Tag: property

Party Walls

In England a long time ago someone important decided that the buildings should be made of brick and mortar instead of wood. In order to support the increased weight of the upper floors, wider walls were needed. To avoid significant loss of square footage on the lower lever because of thicker walls, “party walls” shared by neighbors were erected. Each neighbor had a duty to maintain the wall and to refrain from damaging the integrity of the “party wall.”

New England’s adoption of the “party walls” approach to fences and other such developments between property owners was the inspiration for Robert Frost’s poem, “Mending Wall,” which ends with, “Good fences make good neighbors.” (link)

Applying for a Mortgage

Interesting tidbit from Property Law, which may be obvious to home-owners. (I don’t own a home.)

Often we hear people say they have a mortgage, or they’re going to get a mortgage. But, they actually give a mortgage as collateral to get a loan.

Definition:

A charging of real property by a debtor to a creditor as a security for a debt (esp. one incurred by the purchase of property), on the condition that it shall be returned on payment of the debt within a certain period.

I just saw in the news that mortgage applications have fallen for the fifth week in a row.

Indentured Deed

Here is an interesting excerpt from my property text book that reminded me of those heart shaped best-friends-forever necklaces that split into two pieces.

In the days before typewriters and carbon paper, and centuries before Xerox, lawyers were faced with the problem of providing duplicate copies of deeds in certain instances when both the grantor and grantee wanted a copy (for example, in case of a mortgage). They found the solution in an indenture. The deed was written out twice on a single sheet of parchment (usually made from sheepskin stretched, scraped, and scoured) and signed at the end of each copy by both grantor and grantee. The parchment was then cut into two pieces in an irregular line, leaving a sawtooth or indented edge. The two halves, forming two separate deeds, one for the grantor and one for the grantee, could be fitted together to show their genuineness.