What is a resale restriction?
What is a resale restriction?
Resale restrictions are a right in perpetuity or for a certain number of years, stated in the form of a restriction, easement, covenant, or condition in any deed, mortgage, ground lease, agreement, or other instrument executed by or on behalf of the owner of the land.
What does deed mean?
something that is done
What is the difference between deed and agreement?
The main thing that differentiates a deed from a binding agreement is that, in order for a deed to be binding, consideration is not necessary. Furthermore, while an agreement is enforceable whether it is made orally or in writing, a deed must be executed in writing.
Does a deed need to be executed by both parties?
The general rule is that once a party has executed a deed, it will take effect against that party in favour of the other named parties even though it has not been executed by those other parties, unless it: Was delivered subject to a condition that all such parties must execute it.
Why use a deed instead of a contract?
Deeds are used because either the law requires their use or because a deed has certain advantages. The differences are: a simple contract can be entered into orally but a deed must be in writing; a deed requires additional formalities in relation to its signature/execution for it to be enforceable.
Who are the parties to a deed?
A deed of trust involves three parties: a lender, a borrower, and a trustee. The lender gives the borrower money. In exchange, the borrower gives the lender one or more promissory notes. As security for the promissory notes, the borrower transfers a real property interest to a third-party trustee.
Are Trust Deeds a good idea?
Trust deeds can be a valuable aid to financial stability, but they are not right for everybody. They are best suited to people who have a regular income and can commit to regular payments.
What makes a deed valid?
The basic requirements of a valid deed are (1) written instrument, (2) competent grantor, (3) identity of the grantee, (4) words of conveyance, (5) adequate description of the land, (6) consideration, (7) signature of grantor, (8) witnesses, and (9) delivery of the completed deed to the grantee.
How long is a deed valid for?
twelve years
