Real estate is the land along with any permanent improvements attached to the land, whether natural or manmade. That would include water, trees, minerals, buildings, homes, fences, and bridges.
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A unilateral contract in real estate is a type of agreement where only one party makes a promise in exchange for a specific action by the other party. In simpler terms, one party is obligated to perform, while the other party has the option to perform or not.
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Usury in real estate refers to the practice of charging excessively high interest rates on loans, particularly in the context of real estate financing. This practice is considered unethical and often illegal, as it can take advantage of borrowers, especially those who are financially vulnerable.
Here's how usury can impact real estate:
Limits Affordability: High interest rates make it more difficult for people to afford homes, especially first-time buyers. This can reduce demand and slow down the real estate market.
Predatory Lending: Usury can be a tool for predatory lenders who target vulnerable borrowers with high-interest loans that are difficult to repay. This can lead to foreclosure and other financial hardships.
State-Specific Regulations: Usury laws vary from state to state. Some states have strict usury laws that limit the maximum interest rate that can be charged on a loan. Other states have no usury laws or have exemptions for certain types of loans.
It's important for real estate professionals to be aware of usury laws in their state and to avoid any practices that could be considered usurious. Understanding usury can help you protect your clients and ensure fair and ethical real estate
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