individual seek legal advise B u s i n e s s F i n a n c e
I have to respond to chapter 7 then respond to either 5 or 6 (doesn’t matter which one to me)
Please include 2 reference/citations in each chapter
Chapter 5: Title Transfer
Why is it important to transfer title to real estate using a written document–the deed? What purpose does the general warranty deed serve in the process? What purpose does a special warranty deed serve and under what circumstances would someone who is in the market for a home consider using the special warranty deed? Which deed is better and provides a greater level of protection? When should a home owner consider the use of a quitclaim deed and under what circumstances should an individual seek legal advise to use a quitclaim deed?
Chapter 6: Public Records and Transfer of Real Estate
The basis of all real estate transactions in the United States has been the use of public records, recorded deeds and title searches. How is the title search related to a deed? What role does the recorded deed play in the process and why should all real estate transactions be made a matter of public record? How far back should a title search go (contact a title company in your home state) and how back far does the county recorder in your county record land holdings (contact county recorder’s office to be sure)
Chapter 7: Contracts and the Statute of Frauds (Mandatory)
Contracts are the essential part of all real estate transactions and no real estate can be transferred without the use of a written contract to prevent fraudulent practices and to be enforceable in a court of law. All real estate transactions are subject to the statute of frauds law. The law stems from British common law and was first established in 1677. (This chapter’s primary purpose is the discussion of a basic contract and later on in the course we will add the necessary elements for real estate transactions.)
Please outline and briefly discuss the 5 elements of a generic legally binding contract. Which element of the contract do you consider the most important as related to real estate? Justify.
What is your opinion of the Statute of Frauds? Does it slow down the contract process?
Start your thread by stating the chapter number. For example, Chapter 1…