| Private Mortgage Insurance |
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| If you purchase a home and make a down payment of less than 20% of the purchase price, you may be required to purchase private mortgage insurance (PMI). In essence, PMI is a fee which provides compensation to the lender in the event the borrower defaults on the mortgage. More... |
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| Real Estate Negotiations |
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| Parties often use negotiation as a technique by which to come to an understanding. The parties may or may not be represented by real estate agents or attorneys. More... |
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| Residential Real Estate Contracts |
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| When buying or selling real estate, a contract must be drawn up between the buyer and the seller. In order to satisfy the requirements of the Statute of Frauds, the contract must be in writing and signed by the parties. Ordinarily, the contract consists of a blank form that is provided by the seller's broker, but an attorney may also draw up the contract. Other times, the seller will draft the contract himself or herself. The responsibility for drafting the contract may vary from one location to the next, depending on local custom and statutes. More... |
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| Residential Leases and the Tenancies Created |
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| A lease is defined as a contract by which a landlord transfers to a tenant a leasehold interest in property. The leasehold interest is a possessory right to the quiet enjoyment of habitable premises. The lease agreement sets out the rights and duties of the landlord and the tenant during the lease period. More... |
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| Impact Fees |
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| ABC Construction Corp. sought a permit to begin construction of 25 residences in the Southwell Hills Community, located in the County of Rockland. The development is situated in a neighborhood full of older houses. The local government authority conditioned the issuance of its building permit upon payment by ABC of certain impact fees. More... |
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