Legal Documents Crossword Clue
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What is a legal document? Legal documents crossword clue are used in the legal system to enforce contracts, protect property rights, regulate business, and provide guidelines for government policy.
Legal documents have different purposes and are categorized into different types.
Let’s have a look at the basic types of legal documents:
Wills
A will is a legal document that you use to name someone to receive your estate. It can be a written document or an oral statement.
Wills are usually written by someone who is terminally ill or very old.
They are also written to name a guardian for children who are minors.
A will can be used to write down any information about you, including your wishes about how you want your assets distributed among your family members and your estate plan.
Living Trusts
Living trusts are an alternative to wills used when you have minor children.
The trust is a separate entity, and it is legally created to hold the assets.
The trust allows you to create a system for distributing your assets.
You can write how you want your assets distributed to your children in the trust.
This is also called a “beneficiary designation.”
Trusts can also name a trustee (who is responsible for managing your trust) and a personal representative (a person who handles the affairs of your estate).
Deeds
Deeds are legal instruments that transfer the title of real property from one person to another.
Deeds are generally used to transfer the title of land and real property.
If you buy a house, you need to sign a deed.
Land deeds are usually signed by the seller, buyer, and public notary.
This way, the seller has transferred the property title, and the buyer becomes the new owner.
Title insurance
Title insurance is a legal document that ensures you have a clear title to your property.
If you have bought a home and the previous owner is missing, you must pay a premium for a title insurance policy.
This insurance protects you against financial loss caused by problems with the title.
It also helps you to determine whether the title is valid or if there are any liens or encumbrances on the property.
Land contracts
Land contracts are a kind of legal agreement that you make with a developer or builder.
A land contract is a way for you to sell your land without owning it.
It is a legal document that you use to sell your land to a builder.
The seller signs a land contract, and the buyer signs a contract to purchase.
The seller and buyer then enter into a binding contract, and the seller transfers the property title to the buyer.
Contract for deed
A contract for deed is a legal agreement between two parties that sells the property.
It is an alternative to a traditional land sale.
A contract for deed is an agreement between a seller and a buyer.
