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LSDefine

Simple English definitions for legal terms

Real estate transactions

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A quick definition of Real estate transactions:

Real estate transactions involve buying and selling property. A real estate broker helps the seller find a buyer and earns a commission. The buyer and seller make a contract that must be in writing and the title to the property must be clear. A mortgage is often used to finance the purchase. Discrimination in real estate transactions is illegal.

A more thorough explanation:

Real estate transactions refer to the buying and selling of property. These transactions are governed by federal and state laws, which can vary from state to state. Real estate brokers are hired by sellers to find buyers for their property. They are licensed and regulated by state laws and must follow guidelines set by professional organizations.

The Federal Fair Housing Act prohibits discrimination in real estate transactions based on race, color, religion, sex, or national origin. Brokers are not allowed to discriminate against buyers or sellers based on these factors.

Contracts for real estate transactions must be in writing and follow the general principles of contract law. The title to the property being sold must be marketable, meaning the seller has proof of ownership and there are no undisclosed interests in the title. Buyers often hire title insurance companies or attorneys to investigate the title and insure against any losses caused by an invalid title.

Deeds with proper descriptions of the land must be executed and delivered to pass ownership. Some states require that the deed be officially recorded to establish ownership and provide notice of transfer to subsequent purchasers.

The most common way to finance real estate transactions is through a mortgage, which is a loan used to purchase property.

John wants to sell his house. He hires a real estate broker to find a buyer. The broker and John sign a listing agreement, which gives the broker the exclusive right to earn a commission if they find a buyer. The broker cannot discriminate against potential buyers based on their race, color, religion, sex, or national origin. Once a buyer is found, a contract is signed, and the title is investigated to ensure it is marketable. The buyer obtains a mortgage to finance the purchase, and a deed is executed and delivered to transfer ownership.

real estate investment trust (REIT) | real party in interest

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10:35
i dont wanna do the lsat
10:35
its so boring
10:35
they should change it to making you write an essay on some foreign film
10:36
like la haine or the apu trilogy or some shit
10:36
that would be more interesting
NosyBeagle
10:38
@NemoPropheta: LSAT haters unite. This test sucks butt
10:43
I got 2 weeks left of this shit and I have 0 motivation
10:55
@RasheedWallaceFan: yeah for some reason SMU isnt listed on any of the rankings lists. Been that way all year
@NemoPropheta: you only got another 40+ years of it!
@PremiumFrequentCrane Is right.
You'll forever have those days where shit ain't getting done. Just a matter of how you handle them. (IE using Chatgpt to draft a motion for leave like meeeee)
NosyBeagle
13:52
look at my lawyer dawg... im going to jail
Nah, I don't use it to do my case law. Just the actual motion drafting.
For example, I was trying to get the right language in a Motion for Sanctions (tl;dr slip and fall case, defense counsel played nothing but games – IE never sending records despite it being mandatory to trcp, producing never before seen records DURING A DEPO) and just talked to ChatGPT about his behavior to provide background to help with the drafting for the procedural paragraph.
@NosyBeagle: just makes me think of vanillamace
@TiredOfThisGrandpa: I dont have LSD+ so cant dm but will def hit you up when I have them done! Also is ur username a reference to holes? lol
Can i get accommodations for mid test 2 hour nap
I mean, i have sadhd
15:34
you could get accommodations for the schizoaffective disorder you clearly have
NosyBeagle
15:53
a two hour nap in between sections would be great for me
ronniedoeslaw
15:58
LSAT isn’t horrible you just have to lock in really hard for 2 hours and expect to be exhausted the rest of the day mentally
16:30
ugh i hit this lady w my car
16:31
well i hit her car and the cops said there's no damage but she says there is should i call my insurance what u think lawyers
real quick question. How much do early applications matter? I have super strong softs and an ok LSAT score of 160. GPA wasn't great at 3.33. I applied in late march and I have been rejected everywhere so far
16:58
late march is way too late
16:58
early doesn’t matter but before thanksgiving matters
ronniedoeslaw
16:59
Have you used the LSAC search for schools link? It helps a lot letting you know the probability of acceptance.
I mean early early might be overblown but dont apply if you are applying in march
does anyone know how many questions they typically ask for the UT recorded interview
20:21
has anyone been accepted off of the waitlist for New England yet?
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