Questions and Answers
What does a riparian right easement primarily concern?
How are water and streams classified in property law?
What must occur if an easement issue is not covered in the escrow instructions?
What does a 'first deed' signify?
Signup and view all the answers
Where should the county of the property be indicated?
Signup and view all the answers
What happens if pest control work is not completed before closing escrow?
Signup and view all the answers
When adjusting for unpaid property taxes by the seller, what should be assessed?
Signup and view all the answers
When should interest on an existing loan be prorated?
Signup and view all the answers
What is the implication of a riparian right easement?
Signup and view all the answers
If pest control work is not finalized before escrow closes, what is the likely outcome?
Signup and view all the answers
Study Notes
Riparian Rights and Easements
- Riparian right easements pertain to water rights, allowing landowners to utilize water from a nearby source.
Property Classification
- Water and streams are categorized as public property, meaning they are accessible for public use rather than private ownership.
Escrow Instructions
- If an easement issue is not specified in escrow instructions, it necessitates an escrow amendment to address the matter.
Deeds and Recording
- A first deed signifies it was recorded first in public records, which can affect its legal standing and priority.
County Listing
- The county of property location must be indicated on both the trust deed and the escrow memo for clarity regarding jurisdiction.
Pest Control Work
- Completion of pest control before escrow closes is not mandatory; if unfinished, it does not automatically delay or nullify closing.
Property Tax Adjustments
- When dealing with unpaid property taxes, the process involves determining the amount owed, charging the seller, and crediting the buyer, comprising all necessary adjustments.
Loan Interest Proration
- Interest on existing loans should be prorated until the day before closing, ensuring accurate financial settlements.
Monthly Interest Payment
- If the monthly interest payment on a loan is unpaid before closing, the seller incurs the charge, impacting their financial responsibility.
Escrow Disbursement Protocol
- Disbursement checks from escrow companies can be accompanied by any form of communication, such as a letter, note, or phone call, to ensure proper notification.
Riparian Rights and Easements
- Riparian right easements pertain to water rights, allowing landowners to utilize water from a nearby source.
Property Classification
- Water and streams are categorized as public property, meaning they are accessible for public use rather than private ownership.
Escrow Instructions
- If an easement issue is not specified in escrow instructions, it necessitates an escrow amendment to address the matter.
Deeds and Recording
- A first deed signifies it was recorded first in public records, which can affect its legal standing and priority.
County Listing
- The county of property location must be indicated on both the trust deed and the escrow memo for clarity regarding jurisdiction.
Pest Control Work
- Completion of pest control before escrow closes is not mandatory; if unfinished, it does not automatically delay or nullify closing.
Property Tax Adjustments
- When dealing with unpaid property taxes, the process involves determining the amount owed, charging the seller, and crediting the buyer, comprising all necessary adjustments.
Loan Interest Proration
- Interest on existing loans should be prorated until the day before closing, ensuring accurate financial settlements.
Monthly Interest Payment
- If the monthly interest payment on a loan is unpaid before closing, the seller incurs the charge, impacting their financial responsibility.
Escrow Disbursement Protocol
- Disbursement checks from escrow companies can be accompanied by any form of communication, such as a letter, note, or phone call, to ensure proper notification.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on property law concepts with this activity quiz. Topics include riparian rights, easements, and property classifications. Perfect for students diving into real estate law.