| Estates in Property -- Fee Simple |
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| Fee simple is the type of ownership that embraces every interest in property. In other words, when a person owns property in fee simple, there are no limitations on his or her right to possess, use, sell, or pass the property on to his or her descendants through a will or a trust. The owner of a fee simple estate owns the whole bundle of rights. More... |
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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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| Inspections and Punch Lists |
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| When a buyer works with a builder to plan the construction of a new home, the buyer will have an opportunity to look at models, drawings, plans and specifications. The combination of these documents gives the buyer a general idea of what the home will eventually look like. As the construction progresses, the idea takes form; however, until the process is complete and the buyer has actually walked through the completed structure, the buyer has no idea whether everything has been completed as imagined and in a workmanlike manner. More... |
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| Options to Purchase Real Estate |
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| Briefly stated, an option refers to a party's right to purchase real estate within a specified period of time.
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| The Real Estate Settlement Procedures Act |
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| Certainly, the purchase of a home is a very significant event. In 1974, Congress enacted the Real Estate Settlement Procedures Act (RESPA) in order to protect home buyers from paying excessive settlement costs and from certain abusive practices. More... |
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