Captain’s Corner

RRES.com What is a Transaction Broker_

What is a Transaction Broker? – Captain’s Corner

By |2019-05-30T15:08:38-05:00July 30th, 2019|Categories: Captain's Corner, Real Estate Terminology|

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, [...]

RRES.com What is the Habendum Clause_

What is the Habendum Clause?

By |2019-07-24T17:27:50-05:00July 23rd, 2019|Categories: Captain's Corner, Real Estate Terminology|

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 [...]

RRES.com What is the Covenant of Seisin Clause_

What is the Covenant of Seisin Clause? – Captain’s Corner

By |2019-05-30T14:18:30-05:00July 16th, 2019|Categories: Captain's Corner, Real Estate Terminology|

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 [...]

RRES.com What is Title Insurance_ (1)

What is Title Insurance? – Captain’s Corner

By |2019-05-30T14:18:41-05:00July 9th, 2019|Categories: Captain's Corner, Real Estate Terminology|

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 [...]

RRES.com What is Abstract of Title_

What is Abstract of Title? – Captain’s Corner

By |2019-05-30T14:18:54-05:00July 2nd, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is Abstract of Title? An abstract of title is a summary report of what the title search found in the public record. The person who prepares this report is called an abstractor. The abstractor searches the public records and then prepares a condensed history of the various events and proceedings that affected the title throughout the last 30 years. All recorded liens and encumbrances are included, along with their current status. However, the abstract of title does not reveal such items as encroachments or forgeries, or any interests or conveyances that have not been recorded. Want to Learn More? Ready to take [...]