REL FINAL

Start Studying!

Terms

undefined, object

copy deck

purchase money mortgage: a security interest given to a lender who financed the purchase of the property that is the collateral
5: buyer will make application within this amount of days unless otherwise stated
abstract of title: a concise statement of the substance of documents or facts appearing on the public records that affect the title. Attorneys are hired to trace the chain and then issue an opinion on chain.
further assurances: you will do whatever it takes to clear title
livery of seisen: english ceremony for the passage of title
general warranty: generally gaurantees that you have marketable title
title insurance: protects you from defects of title
gives: mortgagor _________ security interest
acceptance: if transfer of property is beneficial to the grantee or if grantee has possession of the deed, it is presumed.
personal obligation: the note is
receives: mortgagee _________ security interest
owners policy: insures buyers that the title to the real estate is free from all defects, liens and encumbrances except those which are listed as exceptions in the policy or are excluded from the policy's coverage
quitclaim deed: has no warranties or gaurantees. a deed of no properties. if grantor doesnt really own anything, the grantee doesnt get anything.
balloon mortgage: payment of a large lump sum at the end of the mortgage period
present: closing after november, taxes subsequent to _________- year
note: personal obligation to pay debt. are negotiable, executed and recorded similar to deed
priority: first mortgage takes __________
judicial supervision: required parties include mortgagor, tenants, other mortgagees and lienors. 10 days to redeem (including interest and costs of foreclosure)
subject to mortgage: mortgage is an encumbrance that remains on the property. does not obligate the buyer to pay off the note. Original mortgagor is the gauranteeor
race/notice: first to record and BFP.
quiet enjoyment: no one has sued you
pure race: first to record is first in right, regardless though other parties may have recieved the same interest previously. Do not have to be a BFP.
surety: assurance that the payment will be made
requirements for valid deed: legal capacity, signature of grantor, grantee names, consideration, words of conveyance, type of interest conveyed, description, acknowledgment, delivery, acceptance
warranty deed: root has to be
marketable title: title free of problems in chain of titile, quality of title, and the sellers right to convey the property
title insurance exclusions: facts, rights, claims not noted in public records but are visible upon inspection, zoning restrictions, violated environmental laws, litigation expense causes, not BFPS, unmarketable title issues, eminent domain rights
true: T/F a quit claim deed is useful to remove encumbrances
recording: process of placing a deed or other document on the public recors to give notice of transactions or interest in the land. includes name of person legibly printed, typed or stamped beneath signature, and post office address printed or typed on document
constructive notice: you were notified by official records. makes you not a BFP.
Not a BFP: if you have any notice of someone else interest
constructive: the type of notice created by recording
special warranty: gaurantees ownership since grantor got title. limits the time of application. only would warrant for the period of time in which grantor specifically owned the property
false: T/F the only purpose to recording is to establish ownership
15 days: default clause of second mortgage
actual notice: someone told you or you have learned about someones interest. makes you not a BFP.
30 days: default clause of first mortgage
deficiency judgment: judgment against the mortgagor or borrower after foreclosure sale, requiring payment of the amount due on the loan that was not obtained through sale of the mortgaged property. Sought by the mortgagee/note holder
personal representative deed: authorized by will to convey title to property, permission granted by probate court
judicial: all mortgages are under _________- supervision in FL
warranty deed: deed that conveys title and states that the title is good, transfer is proper, and there are no liens and encumbrances other than ones noted
marketable record title act chapter 712: a way that we have to clean up old interest in property. to find root of title go back 30 years and determine date when individual took title. makes anything older that the root of title extinguised, unless it has been re-recorded or referred to
due on sale clause: takes effect upon the attempted sale of the property by the mortgager to a buyer who will take over mortgage requirements
recorded: any interest in real property is what is....
deed: instrument to convey title to real property
security obligation: the actual mortgage is
tract index system: gives each piece of property a number, and each transaction for that property is listed under that number. Used by title companies, but not the official index system.
FALSE: T/F many mortagages today are assumable
insurance clauses: cover failure of title to the property, defects in title (liens, lack of right of access, unmarketabe title, encroachments
deed in lieu of foreclosure: process of borrower/property owner/mortgagor surrendering title to property to prevent lender's foreclosure. If you want the property back you must do title sarch and look for encumbrances
lender's policy: lender always requires that you have policy
variance on names: is ok if on record 10 years e.g. name vs. initial
title binder insurance commitment: used instead of an abstract--basically says title company will insure you
lien theory: Florida uses this theory
bonafide purchaser: good faith purchaser. has valuable consideration without notice
equity of redemption: if you come up with the entire amount + interest to date you can keep your house
escrow: delivery to a third person to be delivered upon the happening of an event
acceleration clause: upon default, the entire amount is due
notice of florida: race/notice state
types of encumbrances: easements, mortgages, liens, defects to title, building restrictions, fences, mineral rights
title theory: puts title in the mortgagee and posession in the mortgagor
how you default: dont pay mortgage, did not keep up with homeowners association dues, not paying taxes or insurance
notice statute: the last BFP to record, keeps the land interest.
second mortgages: home equity loans are...
satisfaction of mortgage: mortgage has been paid off. mortgagor must give notice or else it is a criminal offense.
grantor/grantee index system: all transactions are recorded under the name of both the grantor and the grantee to permit title to be traced according to the transfers among parties
prevail: typewritten or handwritten provisions _____ over preprinted form
5: title insurance commitment must be submitted ____ days before closing unless otherwise states
outside chain of title: documents not recorded, adverse possession
assumption: process whereby a buyer of real property agrees to assume responsibility for payments on an exisitng mortgage on the property
2 days: time for acceptance of any counteroffers to a contract from the date delivered
lien theory: gives the mortgagor title to the property and the mortgagee a lien on the property as security for repayment. FLORIDA uses this theory
anything outside of chain of title: is not covered by chain of title
promissory note: the actual contractual arrangement between the parties for the loan of funds
at delivery: when are encumbrances breaches?
workout: in commercial real estate loans, the process of adjusting loan repayment because of borrowers financial difficulties
mortgage substitutes: installment land contract, deed with oral agreement to reconvey, conditional sale, deed of trust. a mortgage is a mortgage is a mortgage
ARMS: a type of mortgage with a rate that changes according to some interest-rate index. cap on max amount interest rate and how much intrest can be adjusted over time
constructive delivery: placing a deed in a location only the grantee has access to
false: T/F In a race jurisdiction, the person claiming ownership must be a BFP
need for conveyance: writing, name of grantor, status, consideration, interest conveyed, property appraisers i.d., signed by person creating interest, two witnesses
delivery: relinquishing all control of the deed to the grantee and have intent to do so. no stipulations. after person is dead, NOT. NO CONDITIONS.
lis pendens: pending legal action on the property
seisin: grantor is in possession of property
actual delivery: grantor places deed irrevocably in the hands of third party
previous: closing january-october, taxes subsequent to dec 31 of ___________ year
false: T/F the covenant against encumbrances is breached when the owner of the land is sued
judicial order: issues to parties who have purchased properties at foreclosure sales
security: mortgages act as
wrap around mortgage: A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor.
voluntary: a mortgage is this type of lien
parts of obligation: deed and note
30: days that buyer has to acquire a loan if not otherwise stated

Start Studying!

Deck Info

Number of cards 93