A wide variety of disputes can arise between a landlord and a tenant. The nature of the dispute can be large or small. For instance, the dispute can relate to the responsibility for a minor repair to the leased premises. In other circumstances, however, the disputes can involve thousands of dollars.
In 1968, Congress enacted the Interstate Land Sales Full Disclosure Act, 15 U.S.C.S. § 1701 (1998). In enacting the law, it was Congress’ purpose to eliminate fraud in interstate sales of land. Briefly stated, the law requires certain disclosures in connection with the sale of vacant land. Despite numerous challenges since its enactment, the Interstate Land Sales Full Disclosure Act has passed constitutional muster.
Property is an external thing that can be owned or possessed. Property can be divided into two categories: tangible and intangible. The word tangible refers to something that has a definable physical form that can be felt or touched. The word intangible refers to something that cannot be perceived by the senses.
In the real estate finance industry, it is not uncommon for a mortgage loan to be sold one or more times during the life of the loan. When a mortgage lender transfers or assigns its interest in a mortgage loan to another party, some type of written document must be filed to put others on notice of the transfer.