What kind of clause in a mortgage or trust deed enables a non judicial foreclosure to occur?
A power of sale provision is a clause in the deed of trust or mortgage in which the borrower pre-authorizes the sale of property by way of a nonjudicial foreclosure to pay off the balance of the loan in the event of a default. With a power of sale foreclosure, the lender can foreclose without court oversight.
What does an owner own if the duration of his or her rights in a state Cannot be determined?
acquire their interests at the same time. share an indivisible interest. What does an owner own if the duration of his or her rights in an estate cannot be determined? proprietary lease.
Which of the following is required for a legal description to be adequate quizlet?
Which of the following is required for a legal description to be adequate? It must accurately locate and identify the boundaries of the property and distinguish it from all other properties.
What are the primary agents of private land use control?
The use of land held privately is most commonly controlled and regulated through deed restrictions and deed conditions set by the property’s owner.
Can you remove deed restrictions?
A deed restriction can also be removed by a court order in some rare circumstances. If the deed restriction is discriminatory or illegal in other ways, a court will order it to be removed. In some situations, a judge can also find a deed restriction to be unfair and have it removed.
Who is legally responsible for knowing the condition of the title?
Title records protect the buyer by revealing whether a property has marketable title, one free of undesirable encumbrances. The buyer is legally responsible for knowing the condition of title, since it is a matter of public record.
Can government take over private property?
The doctrine of eminent domain states, the sovereign can do anything, if the act of sovereign involves public interest. The doctrine empowers the sovereign to acquire private land for a public use, provided the public nature of the usage can be demonstrated beyond doubt.
When estate is held in a trust who holds legal title?
When an estate is held in a trust, who holds legal title? (In an estate in trust the grantor (or trustor) transfers legal title to a fiduciary (the trustee) who holds and manages the estate for the benefit of another party (the beneficiary).
What is it called when the government gives a parcel of real property back to a private citizen?
Term. VACATION OF TITLE. Definition. Government giving realty back to the private citizen.
Which of the following is required for a legal description to be accurate?
Which of the following is required for a legal description to be adequate? 1 – It must be written by a licensed real estate attorney. 2 – It must accurately locate and identify the boundaries of the property and distinguish it from all other properties.
What is a tenants in common?
Tenancy in common is an arrangement in which two or more people have ownership interests in a property. Tenants in common can own different percentages of the property. Tenants in common can bequeath their share of the property to anyone upon their death.
What is restriction declaration?
A document filed in the real estate records of the county where property is located, and incorporated by reference into the deeds of every property located within the described area,setting out the rules and regulations pertaining to those properties.It is commonly used to spell out restrictive covenants in …