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Importance of sales promotion
Importance of sales promotion
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It is the dream of every common man to own a property. As with any worthwhile dream, owning a property is also not an easy dream to realize. Rising prices and increasing incidents of fraud are some of the common hurdles we come across while buying a property.
It is essential that you be aware of the legal policies and regulations while planning to buy or sell a property. Sale deed and title deed are some of the important legal documents that provide protection to your ownership of the property. Let’s review the importance of these documents and their salient features.
What is a Sale Deed?
A sale deed is a legal document that contains details of transfer of property ownership from a seller to a buyer. This is one of the most valuable legal documents while purchasing or selling a property. This document needs to be registered mandatorily and is governed by the Registration Act.
Importance of Sale Deed
Sale deed is an important document for both the buyer and the seller. Through the sale deed, the seller transfers the rights of ownership to the buyer. This enables the buyer to acquire sole ownership of the property. This document provides an ownership proof of the property to the buyer, thus enabling the buyer to carry out further sale.
The sale deed needs to be signed between the seller and the buyer, for purchase or sale of a property, to be legally completed. A property transaction cannot be completed without getting the sale deed signed by both the seller and the buyer. Signing a sale deed implies that both the seller and the buyer accept the terms and conditions defined in the agreement.
Key Information Required in Sale Deed
A sale deed contains most of the information required to carry out a transaction. So...
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...ttorney for either the buyer or the seller and carrying out unauthorized transactions.
Providing incomplete or non-existent contact details while drafting or signing the sale deed. Sometimes the fraudster may give only a mobile number or an email address and may not give the physical address. It is important to check the validity of contact details.
Changing the address during the course of the transaction without a proper reason.
Trying to sell a property when there is a mortgage or lease on it.
The buyer and seller should check that the title flows in the parent documents are correct and does not miss any previous buyer or seller. This is a common type of fraud.
Understanding the niceties of the sale deed, differences between the different types of deeds and agreements, and frauds will help you to plan a smooth transaction and to mitigate any fraudulent activities.
The failure to talk to the justice of the peace is not evidence of fraud; see Young v Hoger [2001] QCA 453 at [26]. The other conduct by the agents did not amount to fraud either as a result the court finds in favor of the plaintiff thus requiring Mr Gray to pay the mortgage and pursue legal action against SHELLA LONERGAN in pursuit of recovery of funds, as Fraud must be shown to have been practised against the person who seek relief who in this case is Mr
Compensation must be provided to the person whose property is being bought. Each country should work to set a standard for what is a fair market price, to prevent any people from inadequate compensation. The value of the property must be taken into account, and the effect this will have on their way of life. If a person is, for example, losing their home, the government must provide enough money to ensure that individual is able to relocate comfortably.
This case study examines various real estate contracts – the Real Estate Purchase Contract (REPC) and two addendums labeled Addendum No. 1 and Addendum No. 2 – pertaining to the sale of 1234 Cul-de-sac Lane in Orem, Utah. The buyers in this contract are 17 year old Jon D’Man and 21 year old Marsha Mello; the seller is Boren T. Deal. The first contract created was Jon and Marsha’s offer to purchase Boren’s house. This contract was created using the RESC form, which was likely provided by their real estate agent as it is the required form for real estate transactions according to Utah state law. The seller originally listed the house on a Multiple Listing Service (MLS); Jon and Marsha agreed that the asking price was too high for the neighborhood (although we are not given the actual listing price), and agreed to offer two-hundred and seven-thousand dollars ($207,000) and an Earnest Money Deposit of five-thousand dollars ($5,000). Additionally, the buyers requested that the seller pay 3% which includes the title insurance and property taxes. After the REPC form was drafted, the two addendums were created. Addendum No. 1 is from the seller back to the buyer, and Addendum No. 2 is the buyer’s counteroffer to the seller.
With that in mind, it is important to understand a couple of concepts before analyzing and determining the effectiveness of that document. Although people do not always realize it, the purchase of a home is one of the b...
Fundamentally its object is to protect a person in actual occupation of land from having his rights lost in the welter of registration. He can stay there and do nothing. Yet he will be protected. No one can buy the land over his head and thereby take away or diminish his rights. It is up to every purchaser before he buys to make inquiry on the premises. If he fails to do so, it is at his own risk. He must take subject to whatever rights the occupier may have.
At the commencement of European settlement, Australia inherited the system of land law that existed in England. Before the introduction of Torrens in 1875, a system of registration of deeds was in place in Western Australia. This is a system under which instruments relating to property transactions are recorded on a central register. In Western Australia, priority is decided according to the date of registration, and there is no stipulation concerning the bona fides or valuable consideration given by the...
Collateral for the defaulted loan. Distressed real estate involves making a distressed purchase. According to Financial Crisis (2011), “[A] distressed purchase is whereby the property owners are usually in a foreclosure/short sale situation.” Foreclosure applies to a residential real estate loan in which a bank or creditor repossesses a home because of nonpayment. The institution will legally possess the right to resell the property as collateral for the defaulted loan. The selling price can be sold at a price equal to or greater than the original loan. The reason distressed properties can be bought at a lower price is the institution has already received a series of payments toward the original home loan. In many situations the lender can sell the house for a lower cost than the normal market value, leaving the buyer the opportunity to make a purchase at a lower selling price than market value and reselling the property at a profit (Demand Media, 2011).
Property rights can be found in the oldest laws written, and equate the expectation of use or profit to some payment from the very beginning. Modern property rights can be said to begin with the transition from ownership by entities as being the primary form of property right, to the theory that property rights are to promote th... ... middle of paper ... ... operty’ in the case of Goldberg v. Kelly to be protected. This shows the state evolving in order to protect the citizen’s rights.
Because of the high prices of homes in the United States, people often focus on only the buying price when considering the costs of owning a house, and neglect many other aspects of home ownership. A house is not your regular item that you buy and store or use for a limited amount of time. Houses come in a package with upkeep costs and taxes, and it’s wise to take these into account when analyzing your finances.
is like an easy walk in the park, do not be fooled. The keys to becoming a home owner are to be
One of the special concepts in land law is of overriding interests. The standard practice in the English land law is all the interest and rights affecting or is binding over particular a land should be registered in the Register. However, the concept of overriding interest denotes that there are interests which are binding on the owner (the registered proprietor) regardless of not being formally registered. It was introduced because in that era it was though that it would be unreasonable and unjust to overlook such rights and interest enjoyed. Overriding interests need not be registration to bind the legal owner of the land. Therefore, if the land is sold to another person the interests and rights would not be lost. It can be said that overriding by nature are unregistered if they are registered they will cease to be an overriding interest.
Anything that can be owned can be viewed as property. It can be a tangible thing, such as a car, a home, or a piece of land; or it may be an intangible, artificial right created by social interaction or legislation, such as a right to receive money under a contract or the right to control the use in commerce of the trademark Gelatissimo. In all cases, whether tangible or intangible, property may be valuable and it may be transferred to others, whole or in part. For example, a home may be sold or leased for a period of time; and a trademark may be sold with a business or licensed to a franchisee.
In law there are two types of land, registered and unregistered. It is necessary to register land so the register precisely reflects the state of the registered property, so it is clear to see who the current owner is and whether there are any third party proprietary interests affecting it; this is important as it would make many lal enquiries easier and will show the property’s reality to any future purchasers. The purpose of land registration according to Gray and Gray (2008) is that “any prospective purchaser of registered land should always be able to verify, by simple examination of the register, the exact nature of all the interests existing in or over the land which he proposes to buy”. There are three main principles of land registration: the insurance principle, curtain principle and the mirror principle. The mirror principle which essentially means that the register reflects reality hence all facts significant to the land title are to be found on the register. The significant facts that should be included in the register are “the owner, the nature of his ownership, and any limitations on his ownership and any rights enjoyed by other persons over the land that are adverse to the owner”. However this is not always the case as some third party proprietary interests override registered dispositions, these are called overriding interests. Overriding interests are binding on a purchaser of any registered land even though they are not on the register.
Buying and owning your home is part of the American dream. Although the dream itself has since changed, the home still remains the main focal point. Today owning a home doesn’t necessarily mean a house. People now buy duplexes, cooperative apartments, and condominiums. For some families it could take up to a couple of generations before it’s able to have the capabilities of buying a home. To many people it means a certain achievement that only comes after years of hard work. It is a life altering decision and one of the most important someone can make in their lifetime. The reasons behind the actual purchase could vary. Before anything is done, people must understand that it’s an extraneous process and it is a long term project.
A mortgage is a form of debt, secured by the warranty of a specific real estate property. The borrower is required to pay back the debt in predetermined payments. The most common reason for acquiring a mortgage is to purchase real estate when it cannot be paid for up front. The homebuyer, in a residential mortgage, pledges their home to the bank. Over a period of years, the borrower pays back the loan with interest. Once the mortgage is paid in entirety, the owner retains the property free of any charges. However, in case of foreclosure, the bank has an entitlement on the house, as a form of insurance should the buyer default on repaying the mortgage. The bank can then sell the house, and use the capital to pay back the remaining mortgage.