Achieving Agreements through Transaction Analysis Part 3 Flashcards
1
Q
What is a survey?
A
Describes the property through metes and bounds attached to the contract
2
Q
What does the wood infestation report do?
A
Relieves the seller of future liability litigation, short of fraud, and protects the buyers so that they are not stuck with termite infested house
3
Q
What can title insurance help with?
A
Helps assure the buyer and the lender that title defects will not make a property unsaleable in the future because of…
1) forged documents
2) undisclosed heirs to the property
3) Mistaken legal interpretations of wills or trusts
4) misfiled documents - deeds, liens, or mortgage satisfaction documents
