Lawsuit
Result of a lawsuit for the collection of the rest of a debt owed
What is Deficiency Judgement?
Intangible rights, right of way, easements licenses
What is Incorporeal?
Permits lender to demand the loan balance to be immediately due when borrower defaults, such as missing a payment.
What is Acceleration Clause?
This regulates real estate closings, 1-4 family dwellings, seller financed not covered nor are cash purchases. Prohibits unearned kickbacks.
What is Real Estate Settlement Procedures Act (RESPA)?
Grandfather clause. Right to continue using the property after zoning laws have been enacted or changed.
What is Non-conforming use?
A notice of a pending lawsuit
What is Lis Pendens?
A doctrine that says if you exercise a right within a reasonable time you could lose your right to act at a later time. Basis for statue of limitations
What is Lachens?
Requires loan to be paid in full when real estate is sold. Prevents loan assumptions.
What is Alienation Clause (due on sale clause)
Closing documents and loan estimate requirements additional focus/scrutiny on ability to repay loans.
What is CFPB (Consumer Financial Protection Bureau, Dodd-Frank Act)?
Government law that regulates lot sizes
What is zoning ordinances?
Antitrust laws, prohibits monopolies and contracts combinations and conspiracies that unreasonably restrain trade. Price fixing.
What is Sherman & Clayton?
An individuals ownership rights are subject to certain right of government: police power, eminent domain, escheat and _____
What is taxation?
Cancels the lenders rights when loan has been paid in full
What is Defeasance Clause?
American legislation that gives disabled people accommodations equal employment rights.
What is ADA?
Clause requiring the return of the trust deed to the trustor.
What is Reconveyance Clause?
This is an innocent landowner defense legislation.
What is SARA?
Redemption rights, to recover ownership of property after foreclosure sale.
What is Statutory Redemption?
Extends the period of time that a seller agrees to pay commission
What is Protection Clause?
This IRS code governs tax-deferred exchanges
What is IRS code 1031?
follows the granting clause and it starts with "To have and to hold"
What is Habendum Clause?
legislation that helps revitalize defunct areas of contamination.
What is Brownfields?
full bundle of rights. Limited by powers of government
What is fee simple?
Pledges more than one parcel of real estate to secure a note.
What is Release Clause (blanket)?
one who owns a life estate (rights until owner dies) and cannot will the property.
What is Life Tenant?
An agreement of the parties is demonstrated by their conduct.
What is Implied?