Sale of Real Property (Land) - Explained

The video tutorial explains the legal procedures for buying or selling real property. It defines real property, discusses the importance of recording ownership in a public office, and outlines the contract requirements under the Statute of Frauds. The roles of various participants, such as buyers, sellers, lenders, and brokers, are detailed. The video also covers contract provisions, the closing process, and the types of insurance involved in property transactions.

What is considered real property?

• Only the land itself

• Land and anything permanently attached to it

• Only buildings on the land

• Land and anything temporarily placed on it

Why is it important to record ownership of real property in a public office?

• To make the property easier to sell

• To increase the property's value

• To ensure public awareness of ownership

• To avoid paying taxes

What does the Statute of Frauds require for the sale of land?

• The contract must be verbal

• The contract must be notarized

• The contract must be in writing

• The contract must be witnessed by a lawyer

Who typically provides funds for purchasing real property?

• The broker

• The seller

• The lender

• The closing agent

What role does a broker play in real property transactions?

• They finance the purchase

• They inspect the property

• They provide legal advice

• They list properties for sale and help buyers find properties

What is an escrow in the context of property transactions?

• A type of insurance

• A legal document

• A deposit made by the buyer

• A fee paid to the broker

What is the purpose of title insurance?

• To cover environmental damages

• To protect the buyer from defects in the property

• To ensure the seller receives payment

• To confirm the seller has a valid title