by John Reilly | Aug 25, 2021 | Language of Real Estate
Abstract of title vs. Title insurance An abstract of title summarizes the various instuments and documents affecting the title to real property, whereas title insurance is a comprehensive indemnity contract under which a title insurance company warrants to make good a... by John Reilly | Aug 21, 2021 | Language of Real Estate
Foreclosure vs. Forfeiture A foreclosure action extinguishes any claim the mortgagor may have to the real property securing a defaulted loan, whereas a forfeiture refers generally to the loss of a right to something as a result of nonperformance of an obligation or... by John Reilly | Aug 17, 2021 | Language of Real Estate
Unilateral contract vs. Bilateral contract A unilateral contract involves one promise to perform (option contract), whereas a bilateral contract involves mutual promises to perform (as in a sales contract). Unilateral contract — A contract in which one party... by John Reilly | Aug 12, 2021 | Language of Real Estate
Deposit vs. Down payment The down payment is the amount of cash offered by a buyer or purchaser at the time of purchase. Even though the down payment usually includes the earnest money deposit, the terms are not synonymous. Earnest money is applied toward the total... by John Reilly | Aug 5, 2021 | Language of Real Estate
Actual eviction vs. Constructive eviction In an actual eviction, the landlord evicts the defaulting tenant, whereas in a constructive eviction the landlord fails to provide the necessary services so the tenant then is legally entitled to cancel the lease. Actual... by John Reilly | Aug 1, 2021 | Language of Real Estate
Quiet enjoyment vs. Quiet title Quiet enjoyment is the right to uninterrupted use of the property, whereas quiet title is the name of a legal action to prove valid title to real property. Quiet enjoyment — The right of an owner or lessee legally in possession of...