| Wrap-Around Mortgages |
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| A wrap-around mortgage refers to a type of loan transaction. With a wrap-around mortgage, a lender (often the seller of property) assumes or continues responsibility for an existing mortgage and makes a new mortgage for an additional sum which essentially "wraps" around the old mortgage, because the lender will make the payments on the old mortgage.
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| Concurrent Ownership of Real Estate |
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| Real estate may be owned by one or more people at the same time. This is called concurrent ownership. The three kinds of concurrent ownership are tenancy in common, joint tenancy, and tenancy by the entireties.
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| Eminent Domain and the Public Use Doctrine |
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| Eminent domain refers to the power of a government entity to take private property. The power can be used by the federal government in the name of a federal agency or a branch of the military services. A state, county, city, village, or town can also use the power of eminent domain to take private property on its own behalf or on behalf of an agency of a governmental entity. In all cases, the governmental entity may only exercise the power of eminent domain, also called condemnation, if it needs the private property for a public use.More... |
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| Real Estate Negotiations |
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| Parties often use negotiation as a technique by which to come to an understanding. The parties may or may not be represented by real estate agents or attorneys.More... |
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| "As is" Clauses in Residential Real Estate Contracts |
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| Generally, a seller has a duty to disclose known material defects and to provide a good faith answer to questions about other defects. When preparing the residential real estate contract, the broker may insert a clause, stating that the buyer agrees to purchase the property "as is." More... |
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