Term
| True or False: An agreement of Sales must be oral. |
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Definition
| False; (must satisfy the statue of frauds) must be written to be enforceable |
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Term
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Definition
| written contract in which one party agrees to sell and one agrees to buy certain real property under terms and conditions set forth in agreement |
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Term
| Who is the agreement of sales handled by? |
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Definition
| The sellers agents (through a multiple listing agent) written in the best interest of the seller not buyer |
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Term
| Who helps the buyer in an agreement of sale? |
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Definition
| the subagent under the sellers agent |
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Term
| True or False: An attorney must be obtained after offer. |
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Definition
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Term
| 6 Requirements for Agreement of Sales |
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Definition
Competent Parties (capacity)
Offer and Acceptance (agreement)
Adequate property description (can be informal)
Consideration (each party must give something)
Lawful Purpose
Written and Signed |
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Term
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Definition
| agreement that may accompany an earnest money deposit (aka good faith deposit or down money)[money given with offer (skeleton K)] holds deal together for purchase of real property as evidence of purchasers good intent and faith to complete K |
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Term
| Who is the binder in the best interest of? |
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Definition
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Term
| What does the binder contain? |
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Definition
Names
Purchase price
Property
Down Payments
Brokers Commission
Intent to meet again |
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Term
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Definition
| Pros: holds deal Cons: doesnt hold all terms |
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Term
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Definition
Buyer acquires a right to buy property w.in a specified time frame if he chooses to exercise that right
if buyer chooses to exercise that right seller must sell |
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Term
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Definition
| seller gives someone the opportunity to make an offer if someone else does or if the seller decides to sell |
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Term
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Definition
Agreement of Sales
Binder
Option to Purchase
Lease with an option of purchase
Right of First Refusal (First Option to Purchase) |
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Term
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Definition
| K for sale of real estate where purchase price is paid in periodic installments by purchaser who is in possession of property even though title is retained by the seller until some future date |
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Term
| In an installment act can the seller take back the mortgage if the buyer does not come up with full purchase price? |
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Definition
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Term
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Definition
| exchange real property for real property |
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Term
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Definition
| Right or privilege to use land of another for a specific purpose expressed in deed or separate K |
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Term
| True or False: the need of an easement must be when youre using the land for direct use of land not ownership |
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Definition
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Term
| True or False: Easements are never a burden on property |
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Definition
| False they are a burden on property aka encumbrance whether granted or reserved |
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Term
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Definition
| allowed by law b.c necessary for the full enjoyment of real estate; only lasts as long as necessity exists |
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Term
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Definition
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Term
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Definition
| easement exists on that parcel |
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Term
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Definition
| continuous, open, hostel use |
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Term
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Definition
| created for personal use of easement owner, no dominant estate, individual benefits from easement |
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Term
| Terminations of Easements |
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Definition
no longer a need for easement
merging of properties
party that has easement can release it
abandonment |
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Term
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Definition
| method for transferring titles |
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Term
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Definition
| your right to own vs someone else right to own one piece of property |
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Term
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Definition
| statute of limitations of which an action can be brought by consuming the possession of real property |
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Term
| What is the required time frame of bringing action in PA when pertaining to adverse possession? |
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Definition
| 21 years (becomes legal title) |
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Term
| 5 Requirements of Adverse Possession |
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Definition
possession must be actual
continuous (tacking allowed)
visible and notorious (openly use land)
distinct and exclusive
hostile (adverse to owners desire) |
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Term
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Definition
| possession no title (weakest form) can turn into a good title |
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Term
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Definition
| possession and possessor have incorrect belief that they have title |
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Term
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Definition
| one has possession and has good title unless rights are given away by the way of a lease |
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Term
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Definition
| title to real property but may not have right to possess (best title) |
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Term
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Definition
marketable title
insurable title
equitable title |
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Term
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Definition
| title that does not expose the holder to possible litigation without clouds |
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Term
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Definition
| a title, that a title insurable company will insure at regular rates |
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Term
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Definition
| not legal title, title holder holds title that a court of equity would recognize if litigated |
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Term
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Definition
| It is a written legal document by which ownership of property is conveyed from one party to another |
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Term
| True or False: The statute of frauds does not require a deed to be written |
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Definition
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Term
| True or False: A deed must be a formal description |
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Definition
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Term
| 5 requirements for valid deed |
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Definition
1.)identify parties (grantor and grantee)
2.)consideration
3.)words of conveyance (grantor states making a grant of the real property to guarantee, identify quality of estate (ex fee simple), or identify how many people in property (ex j/t t/c))
4.)legal description (metes and bounds)
5.)signature |
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Term
| True or False: Grantor must be of legal age and sound mind |
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Definition
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Term
| True or False: You never see the grantors marital status on the deed |
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Definition
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Term
| True or False: to transfer by way of title deed must be signed sealed and delivered |
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Definition
| true but doesnt have to be sealed ;) |
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Term
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Definition
| contained in deed, determines the quality of deed |
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Term
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Definition
| seller warrants that he is the owner of the property |
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Term
| Quiet Enjoyment in Warranties |
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Definition
| guarantees ownership rights will not be distributed |
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Term
| Encumbrances in Warranties |
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Definition
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Term
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Definition
| grantor will obtain document in future to protect grantees rights |
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Term
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Definition
| grantor will pay to defend title received by grantee |
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Term
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Definition
| best you can get, contains all 5 covenants provides grantee the greatest possible protection the grantor can give |
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Term
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Definition
| least protection for grantee, grantors giving up right interest or possession he may have in property |
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Term
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Definition
| warrants against encumbrances while grantor owned property |
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Term
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Definition
| the grantor is implying ownership but there are no other "covenants" |
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Term
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Definition
| turned over to sheriff then sheriff hands deed over to grantee |
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Term
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Definition
| just correcting a mistake made in deed |
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Term
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Definition
| property transferred by way of will |
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Term
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Definition
| deed restrictions/acquirements |
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Term
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Definition
| requirement that grantee has to do something |
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Term
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Definition
| grantee cannot do something on property |
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Term
| Shelley v Kramer (restrictive covenants) |
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Definition
| SC made decision not to judicially enforce racial restrictive covenants; did not determine that racially restrictive covenants were unconstitutional |
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Term
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Definition
| applies to private acts of racially discriminating cases (licensee cannot discriminate) |
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Term
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Definition
| title of property transfered at death |
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Term
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Definition
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Term
| Appointed to carry out will (male) |
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Definition
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Term
| Appointed to carry out will (female) |
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Definition
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Term
| Appointed to carry out will by court (male) |
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Definition
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Term
| Appointed to carry out will by court (female) |
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Definition
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Term
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Definition
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Term
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Definition
| passed w/o will or valid will |
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Term
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Definition
| written, dated, signed, witness |
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Term
| How many witnesses are needed in PA during signing of a will? |
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Definition
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Term
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Definition
| entirely handwritten (date, signed, no witness) |
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Term
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Definition
| only passes personal property |
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Term
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Definition
revoke
codocil (amendment) |
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Term
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Definition
| govnt gives land to land patent, public property given to private entity |
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Term
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Definition
private owner gives land to public (ex development)
voluntary, no compensation |
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Term
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Definition
| placing documents (mortgage, leins, deeds, long term lease) on the existence of said documents |
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Term
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Definition
| expressed or direct notice |
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Term
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Definition
| knowledge a person could have obtained if they look for it |
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Term
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Definition
| examination of an owners title to real estate |
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Term
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Definition
| record of who owned the property |
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Term
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Definition
| summary of recorded document (atty opinion, interest in it and who owns it, and certificate of title) |
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Term
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Definition
| assuring quality of title |
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Term
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Definition
| 3rd party is handed the title and holds it until some event happens |
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Term
| Truth and Lending Document |
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Definition
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Term
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Definition
| uses property as collateral |
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Term
| 2 documents used in mortgage |
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Definition
mortgage
note(personal promise to repay debt) |
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Term
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Definition
mortgage
bond(promise to pay with interest)
warrant(authorizes atty to appear and confess judgement against you if you default) |
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Term
| Alienation Clause aka Due On Sale |
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Definition
| requires full payment of the balance of a mortgage at the lender's discretion if the property is sold or the title to the property changes to another person (protects lender) |
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Term
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Definition
| allows lender to demand immediate payment of the loan if the borrower defaults |
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Term
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Definition
| monthly payments remains the same what changes is what goes to Principle and Insurance interest rate is the same (amortized) |
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Term
| Adjustable Rate Mortgage (ARM) |
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Definition
| interest rate can adjust at some periodic intervals |
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Term
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Definition
| one payment is the largest than previous payments (usually the final payment) |
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Term
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Definition
| Interest rate and maturity are fixed but the monthly payments increase |
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Term
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Definition
| secured by 2 or more properties |
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