Real estate notes Flashcards

Real estate notes Flashcards Valid Deed1. legally compitant18 years oldMarriedDivorcedMember of the armed forcesEmancipated2. DEED must also have legal description of the property .a.metes and bounds descriptionb.Refrence to a record document - lot and block or a condominium declarationc. government survey system3. Deed has to have considerationa. moneyb. love an affection4. intent to convey5. Name grantee - Grantee has to be identifiable ( can be your Pet)6. Signed by grantor and delivered to granteea. signed by grantordelivered and accepted by the grantee Chapter 4Rules and regulationsfederal constitution Fed. statuesstate constitutionsstate statutesRules and regulations ,court cases,common law Leasea bilateral contract between an owner ( lessor or landlord and a lease ( tenant), which gives the tenant the rightTenancy is defined as the interest of a person holding property by any right or tittleland lord reversionary right - at one point he's getting property back Index leaseescalation clause tied to consumer price Index (CPI) Estates of ownershipFreehold EstatesEstate in fee- highest quality andLife Estate-Ordinary Life Estateslife tenant A---->B----->CRemainder PersonReversionary Intrest A<----> BPur Autie Vie life EstatesA--->B for (C's life ) C passes -----> goes to DReserving a Life EstateA---> Transfer to developer Equitable tittle , legal tittle ) when we pass developer gets possessionTransfer ( possesion, equitable tittle ( right to sell the property ) Legal TittleFee simple Absolute - highest quality of those rightsFee simple Qualified- Defeasible fee ( something that is Conditional SALE OWNERSHIP - Ownership in severaltyINdividualSingle man / womanunmaried man / unmarried womanMarriad man / married womanWidow/ widowercorporationgovernmentsLLC or LLP corproe taxationC- corporation - profits taxed at the corporated, level.hence doubleS. corporation - profits taxed once at the shareholder level Riparian Rights - Water rightsThe right to use the water flowing in a river adjoining the property Statue of limitationanyone seeking relief for a breach of contract must do so within the guidelines of the statue of limitations filing suite within allowed time prevents this right from expiringThis set of laws determines that civil actions start only within the time periods prescribed by law. An action is a legal

proceeding laws of desent and distributionadministrator or administratixReal property is conveyed by desentpersonal property is conveyed by distribution

Grant deed2 convantns :1. Grantor has not already conveyed tittle2.

Estate is free from encumbrances, other than the disclosed

by the grantor

Chain of tittle succession of conveyances , included in abstract of tittle Patentgrant deeddivorcequick claim deed - release all interest to former wife Avigation Easementsairspace over land that surrounds the airport Chapter 5thing you can transferposessionequitable tittle ( right to sell a property )Legal tittle Land patentOriginal transfer of tittle to land from the state to an individual Real PropertyUse a deed Tittle insurancenegotiate in contractsection 9in RESPA prohibits a seller from requiring the home buyer to use a particular title insurance company either directly or indirectly as a condition of sale.Types of agency relationshipssingle agency - represent seller or buyer in a transactionDual agency - represent both seller and buyer have to have informed consent both buyers and seller understand that one person represents both of themBuyer agency - broker represent a buyer through a written agreementDesignated broker - when broker appoints agents to work with either the buyer or the seller.Transactional Broker- facilitator of transaction or non agent Rectangulaery surevey1/4* 1/4(.25).(25)640 =N1/2 SE 1/4 SN 1/4(.5)

X(2.5)(2.5)640

sublease ( sandwich lease )lessor Licenses Easementuse property for specific period of time percentage lease ( in shopping mall )base rent plus percentage of gross sales over a given base amount Types of concurrent OwnershipTenancy in common - two or more people who purchased property kin most statesJoint tenancy- co ownership for two or more persons with right of survivorshipRIGHT OF SURVIVORSHIP - giving surviving joint tenant all rights without the need for propbate proceedingsTitle passes immediately upon death.Joint tenancy can only happen if you have the 4 unity of tittle, time,interest( equally divided between tenants ) - T- T I PTenant in common - become when you only have 2 out of the 4 unities of joint tenancyCommunity property - married couples in the state sTenancy by the entirety - FIRPTAsays if have foreign seller there has to be wealth held for the IRS Lease assignmentLessor assigned lease becomes liable Stigmatized property - a property that has been psychologically impacted -regulation z - hard number have to provide full disclosure A property that has been psychologically impacted . Seller needs to disclose murder on the property. can't disclose AIDs death in propertyadvertise hard number has to provide full disclosure and APRfull disclosure gives you a number - requiresenforce by the federal trade commission