MKT 100 Study Guide - Title Insurance, Real Estate Broker, Adverse Possession
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MKT 100 Full Course Notes
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Registration systems: registration system: documents the existence of interests in land. Land titles system: land titles system: generates certificates of title that virtually guarantee the validity of the interests that are listed. Land scales: sale: occurs when ownership is transferred in exchange for consideration. If you hired these individuals, they would be liable for any problems they failed to discover and save yourself. In the context of land sales, there are various factors that may affect the contract if it has unexpected costs pg 397. If conditions aren"t met then sale will not be completed: subsidiary obligations parties may be required to act in a certain way and if fail to do so, the party may be entitled to damages. Lawyer generally helps with the paperwork that is needed to obtain insurance coverage on the property. Purchaser"s lien: allows the purchaser to have the land sold to satisfy the outstanding debt.