Conveyancing
Conveyancing is the act of transferring the ownership of a property
from one person to another. The buyer needs to ensure that he or she
gets good 'title' to the land; i.e., that the person selling the house
actually has the right to sell it. The system of conveyancing is designed
to ensure that the buyer gets the land together with all the rights
that go with it, and knows about any restrictions in advance.
A typical conveyancing transaction, whether a sale or purchase, contains
two major 'landmarks', which are exchange of contracts and completion,
plus the three stages: before contract, before completion and after
completion.
In most modern jurisdictions, conveyancing is facilitated by a system
of land registration which, in the near future, is likely to lead to
widespread electronic conveyancing.
The conveyancing process in the United States varies from state to state
depending on local legal requirements and historical practice. In most
situations, three attorneys will be involved in the process: one each
to represent the buyer, seller, and mortgage holder; frequently all
three will sit around a table with the buyer and seller and literally
"pass papers" to effect the transaction. (Some states do not
require all parties to be present simultaneously.) In order to protect
themselves from defects in the title, buyers will frequently purchase
title insurance at this time, either for themselves or for their lender.
In most states, a prospective buyer's offer to purchase is made in the
form of a written contract and bound with a deposit on the purchase
price. The offer will set out conditions (such as appraisal, title clearance,
inspection, occupancy, and financing) under which the buyer may withdraw
the offer without forfeiting the deposit. Once the conditions have been
met (or waived), the buyer has "equitable title" and conveyancing
proceeds or may be compelled by court order. There may be other last-minute
conditions to closing, such as "broom clean" premises, evictions,
and repairs.
Typical papers at a conveyancing include: deed(s), certified checks,
promissory note, mortgage, certificate of liens, pro rata property taxes,
title insurance binder, and fire insurance binder. There may also be
side agreements (e.g., holdover tenants, delivery contracts, payment
holdback for unacceptable repairs), seller's right of first refusal
for resale, declaration of trust, or other entity formation or consolidation
(incorporation, limited partnership investors, etc). Where "time
is of the essence," there have been cases where the entire deposit
is forfeited (as liquidated damages) if the conveyancing is delayed
beyond the time limits of the buyer's contingencies, even if the purchase
is completed.
About Three Palms Real Estate – Your Professional
Guides to Paradise
With so many choices it’s hard to navigate the volume of information
available to you. Three Palms Professional Realtors will do the work
for you. From beachfront Gulf Shores Condos to secluded family homes
in Orange Beach, we know the best properties and we know the market.
It’s important to us to educate our clients about the activities and
amenities available in the area, as well as the types of properties
we have to offer and financing options to help you make an informed
decision that is right for you. Our mission is to determine your specific
needs, desires and goals and to find the property and investment that
is right for you.
Whether your dream is living on the water or just minutes from it, our
Professional Guides to Paradise can get you here!
Call us at 1.866.980.PALM (7256) or Email Us to discuss the possibilities. Check out our favorite picks, or perform a custom search for Gulf Shores real estate or Orange Beach Real Estate.
Licensed in Alabama and Florida.
Gulf Shores and Orange Beach Area Info
Climate
The Gulf Coast Area has a mild climate with an average annual temperature
of 67.4 degrees. The average temperature in January is 51.4 degrees.
The average temperature in July is 81.8 degrees. The average annual
precipitation is 67 inches, and the growing season is 292 days.
Education
Education is a fundamental block in building a bright future. The Gulf
Coast Area opened a brand new high school during 1999 in Gulf Shores
(ph. 251.968.4747). The area has two elementary schools; they are Gulf
Shores Elementary (ph. 251.968.7375) and Orange Beach Elementary (ph.
251.981.5662). Gulf Shores Middle School (ph. 251.968.8719) offers an
excellent curriculum in preparation for high school. All public schools
are part of the Baldwin County school system. If you are interested
in private education, you also have the option of Bayside Academy (ph.
251.955.5211), which includes age 3yrs – Grade 4.
Healthcare
The nearest hospital is South Baldwin Regional Medical Center (ph. 800.580.3627)
located in Foley. South Baldwin Medical Center offers 24-hour emergency
services (ph. 251.952.3400). Numerous medical professionals practice
in the area providing both family practice and specialized care.
Airports
Corporate and Private air service is available in Gulf Shores from the
Jack Edwards Municipal Airport, with a full Instrument Landing System
and the longest paved runway being 7000 feet. The closest commercial
air service is available in Pensacola, roughly 30 miles away, at the
Pensacola Regional Airport (ph. 850.435.1746). Major carriers serving
the airport are Continental, US Airways, Delta, Northwest, and American.
Other commercial airports are located in Mobile (ph. 251.633.0313) and
Gulf Port, Mississippi (ph. 228.863.5951).
Shopping
The area offers many shops ranging from casual apparel and beachwear
to upscale fashion and specialty boutiques. If you are a bargain hunter,
you can find 120 factory outlet stores in Foley.
Parks and Recreation
The nearest state park is the Gulf State Park (ph. 251.948.7275). The
6,000-acre park area offers campsites, picnic areas, 18-hole golf course,
825 foot fishing pier, 144 room hotel and convention center. Other parks
in the area include Bon Secour Wildlife Refuge (ph. 251.540.7720), Meyer
Park (ph. 251.968.4420), Johnnie Sims Park and Kids Park (ph. 251.968.4420),
and Wade Ward Nature Park (ph. 251.968.4420).
State/Local Income Tax
For detailed information about Alabama income tax, contact the Alabama
Department of Revenue, Individual and Corporate Tax Division (ph. 251.242.1000).
In most instances, local governments in Alabama do not levy city, town,
or county income taxes.
Property Taxes
Property (Ad Valorem) taxes are taxes on real business and/or personal
property. “Ad Valorem” means “according to value”.
For details, call the Revenue Commissioner’s office (ph. 251.943.5061,
ext. 2840).
