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    Real Estate, Land Transactions and Mortgages


    A mortgage is a security for a financial loan for real property (usually real estate) that is held by a lender. A mortgage is the standard method for individuals and businesses to purchase real estate without paying the full value up front from their own resources. There is, of course, interest that accumulates during the length of the loan, so that the lender earns a return for the money that was lent.

    Real Estate

    In order for there to be a real estate transaction, there has to be an agreement to sell between a buyer and a seller of real estate. This agreement, and other real estate transactions, is governed by a large body of federal statues, unique state statues and common law.

    A real estate listing is an agreement between a broker and a seller, in which the broker seeks a buyer for the seller’s property. Real estate brokers and salespersons are licensed and regulated by local state laws. The Federal Fair Housing Act prohibits discrimination in real estate transactions, due to race, color, religion, sex or national origin. This act specifically prohibits discrimination for real estate brokers.1

    Land Transactions

    Land transaction in law, are considered “conveyancing” and is the transfer of a legal title of property from one person to another, or the granting of an encumbrance, such as a mortgage. A typical conveyancing transaction contains two major parts: the exchange of contracts and completion. A buyer of real property must ensure he obtains a good and marketable title to the land. A marketable title means the seller is the owner, has the right to sell the property, and there is nothing to impede a mortgage or re-sale.2



    1. Cornell University Law School. (n.d.). Real Estate Transactions. Retrieved from http://www.law.cornell.edu/wex/real_estate_transactions

    2. Conveyancing. (n.d.). Retrieved March 26, 2014 from Wikipedia the Free Encyclopedia http://en.wikipedia.org/wiki/Conveyancing

    Mortgage Law. (n.d.). Retrieved March 26, 2014 from Wikipedia the Free Encyclopedia http://en.wikipedia.org/wiki/Mortgage_law


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