Real Estate Newsletters
Generally, a seller has a duty to disclose known material defects and to provide a good faith answer to questions about other defects. When preparing the residential real estate contract, the broker may insert a clause, stating that the buyer agrees to purchase the property "as is."
Typically, a purchaser of residential real estate pays for the property with funds that are obtained from a lender, called the mortgagee, through a mortgage transaction. In exchange for the funds, the purchaser, called the mortgagor, promises to repay the funds and gives the mortgagee a security interest in the property to secure the repayment. In the event that the mortgagor does not repay the funds as required by the mortgage document or is otherwise in default, the mortgagee may foreclose on the mortgage.
A land sale scam, sometimes referred to as a dirt pile scam, refers to any transaction in which a seller of property convinces a buyer to buy property with a low value or no value for an excessive price.
Generally speaking, the term "sharecropping" refers to an agreement between a property owner and another person whereby the property owner hires the other person to farm the property owner's land. In exchange for the person's labors, the person is entitled to receive a share of the crop or harvest.
In 1968, Congress enacted the Fair Housing Act (FHA). The law can be found at 42 U.S.C.S. § 3601.