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?
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Where should the county of the property be indicated?
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What happens if pest control work is not completed before closing escrow?
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When adjusting for unpaid property taxes by the seller, what should be assessed?
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When should interest on an existing loan be prorated?
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What is the implication of a riparian right easement?
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If pest control work is not finalized before escrow closes, what is the likely outcome?
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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.
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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.
