CHECK KITING |
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Check kiting is any sort of fraud that involves drawing out money from a bank account that does not have sufficient funds to cover the check. It is typically achieved by taking advantage of the float, the time between the negotiation of the check and its clearance at the check-writer's bank. This fraud is also known as paper hanging and carries a heavier pejorative connotation. Before the passage of the Check Clearing for the 21st Century Act, when checks could take 3 or more days to clear, playing the float was fairly common practice in otherwise-honest low-income families who encountered emergencies right before payday.
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CONTRACT & MISC. SURETY |
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A surety is a person who agrees to be responsible for the debt or obligation of another. The situation in which a surety is most typically required is when the ability of the primary obligor or principal to perform its obligations under a contract is in question, or when there is some public or private interest which requires protection from the consequences of the principal's default or delinquency. In most common law jurisdictions, a contract of suretyship is subject to the statute of frauds (or its equivalent local laws) and is only enforceable if memorialized by a writing signed by the surety.
A surety bond is a contract between at least three parties: (i) the principal, (ii) the obligee, and (iii) the surety. Through this agreement, the surety agrees to make the obligee whole (usually by payment of money) if the principal defaults in its performance of its promise to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal.
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INSURANCE - TITLE |
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Title insurance is insurance against defects in title to real property, available in most but not all countries. It is meant to protect an owner's or lender's financial interest in property against loss due to title defects, liens or other matter of public record. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
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REAL ESTATE |
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Real estate or immovable property is a legal term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as buildings. Real estate (immovable property) is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personalty).
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REAL ESTATE BROKER / AGENT |
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A real estate broker is a party who acts as an intermediary between sellers and buyers of real estate and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by reference to the English common law of agency with the broker having a fiduciary relationship with his clients. Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients.
In the US, real estate brokers and their salespersons (commonly called real estate agents) assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a Buyers agent with a signed agreement, they assist buyers by helping them purchase property for the best possible price under the best terms. Due to the importance of this role, most brokers that seek to play the role of client advocate are now seeking out the services of Certified Mortgage Planners, industry experts that work in concert with Certified Financial Planners to align consumers' home finance positions with their larger financial portfolio(s). Without an agreement, brokers may assist buyers in the acquisition of property but still represent the seller and the seller's interests.
In most jurisdictions in the United States, a person is required to have a license in order to receive remuneration for services rendered as a real estate broker. Unlicenced activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licenced. In some states, lawyers are allowed to handle real estate sales for compensation without being licenced as brokers or agents.
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