are cordially invited to approach us with any specific questions and/or concerns you may have. We will be happy to answer them individually or even post them on our FAQ section to help future clients as well.
Appraisal
The practice of determining the value of real property.
Should be conducted by a properly licensed Real Estate Appraiser and is most certainly ordered during the process of obtaining financing.
Closing
The final step in executing a real estate transaction.
Please note that any funds required to close a real estate transaction need to be certified funds in the forma of a cashiers check or should be wired to the title company's escrow account in due time for closing.
Contract
Here is a sample contract as well as the standards for Real Estate transactions as they are part of most contracts.
They have been developed by members of the Florida BAR Association in conjunction
with members of the Florida Association of Realtors.
Deed
A deed is a legal instrument used to grant a right. Deeds are part of the broader category of documents under seal. Deeds can be described as contract-like, as they require the mutual agreement of more than one person. Deeds can therefore be distinguished from covenants, which being also under seal, are unilateral promises. The deed is best known as the method of transfe rring title to real estate from one person to another, often using a description of its legal description and/or metes and bounds.
Historically at common law, for an instrument to be a valid deed it needed six things:
It must indicate that the instrument itself conveys some privilege or thing to someone. This is indicated by using the word hereby or the phrase by these presents in the sentence indicating the gift.
The grantor must have the legal ability to grant the thing or privilege.
The person receiving the privilege or thing must have the legal capacity to receive it.
A seal must be affixed to it. Most jurisdictions have eliminated this requirement and replaced it with the signature of the grantor with some number of signing witnesses. Most jurisdictions also require that the deed be acknowledged before a notary public or a civil law notary.
It must be delivered to and accepted by the recipient.
Escrow
An account established by a title company of strict licensing laws for the purpose of holding funds on behalf of the buyer until the consummation or termination of a transaction.
Or a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums.