Executory Title Property Title (a) Borrower has good and marketable fee simple legal and equitable title to the real property comprising the Property, subject to Permitted Liens.
What does executory mean?
designed to be executed or carried into effect in time to come, or to take effect on a future contingency; as, an executory devise, reminder, or estate; an executory contract Etymology: [LL. executorius, L. exsecutorius: cf.F. excutoire.]
When a contract is executory?
An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining. However, an obligation to pay money, even if such obligation is material, does not usually make a contract executory.
What are executory contracts and unexpired leases?
Executory means the contract is still in force—that is, both parties are still obligated to perform important acts. Similarly, unexpired means that the contract or lease period hasn't run out—that is, it is still in effect. Common examples of executory contracts and unexpired leases include: car leases.
What does executory process mean?
What does executory process mean? Executory process is an accelerated procedure whereby a mortgage creditor may provoke a sale of the encumbered property to satisfy his mortgage. Gold Award 2006-2018. BEST Legal Forms Company. 11 Year Winner in all Categories: Forms, Features, Customer Service
What is the meaning of executory?
Something (generally a contract) that has not yet been fully performed or completed and is therefore considered imperfect or unassured until its full execution. Anything executory is started and not yet finished or is in the process of being completed in order to take full effect at a future time.
What is an example of an executory contract?
An example of an executory contract is an apartment lease. The lessee is expected to continue to pay and the lessor is expected to continue to care for the property until the end date in the contract.
What is an executory document?
An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining.
What is difference between executed and executory?
An executed contract refers to a written legal agreement that has been agreed upon and signed by all parties to the contract. An executory contract, on the other hand, is a contract that has been agreed upon and signed but is still in progress.
What does executory mean in real estate?
An executory contract is a type of long-term agreement real estate contract that resembles a rent-to-own arrangement. The buyer lives on the property but does not own it until the end of the contract.
What does executed mean in real estate?
The parties enter into a real estate sales agreement. At the closing, the parties sign all of the necessary paperwork. The buyer transfers the agreed amount of money to the seller, and the seller transfers ownership and possession of the property to the buyer. The contract is now deemed to be fully executed.
What does executing an agreement mean?
The executed agreement creates a contractual relationship between two or more parties and each must now fulfill the legal obligations they agreed upon in the written agreement. Others may use the term “executed contract” to refer to one that has not only been signed, but has also been completed.
Are executory contracts enforceable?
Most courts use the definition created by the late Professor Vern Countryman of Harvard Law School, which defines an executory contract as an agreement, including leases, where performance is remaining on all parties to the agreement—and can be enforced by a court.
What is the characteristic of an executory contract?
An executory contract states that the desired result hasn't either been fully performed or paid at the time when both parties sign. In other words, both parties still have actions to complete at the time it is signed.
Can a deed be amended after execution?
If the need to correct or amend an original deed is discovered after it has been executed but before any application for registration has been made, the appropriate course is to arrange for the original deed to be altered so as to give effect to the parties' true intentions before an application is made for ...
Is your contract executed or executory How do you know?
An executed contract is one in which the parties have performed their duties under the contract. An executory contract is one in which the parties have not yet performed their obligations under the agreement.
At what point can it be said or presumed that a contract is executory and when it could be said that a contract has being executed?
In a nutshell, an executed contract exists when promises are made and completed immediately, like in the purchase of a television. Conversely, in an executory contract, the promises of the contract are not fully performed immediately.
Examples of executory in a Sentence
Recent Examples on the Web As a test case, Spyglass sued Silver Linings Playbook producer Bruce Cohen and sought a determination that his contract was not executory, meaning that obligations under the deal had been substantially performed. — Eriq Gardner, The Hollywood Reporter, 20 Mar.
Legal Definition of executory
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What is an executory contract?
Executory Contract. An executory contract is a contract made by two parties in which the terms are set to be fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed. The contract is often in place between a debtor or borrower and another party.
What happens when an executory contract goes bankrupt?
When an individual who is party to an executory contract files bankruptcy, he is not automatically relieved from his performance under the terms of the contract. His options include (1) confirming in writing that he intends to continue to fulfill the terms of the contract, or (2) rejecting the contract within the bankruptcy. As an example, if Jim wants to keep his leased car, he can reaffirm the lease, keep the car, and continue making the lease payments as agreed. If he wants to be relieved of the burden of lease payments, Jim can return the car to the dealership and put the contract into the bankruptcy.
What to do if you are named as executor of an estate?
If you have been named as an executor of a person's estate and plan to sell property of the estate, you should speak with a qualified real estate attorney. A real estate attorney will draft the executor's deed in conformance with state law, assist you in properly executing it, and will have it recorded in the county property records.
Who executes a deed of property?
The signature of the executor . If the property is being conveyed to a third party, it's advisable for the heirs of the decedent to execute the deed in conjunction with the executor. This will prevent future challenges to the conveyance by the heirs.
What information is required in an executor's deed?
Although state law governs the information which must be contained in an executor's deed, the following information is generally required: The name of the executor; A recital that the executor is conveying the property in his capacity as executor; The name of the decedent (the person who died and left the will); ...
What is the name of the decedent?
The name of the decedent (the person who died and left the will); A recital that the deed is being executed pursuant to the terms of the will; A recital that the will has been offered for probate; The legal description of the property being conveyed; and. The signature of the executor. If the property is being conveyed to a third party, ...
Where do you record an executor's deed?
An executor's deed should be recorded in the real estate records of the county in which the property being conveyed is located .
Can a decedent's heirs sell their property without the consent of the executor?
This means that the dece dent's heirs cannot sell the property without the consent of the executor because they have no legal interest in it. Until such time as the executor transfers title to the property to the heirs, they have no authority to sell it.
Is an executor's deed the same as an administrator's deed?
Although an executor's deed and an administrator's deed accomplish the same goal – transferring title to the property of the decedent – they are not the same. An administrator's deed is used to transfer the property of a decedent who died without a will.
What is an executory contract?
Executory contracts include any transaction that defers material action by either party that pertains to ownership or possession of real property into the future. Think of it this way: an executed contract is one that is fully performed at closing. It is done, finished.
What is an equitable title?
The buyer, on the other hand, had only “equitable title”—a fuzzy concept that arises by operation of law and requires filing an expensive lawsuit to enforce. A buyer under financial pressure was therefore more likely to abandon the property, forfeit money paid, and move on.
Why does the Texas legislature continue to reform the law relating to executory contracts?
Why does the Texas legislature continue to reform the law relating to executory contracts? In order to balance the equities. Executory contracts had traditionally given a tremendous advantage to the seller, who technically retained “legal title” to the property. The buyer, on the other hand, had only “equitable title”—a fuzzy concept that arises by operation of law and requires filing an expensive lawsuit to enforce. A buyer under financial pressure was therefore more likely to abandon the property, forfeit money paid, and move on. Unscrupulous sellers and investors used this situation to their advantage, disregarding buyers’ equitable rights and representing to justices of the peace (the authority in eviction cases) that such buyers were ordinary tenants subject to ordinary leases. Evictions were obtained for minor or technical defaults and down payments were confiscated in the process, freeing the seller to move on to the next victim. The legislature rightly acted to stop such abuse.
Why not ignore the executory contract rules?
Why not just ignore the executory contract rules and march merrily forward? The reason is that courts and juries do not favor investors and landlords, who are often perceived as profiteers preying upon the weak and helpless. It does not matter how clever the investor’s legal argument is. If a transaction does not pass the “smell test” a seller-landlord will likely lose. Even if the executory contract rules are found not to apply, the court can look to the laundry list of offenses under the DTPA, which prohibits “any unconscionable action or course of action by any person”—a very large hammer a jury can use against investors they do not like.
What is vendor lien?
The vendor’s lien is for the amount of the unpaid contract price, less any lawful deductions, and may be enforced by foreclosure sale under Section 5.066 or by judicial foreclosure. A general warranty is implied unless otherwise limited by the recorded executory contract.”.
What did unscrupulous sellers and investors use this situation to their advantage?
Unscrupulous sellers and investors used this situation to their advantage, disregarding buyers’ equitable rights and representing to justices of the peace (the authority in eviction cases) that such buyers were ordinary tenants subject to ordinary leases.
Is a recorded executory contract the same as a deed?
In 2017, Section 5.079 (a) was amended to provide that a “recorded executory contract shall be the same as a deed with a vendor’s lien.
How to transfer a car title to a deceased person?
If the vehicle is part of a probated estate, follow these steps to transfer the car title of a deceased person: 1. Contact Probate Court and attorney. A car title cannot be transferred until the proba te is completed, so the executor or administrator of the deceased should contact Probate Court or an attorney as soon as possible to receive further ...
What is probate in a will?
Probate is a legal process that involves administering the estate of the individual who has passed away. It typically happens when there is no living spouse or beneficiary listed on the will. A probate proves that the last will and testament is legitimate, checking out the deceased person’s assets and property.
How to transfer a car title?
While the documents needed does vary slightly from one state to the next, you need to have all of the following in order to transfer the title in most states: 1 Order from Probate Court to transfer the vehicle 2 Certificate of the title 3 Odometer disclosure statement 4 Death certificate 5 Transfer fee
Can you transfer a car title without probate?
The process of transferring the title of a vehicle without probate varies depending on what state you live in. Most states require the deceased individual’s property not to exceed a certain amount and it to be a certain amount of time since the person has passed away before the transfer of the title can be initiated.
Can a beneficiary get possession of a car if there is no probate?
If there is no probate on the deceased person’s belongings, the beneficiary can use an affidavit in order to obtain possession of the vehicle. In most states, you can find the Affidavit for Transfer of Personal Property form online. Keep in mind, using an Affidavit for Transfer of Personal Property is not the same thing as transferring the title ...
Can you sell a car of a deceased person?
How To Sell The Car of a Deceased Person. If you have already transferred the title, you can sell the vehicle of the deceased person much like you would sell any used car. However, if the beneficiary or executor is certain they want to sell the car after the person has passed, they do not necessarily need to get the title transferred prior ...
Can a deceased person transfer a vehicle without probate?
This does not mean that the vehicle is gifted to that person, however. If there is no probate on the deceased person’s belongings, ...