Term
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Definition
Covenant of Seisin,Right to Convey, Against Encumbrances, of Warranty, of Quiet Enjoyment, for Further Assurances |
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Term
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Definition
| Letter of Credit, Comfort Letter, Hypothecation Agreement, Put, Bonds, Guaranties |
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Term
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Definition
| Income, Assets, Liabilities, History of Repayment |
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Term
| Stages of Real Property Purchase |
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Definition
| Contract of Sale, Due Diligence, Finance, Closing, Recordation, Warranties and Continuing Obligations |
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Term
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Definition
| You can only convey the interest you have |
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Term
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Definition
| Exclusive Right to Sell,Exclusive Agency, Open, Net |
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Term
| When is Commission earned? |
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Definition
General rule: Upon contract signing;
Minority rule: Upon contract signing and closing |
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Term
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Definition
| Common law rule: If Buyer is entitled to specific performance then he has become the equitable owner and therefore bears the risk of loss |
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Term
| When does the risk of loss shift from seller to buyer? |
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Definition
Possible moments of shift: contract signing, closing, actual closing (transfer of title), possession;
All still require equitable ownership |
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Term
| What does the statute of frauds require? |
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Definition
| Names of Parties, Price or method of determining price, Description of Property, Signature of Party to be bound |
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Term
| Contract Conditions to Consider in Commercial Contracts? |
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Definition
| Environmental, Utlities, Zoning/Parking/Signage, Financing, Leasing/Market, Title/Survey |
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Term
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Definition
| Record, Insurable, Marketable |
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Term
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Definition
| Specific Performance, Benefit of Bargain, Rescind and Recover/Return, Vendor/Vendee Lien |
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Term
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Definition
Promises-Who is doing what?
Habendum- "To have and to Hold", Describes property and interest
Execution Clause- Only grantor must sign, but by accepting grantee accepts everything in deed
Acknowledgement- Notary attachment to Execution |
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Term
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Definition
| Grantor's Intent,Physical transfer into grantee's control, grantee's acceptance |
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Term
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Definition
| Physical transfer, Deed has been acknowledged, Deed has been recorded |
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Term
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Definition
| Must clearly define property to the exclusion of all others. Possible description methods- Cite a location, reference a document, boundary limits, area |
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Term
| Types of Deed Descriptions |
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Definition
Metes and bounds, Gov't Survey, Recorded Plat
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Term
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Definition
| Causalty/Condemnation, Assignability, Closing Date, Apportionments (fees?), Possession, Remedies, Representations & Warranties, Due Diligence, Indemnifications |
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Term
| Seller's Duty to Disclose |
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Definition
| 1. Vendor is aware 2. Substantially affects value 3. Purchaser is unaware 4. Could not be discovered by reasonable diligence |
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Term
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Definition
| General Warranty, Special Warranty, Quitclaim |
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Term
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Definition
| Guarantees good deed from all grantors |
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Term
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Definition
| Guarantees deed only during seller's possession |
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Term
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Definition
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Term
| Present Covenants that are breached at time of delivery (Statute of limitations begins to run at same time) |
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Definition
Seisin, Right to Convey, No Encumbrances |
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Term
| Future Convenants that are breached at time of eviction |
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Definition
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Term
| When do future covenants run with the land |
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Definition
| When there is privity of estate |
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Term
| Who is a Bona Fide Purchasor? |
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Definition
| A good faith purchaser for valuable consideration. Good faith is the absence of notice. |
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Term
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Definition
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Term
| Potential "responsible parties" under CERCLA |
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Definition
| 1. Owner or Operator of a Facility 2. Any Person who owned or operated facility when there was a disposal 3. Anyperson who arranged for disposal or treatment of disposal 4. Any person who accepts hazardous material for transport |
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Term
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Definition
| 1. Act of God 2. Act of War 3. Act of third party not in a contractual relationship 5. SARA amendment - A buyer who did not know and had no reason to know who made a reasonable inquiry consistent with good commercial or customary practice |
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Term
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Definition
| Title theory gives lender immediate possession of property upon default. Lien requires foreclosure |
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Term
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Definition
| 1. Loan-to-Value Ratio 2. Duration of the loan 3. Interest Rate 4. Amortization Rate 5. Payment Schedule |
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Term
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Definition
| Right of borrower to redeem property after default |
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Term
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Definition
| Mortgaged asset secures any monies loaned |
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Term
| After-acquired property clause |
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Definition
| property acquired later used as security for previous loan |
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Term
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Definition
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Term
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Definition
| 1. Agreement to Lend Money 2. Excessive Interest 3. Absolute Obligation to Repay 4. Intention to Violate Usury Laws,(Intention to collect as agreed) Exemptions: Borrower is a corporation, Installment sales contracts cannot be reviewed |
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Term
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Definition
| Legal Right- Any time before default; Equitable Right- time between default and foreclosure; Statutory Right- Statutory time after foreclosure |
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Term
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Definition
| Registration (File and receive approval of state entity); Tenants rights in Conversion (Give tenants right to convert); Recordation (Record Condominium Declaration) |
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Term
| Tenant Estoppel Certificate |
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Definition
Snapshot of how matters stand as of date of making
Assures that Borrower has divulged all relevant information to Lender
Prevents maker from later claiming that the facts were otherwise than as represented in the certificate
Useful for many parties in many real estate transactions – keeps tenant honest |
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