The Statute of Frauds
No law says the parties must have a contract at all or an Atlanta title pawn is null and void. If P is merrily walking down the street one day, spots V’s house with a “For Sale” sign in the front yard, and decides she would like to buy it, she can simple knock on V’s door and begin haggling with him about the price. If they can agree, P come pull out her checkbook and write V a check, in return for which V can write a deed to the property (the bank of an old envelope will do) and immediately hand it to P. Presto, the transaction is completed! Even here a purist might argue that there was an (oral) executor contract of sale for a few brief moments, but if so it was an executor contract of sale for a few brief moments, but if so it was an exceedingly ephemeral and unimportant one.
In real life things seldom happen this way. Instead there is usually a rather detailed written agreement of sale, often filled in on a printed form. Considerable time say 30 to 90 days or more commonly passes between the contract’s execution and its performance by a deed to her.
Why the delay, and why the need for a detailed contract? Two reasons stand out at Atlanta title pawn:
- P wants to be certain that V really owns the property, and that V’s title is “good” or “clear” or marketable.” This determination takes time and money, and P does not want to go to the trouble unless she is confident that V is committed to completing the sale at the agreed price.
- P need to borrow part (usually most) of the money needed to buy the house. Again, obtaining a loan involves time, trouble, and considers P’s application for a loan unless she has a signed contract of purchase.
These are the two most pervasive reasons a contract and an “executor period” are needed. You may be able to think of many more. Here are a few possibilities:
- P needs time to sell her previous house or terminate her existing lease and to arrange to move her personal effects.
- V needs time to find another home and to arrange to buy or rent it.
- P is concerned about the physical condition of the house the roof, plumbing, furnace etc. and wants an expert to inspect them and report it, since she will live close to a semi truck title loans.
Mortgage financing Tips
Mortgage financing Tips It is quite rare for a buyer real estate to pay cash. In the majority of cases, he or she must obtain financing from an Atlanta title loan or some source to complete the purchase. Although financing can take a wide variety of forms, it is usually one or a combination of the following: (1) a loan from a third party lender (a bank) to the buyer; (2) the “taking over” by the buyer of the payments on an existing loan which the seller or some former owner obtained from a third party lender; and (3) financing provided by the seller himself, in the form of a deferral of receipt of some portion of the purchase price.
The obligation to repay the financing cases is generally represented by a promissory note (or sometimes by a bond or contract) requiring monthly or other regular installment payments. Since real estate is usually considered to be excellent security for a loan, most financing which is extended to enable the purchase of realty is also secured by that same realty, commonly by means of an instrument known as a mortgage or deed of trust. Thus a mortgage involves a transfer by a debtor-mortgagor to a creditor-mortgage of a real estate interest, to be held as security for the performance of an obligation, normally the payment of a debt evidenced by a promissory note. If the debtor defaults on the note, the mortgage can have the real estate sold and the process applied toward payment of the debt.
Of course, not all mortgages are related to sales or purchases of property; an owner may borrow money to start a new business or to send his or her children to college, and may give a mortgage to secure repayment of the loan. In American law, the characterization of a mortgage as “ purchase money” in nature has important consequences with respect to its priority as against competing liens, and some states with respect to the ability of the lender to obtain a “deficiency judgment” if the borrower defaults and the real estate does not bring enough to pay the debt. However, the details of doctrines are outside our present scope.
Today most mortgages are amortized or repaid over a substantial number of years. Until the 1930’s most mortgages, however, were of the “balloon-note” type. Typically these were short –term mortgages for three to five years, and borrows made only interests payments until the maturity date of the motorcycle title loans Atlanta.