Describe the role of the escrow agent in the sale of real property.
What will be an ideal response?
The sale of real property normally involves three parties: the seller, the buyer, and the escrow agent. Frequently, both the buyer and the seller are assisted by real estate agents, attorneys, and paralegals.The escrow agent, which may be a title company, bank, or special escrow company, acts as a neutral party in the transaction and facilitates the sale by allowing the buyer and the seller to complete the transaction without having to exchange documents and funds directly with each other.To understand the vital role played by the escrow agent, consider the problems that might otherwise arise. Essentially, in the sale of property, the buyer gives the seller funds, and the seller conveys (transfers) to the buyer a deed, representing ownership rights in the property.Neither the buyer nor the seller wishes to part with the funds or the deed until all conditions of the sale and purchase have been met.The solution is the use of an escrow agent. The escrow agent holds the deed until the buyer pays the seller for the property at the closing (the final step in the sale of real estate). The escrow agent also holds any funds paid by the buyer, including the earnest money, until the sale is completed. At the closing, the escrow agent receives funds from the buyer, the buyer is given the deed, and the seller is given the money.
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Answer the following statement true (T) or false (F)
Which of the following is a primary source of law?
a. Common law doctrines b. Case law c. The U.S. Constitution d. Treaties e. All of these choices are correct
In Goggin v. New State Ballroom (dancer was injured in a crowded ballroom in Boston on St. Patrick's Day), the court held that?
A. ?the ballroom was liable for negligently supervising the dance floor. B. ?the ballroom was not liable because the dancer was dancing inappropriately. C. ?without negligence, the ballroom is not liable for injuries caused by third parties to its patrons. D. ?there was no liability because a person of ordinary intelligence could tell it was dangerous to be on the dance floor that night.
Sallysue married Billybob the month after he graduated from high school and she was still 16 and in tenth grade. They forged Sallysue's mother's consent on the applicable consent form. They lived together for four years and when Sallysue got pregnant, Billybob sought an annulment of their marriage because he said he didn't want to be "saddled with a bunch of screaming kids." Sallysue says if that
is the way he feels she wants out of the marriage too and she will seek an annulment. She meets with Attorney Howell who tells her that she can potentially file for a divorce on the grounds of irreconcilable differences or for an annulment. Assume that while they have been married they have bought a home, a small boat, and two cars. Billybob has been working with his father in an air conditioning business and earns a good salary. Sallysue has been unable to find a job but has been taking care of and making improvements on the house which is in Billybob's name. Although he gives her a small allowance for groceries etc., Billybob has the only bank account and has managed all their finances since they married. They have filed joint tax returns. Consider the differences between divorce and annulment. Which route should Sallysue pursue considering their specific circumstances? What will the impact be on the parties and the child when it is born?