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What happens to leasehold improvements upon sale of property?
Upon the sale of a property, leasehold improvements typically remain with the property unless otherwise specified in the lease agreement or sale contract. The new owner usually inherits these improvements, which can add value to the property. However, the treatment of leasehold improvements can vary based on local laws and specific terms negotiated in the sale. If the seller has invested significantly in these improvements, they may negotiate for compensation or a reduction in the sale price to reflect their value.
When an owner of a business in a shopping mall sells his business how is his interest transferred?
SInce the mall unit is a leasehold interest, an Assignment of Lease would be issued to transfer the rights under the lease. This would be recorded if the original lease was recorded as well. Any personal property and fixtures would be conveyed by a Bill of Sale, and there would also be a Purchase and Sale Agreement for the business. signed by both buyer and seller.
What is a transferor?
When dealing in conveyancing / property - the transferor is the seller. When dealing in conveyancing / property - the transferor is the seller.
What does being on a deed mean?
"Being on the deed" means that you are the grantor or grantee in the deed. The grantor is the seller or the owner making a transfer of the property and the grantee is the purchaser or the one who is acquiring an interest in the property.
What responsibility does a seller's agent have to the buyer in a real estate transaction?
A seller's agent has a responsibility to treat the buyer honestly and fairly, disclose any known material defects of the property, and provide accurate information about the property. They must also act in the best interest of their client, the seller, but still provide professional and ethical service to the buyer.
What type of deed is needed for an acre for acre swap of equal value?
A quit claim deed could be used. A Quit Claim Deed is a deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made It conveys to a Buyer only what the Seller actually owns, if anything, and provides no guarantee from the Seller to the Buyer that the Seller has any interest in the property to convey. The rule to follow for a person accepting a quit claim deed is "Buyer beware". If it later turns out that the Seller's rights to use the property are encumbered by another person's interest in the property, the Buyer is out of luck and has no recourse against the Seller. A Different Opinion: I have seen similar conveyances executed by two simultaneous deeds. Each granting party conveys their property "for the consideration of" the other party's property. In other words, they swap property in lieu of a monetary figure. It's quite common. Deeds are generally executed and recorded on the same day. Any attorney could easily prepare such a transaction.
Who signs real estate papers for the sale of a house?
Any one with an interest in the property, the seller, signs the deed unless it is a unit deed in a condominium. In that case, the seller and buyer sign the deed. The buyer signs the purchase money mortgage.
What does it mean when property information includes this phrase Seller is related to the licensee?
The seller is related to the agent listing the property for sale or lease.
If a payment is missed on a private contract does Washington State law require that interest be charged?
Greetings fellow Washingtonian! The answer to your question is that the state does not require that you collect interest. I will assume you are talking about a real estate contract (the kind where the seller finances the property--not to be confused with a mortgage or deed of trust). If you are the seller, you are not required to charge any interest at all (my, what a nice person you are). But if the R.E.C. provides for interest, and a payment is not made, then interest will accrue on the unpaid principal. If there is a late fee provided for in the contract, then the late fee may be charged, and if unpaid, the seller may initiate foreclosure proceedings.
If the lender changed interest rates a week before closing on a property sale can you cancel the contract with the seller without being sued?
If the loan and rate were conditions of the sale, yes.
What is the seller when he sells his home an offeror or offeree?
The seller is the offeree. In all real estate cases, the seller will list or "put up for sale" their home or property. A buyer will then submit an offer to purchase that property making them, the offeror.
How much interest can a seller charge on land contract?
A seller can charge whatever interest they wish on a land contract. The buyer doesn't have to sign a contract if they don't agree with the terms.
