What is a Transaction Broker? A transaction broker is a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. In a transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. Additionally, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, [...]
What is the Habendum Clause? The habendum clause, so named because in medieval times it began with the Latin phrase habendum et tenendum ("to have and to hold"), limited the estate or tenancy being conveyed. Today, the habendum clause starts with the words "to have and to hold." Usually, the word "forever" follows if the estate is fee simple. The words "for the life of the grantee" will follow if it is a life estate. Any other restrictions or limitations on the property's use are usually entered before or after the habendum clause. For example, reservation by the seller to retain mineral rights to [...]
What is the Covenant of Seisin Clause? The covenant of seisin (also seizin) is a promise that the grantor owns the property and has the right to convey title. The covenant of seisin states that the property is free from liens or other encumbrances except as noted in the deed. This clause gives the grantee notice of all encumbrances (liens, restrictions, and so forth) associated with the property. These covenants cannot, and do not, guarantee a marketable title. The clauses are only as good as the grantor. If the grantor is insolvent or unreliable, the covenants are of little or no value. Want [...]
What is Title Insurance? Title insurance is a contract that protects the policyholder from losses arising from defects in the title. Florida law does not require title insurance. It is a unique type of insurance. It protects against loss from past occurrence, such as a forged deed somewhere in the chain of title. Other insurable title defects include flaws due to incorrect marital status and incapacity of a grantor due to mental incompetence. The title insurance company will defend a lawsuit based on an insurable defect, and it will pay claims up to the face amount of the policy if the [...]
Rowlett Real Estate School held its 63-Hour Sales Associate License Live Classroom Course in Destin, Florida from June 17-23, 2019. In short, this course is an REcampus, FREC-approved, 7-day, 63-hour pre-license course required by the state to obtain a Florida real estate license.