Which would be an example of voluntary alienation?
Examples of voluntary alienation include real estate given to another person based on the wishes stated in a will of a deceased person; real estate given to a person as a gift; and real estate being sold to another person.
Which of these is an example of involuntary alienation?
Escheat
Which of the following liens is highest in priority?
Liens generally follow the “first in time, first in right” rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
What does a Habendum clause do?
Habendum Clauses in Real Estate Usually, the habendum clause states the property is transferred without restrictions. This means the new owner has absolute ownership of the property upon satisfying their conditions (usually payment in full) and has the right to sell or bequeath the property to an heir and so on.
What are the two voluntary forms of title transfer?
The sale of real estate is one form of voluntary property transfer, or property conveyance. Property is also voluntarily transferred when it’s gifted or left through a will. All of these voluntary property transfers are also known as title by deed.
What is Title alienation?
In real estate law, the complete and voluntary transfer of title to real estate from one person to another. The freedom to alienate property is considered essential to complete ownership. wills. PROPERTY. property & real estate law.
What are the two forms of owner’s title insurance?
There are two types of title insurance: owner’s title insurance, called an Owner’s Policy, and lender’s title insurance, called a Loan Policy. Most lenders require a Loan Policy when they issue you a loan.
What is the difference between alienation clause and acceleration clause?
For example, home loans typically have an acceleration clause that is triggered when the borrower misses too many payments. A due-on-sale clause, also known as an alienation clause, is a loan stipulation that requires a borrower to pay the entire loan balance if the property is being sold.
A conventional loan is the most common type of mortgage, and the one that usually comes to mind when you think of a home loan. They’re offered by just about every mortgage lender. Unlike FHA or VA loans, conventional loans are not government-backed.
Who Attends the Closing of a House? Depending on where you live, those at your closing appointment might include you (the buyer), the seller, the escrow/closing agent, the attorney (who might also be the closing agent), a title company representative, the mortgage lender, and the real estate agents.
What is the purpose of a lifting clause?
A provision in a second,third,or other junior mortgage that allows the liens ahead of it to be paid off and refinanced for the same or a lesser amount,without sacrificing their priority in lien positions.
What is an acceleration clause in a loan?
What Is An Acceleration Clause? An acceleration clause is a condition inside a contract that allows a lender to “accelerate” the repayment of your loan if certain conditions aren’t met. The acceleration clause will outline the different situations a lender can demand loan repayment and how much repayment is required.
What is a cross default clause?
A clause which operates by automatically defaulting a borrower under Agreement A when it defaults under Agreement B. A cross-default provision effectively gives the lender under Agreement A the benefit of the default provisions in Agreement B. Cross-default provisions therefore have a domino effect.
What is subordination clause in real estate?
Subordination clauses in mortgages refer to the portion of your agreement with the mortgage company that says their lien takes precedence over any other liens you may have on your property. The primary lien on a house is usually a mortgage. However, it’s also possible to have other liens.
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