A residential mortgage is a document in which the owner uses the title to residential property as security for a loan described in a promissory note. The mortgage must be signed by the owner (borrower/mortgagor), acknowledged before a notary public, and recorded with the County Recorder or Recorder of Deeds. If the owner fails to make payments on the promissory note then the lender can foreclose on the mortgage to force a sale of the real property and receive the proceeds, or receive the property itself at a public sheriff’s sale.
The elements of a contract for the sale of commercial property, meaning property used or to be used for income-producing purposes, are essentially the same as those of contracts for real property sales in general. However, certain differences arising from the nature of the existing or contemplated use of the property may require more detailed treatment than may be necessary in the case of a noncommercial sale. For example, existing tenancies or leases of the subject property and present or contemplated zoning of the property are frequently involved in the sale of commercial property, and any agreements or conditions with respect to such matters should be carefully set out in the contract of sale.
Any land used to produce crops, livestock, specialty livestock, or grazing and includes woodland and wasteland not under cultivation or used for pasture or grazing. According to the US Government, a farm is any place from which $1,000 or more of agricultural products were produced and sold, or normally would have been sold during the census year.
Zoning & Land Development
Zoning is the main planning tool of local government to manage the future development of a community, protect neighborhoods, concentrate retail business and industry, and channel traffic. It is also a method of controlling urban and suburban construction and removing congestion and other defects of existing plans. Typical zoning regulations address building height, bulk, lot area, setbacks, parking, signage, and density.
A land contract is essentially an installment payment arrangement for purchasing land. It is also known as a contract for deed or installment contract. It is an agreement for the purchase of real property in which the payment of all or a portion of the purchasing price is deferred.
A commercial lease is a detailed written agreement for the rental by a tenant of commercial property owned by the landlord. Commercial property differs from residential property in that the property’s primary or only use is commercial (business oriented), rather than serving as a residence. Commercial leases are often more complex than residential leases, have longer lease terms, and may provide for the rental price to be tied to the tenant business’s profitability or other factors, rather than a uniform monthly payment (though this is also quite ordinary in commercial leases). A “triple net” lease includes both taxes and insurance in the rent.
Tenants have a legal obligation to keep the premises in a clean and sanitary condition and pay the agreed upon rent. Failure to do so may result in eviction or forfeiture of security deposit funds. The law imposes certain duties on a landlord to maintain the premises in habitable condition. Failure to do so, such as providing adequate weatherproofing, available heat, water and electricity, and clean, sanitary and structurally safe premises, may be legal justification for a tenant’s defensive acts, such as moving out (even in the middle of a lease), paying less rent, withholding the entire rent until the problem is fixed, or making necessary repairs (or hiring someone to make them and deducting the cost from next month’s rent) The landlord for a partial may be sued for a refund of past rent, and in some circumstances can be sued for the discomfort, annoyance and emotional distress caused by the substandard conditions. States typically require landlords to provide a specific amount of notice (usually 24 or 48 hours) before entering a rental unit. In some states, landlords must provide a “reasonable” amount of notice, legally presumed to be 24 hours.
A mortgage is a document in which the owner uses the title to real property as security for a loan described in a promissory note. The mortgage must be signed by the owner (borrower/mortgagor), acknowledged before a notary public, and recorded with the County Recorder or Recorder of Deeds. If the owner fails to make payments on the promissory note then the lender can foreclose on the mortgage to force a sale of the real property and receive the proceeds, or receive the property itself at a public sheriff’s sale.
Construction Disputes & Liens
A lien is the right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property. A mortgage is a common lien. The right of lien generally arises by operation of law, but in some cases it is created by express contract. Liens that arise in construction situations include construction liens, contractor liens, mechanic liens, attorney liens, architect liens and other liens applicable in your state.