Term
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Definition
| an agreement authorizing a realtor to be the seller's agent for the purpose of soliciting offers on real estate |
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Term
| Exclusive listing agreement |
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Definition
| a standard form contract realtors request because it gives the realtor the exclusive right to be the selling agent for the land |
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Term
| Two types of real estate contracts |
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Definition
1. cash on closing
2. Installment land contract (Contract for deed) |
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Term
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Definition
| Real estate contract which means that the entire purchase price is paid prior to transfer of possession of the land, and the seller gives the buyer the deed to the land immediately. The purchasing price is usually paid in part by the buyer and in part by a lender providing financing to the buyer |
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Term
| Installment land contract (Contract for deed) |
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Definition
| A real estate contract. The seller finances the purchase and retains the title and deed until consideration is paid in full - often years down the road. Usually payments for 3-5 years |
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Term
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Definition
| is a document which transfers title to land |
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Term
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Definition
| is the person or entity which transfers title by deed |
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Term
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Definition
| is the person who receives a deed and title to the real estate |
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Term
| 3 commonly used types of deeds |
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Definition
1. warranty deed
2. quitclaim deed
3. deed of release |
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Term
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Definition
| a deed under which the grantor guarantees that title is good. Most preferable to the buyer of the property because of the guarantee of title. Almost all property is transfered through this deed. |
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Term
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Definition
| a deed under which the grantor transfers whatever ownership interest the grantor has in the land without any warranty of title. Often used in situations where ownership of the property is unclear, and the grantee is willing to take a risk on problems with the title to the land |
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Term
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Definition
| a deed of mortgagee releasing a mortgage |
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Term
| Death of one of the grantees |
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Definition
1. Tenacy in common
2. Joint tenacy (co-owners share will go to the other co-owner)
3. tenacy by entireties (only available for spouses, is a form of ownership which protects the land from the creditors of only one of the spouses, and includes a right of survivorship, where the surviving spouse will take ownership)
4. Transfer on death provision (the grantor specifies whom the property will go to in the event of the grantee's death) |
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Term
| Transfer on death provision |
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Definition
| This will state where all property will go after death of the grantor. (Also known as a will) |
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Term
| Fee simple absolute (Types of Ownership Interests) |
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Definition
| transfers the entirety of the ownership of the land to another party |
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Term
| Fee simple defeasible (Types of Ownership Interests) |
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Definition
| Transfers the entire ownership interest in the land, but subject to a condition. (if you transfer a tact of land to a charity so long is used for charitable purposes, this is a fee simple defeasible in that once the land is no longer used for charity, the ownership of the land will revert to you or your heirs) |
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Term
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Definition
| is the permanent right to use a portion of anothers land without owning it. (In a subdivision, you can buy the lot but the utility lines for your neighbors can still be on your land) |
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Term
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Definition
| in the context of real estate is a temporary, revocable right to use land. (Concert ticket- You have the right to enter the property. Revocable and temporary) |
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Term
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Definition
| are rights to enter the land of another and remove something of value from it. (Mineral and timber rights) |
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Term
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Definition
| give a lender the right to foreclose on land if an obligation is breached |
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Term
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Definition
| gives the holder the right to exclusive possession of land for a term based upon someone's life span. |
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Term
| Ways to make sure a seller has a good title |
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Definition
1. the seller or buyer could purchase title insurance, in which case an insurance company guarantees good title. ( most common way a buyer protects themselves)
2. by having an abstract of title examined by a lawyer, followed by the lawyer's title opinion. (summary of all transaction which have taken place on the land) |
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Term
| Title theory of mortgages |
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Definition
| when a borrower signed a mortgage over to a lender, the lender received title and possession to the property until a date called Law Day. The borrower had to pay the loan in full before the Law Day, or the lender kept the property. (old) |
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Term
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Definition
| a mortgage gives the lender the right to foreclose and sell the property in the event of a default on the loan, but the borrower retains title and possession of the real estate |
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Term
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Definition
| is the borrower who transfers the mortgage |
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Term
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Definition
| the lender who holds the mortgage |
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Term
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Definition
| is a lien on real estate where the mortgagee personally excersises foreclosure rights |
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Term
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Definition
| is a lien on real estate where a third party, the trustee holds the lien in his or her name and exercises foreclosure rights on behalf of the holder |
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Term
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Definition
| is a mortgage which is used to secure some type of a line of credit. There is no fixed date for payment in full and usually no fixed amount for the payments. |
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Term
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Definition
| refers to a mortgage that is lower in priority and usually later in time than the original mortgage on the property |
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Term
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Definition
| allows the lender to declare that the entire loan balance is due if there is a default in payment on the loan |
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Term
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Definition
| allows the holder of the mortgage to accelerate the balance due if any interest in the land is sold |
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Term
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Definition
| allows the mortgagee to have a private foreclosure sale. |
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Term
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Definition
1. Acceleration
2. the right to hold a private or judicial foreclosure
3.The right to seek a deficiency judgement (court order requiring the borrower to pay the amount still due after a foreclosure sale on real estate) |
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Term
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Definition
| is a court order requiring the borrower to pay the amount still due after a foreclosure sale on real estate (or after a repossession sale on personal property) |
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Term
| Debtors rights in the foreclosure process |
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Definition
1. equity of redemption
2. Statutory redemption |
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Term
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Definition
| gives the mortgagor the right to repurchase the real estate by paying the entire balance due prior to foreclosure |
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Term
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Definition
| allows the mortgagor to repurchase the foreclosed property after the foreclosure sale |
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Term
| Priorities to foreclosure sale proceeds |
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Definition
1. Race statute- provides that the first to record a mortgage or deed with the recorder of deeds has priority to the real estate
2. Notice statute- one who has notice of another's interest prior to receiving an interest in the land, cannot defeat the other's interest.
3. race-notice statute - the first to record after taking an interest in the land without notice of another's interest has top priority to the land |
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