Mortgages
In this theory state, the mortgagor holds title to the property when a mortgage is taken out
lien
a type of recording act that might end with the phrase '... without notice unless it is recorded.'
notice
these types of mortgages get paid off immediately after the mortgage being foreclosed upon
junior
intent
On closing date this occurs in relation to the contract and the deed
merger
the language you will see in a mortgage transfer when the transferee also becomes personally liable on the mortgage
assume
a type of notice other than actual and record
term used to describe the defaulting debtor's right to get the property back
redemption
after signing and before closing, the risk of loss is on this party
buyer
this kind of title passes to the buyer immediately upon signing the real estate contract
equitable
when is delivery presumed?
(1) if deeed is given to grantee
(2) if deed is recorded
Damages for Breach of K of sale of land (for buyer and seller)
Buyers: recission, damages, specific performance
Sellers: (damages, liquidated damages, specific performance)
these types of mortgages remain on the property after a foreclosure sale
senior
the seller must give marketable title on this date
closing
this kind of deed does not come with any warranties
quitclaim'
Covenants in a Warranty Deed
(3 present)(3 future)
present:
right to convey, covenant of seisin (grantor promises grantee has title and possession), no encumbrances
Future:
future assurances, quiet enjoyment, warranty (will defend grantee if there is a 3rd party claim
define race, notice, race notice
race: RARE protects subsequent purchasers who are 1st to record
notice: protects subsequent BFPs for value who take w/out notice of earlier transactions
race-notice: protects subsequent BFPs for value who take w/out notice and are 1st to record
DEVA - unmarketable title
D- defect in chain of title
E- encumbrance not mentioned in K
V- violation of zoning laws
A- adverse possession
a present covenant other than the right to convey and covenant against encumbrances
seisin
this rule protects subsequent grantees that do not meet the requirements of the recording act but take from someone who does
Forfeiture clause
If debtor misses a payment the seller can cancel the contract and keep the $ and get land back (enforceable)
DAILY DOUBLE:
What is Jennifer Lopez's zodiac sign
leo
Brokers: define exclusive agency agreement vs. exclusive right to sell agreement:
agency agreement = broker only gets paid if he sells
exclusive right to sell= broker gets paid no matter what (even if seller finds the buyer on their own)
contract of sales must satisfy the SoF which means
must be writing and signed, include essential terms (id parties, description of land and price)
Exception to SoF in Contract of Sales
2 requirements: (1) K esists and all conditions precedent have been fulfilled AND (2) actions of parties clearly show there's a K bc claimant does 2 of the following: (i) takes possession (ii) makes full payment of purchase price or substantial portion (iii)improves property in significant way