Explore Invoice Notes and Terms Example for Real Estate with airSlate SignNow

Invoice notes and terms example for Real Estate

real estate exam vocabulary to find each word or phrase using as few words as possible Oh our rule suffix implying giving grantor optional vendor ee rule suffix implying receiving grantee option e vendee bundle rights rights that are inherit and property ownership real property runs with the property generally immovable personal property runs the person generally movable chattel Riau personal property fixture incorporated into the land it is considered real property trade fixture business office is considered personal property repairing rights moving body of water example property adjacent to a river littoral rights not moving water example property adjacent to a lake accretion increases the size of the property avulsion sudden tearing way of land example via Dam breaking religion water recedes a new land is acquired appurtenances runs with the land freehold estate unlimited in duration ownership fee simple estate absolute ownership not free from all encumbrances such as taxes fees symbol defeasible has a condition that can cause loss of title life estate ownership based upon the life of another holder of the life estate entitled to property that is held in a life estate estate in reversion held by grand tour of the original conveyance estate and remainder would be a reversion but instead transfer to someone other than the Grand Tour less than field Estate limited duration example leases let's take four years to find the period of time and termination date example a summer rental periodic tenancy from period to period such as month to month or week to week estate at will can end at any time estate at sufferance stays after lease expires lease personal property it is a type of encumbrance percentage lease percentage of gross receipts that lease taxes insurance and maintenance also known as a triple net lease gross lease pays a set fee sandwich lease lessor is also a lessee also known as a sublet subleases lessor is also lessee also known as a sandwich lease tenant improve an allowance agreement from the landlord to compensate the tenant for all or portion of the funds required to construct the commercial space abandonment release a responsibility in or ownership assignment given responsibility and or ownership to another surrender release a responsibility and or ownership constructive eviction landlord either does something or fails to do something that he has a legal duty to provide estoppel statement signed statement by a party certifying for another's benefit that certain facts are correct it defined each party's responsibility in a commercial lease deeds evidence of transfer quick claim deed immediate transfer of ownership warranty deed grantor guarantees that he or she holds clear title and has the right to sell special warranty deed guarantees cleared for the duration of the previous owner general warranty deed guarantees clear title for the life of the property title ownership legal title is the right to sell equitable title the right of possession and the right to gain equity chain of title history of ownership conveyances and encumbrances abstract to title the summary of title cloud on title defect in the title such as a single woman who gets married and changes her name after the ownership is conveyed a quiet title action removes the cloud on title alienation of title voluntary act of an owner disposing of the property alienation of title voluntary act of an owner disposing of the property title insurance ensures against defects entitled to real property severalty sole ownership concurrent estates more than one person owns joint tenancy unity of time title interest and possession and has the right of survivorship tenancy in common unity of possession no right of survivorship encumbrances anything that limits the property easement the right to cross another person's land dominant tenement the property with the right of crossing serbian tenement the property that's being crossed the property that is encumbered and they cannot revoke the easement easement by prescription implied easement granted after the dominant estate has used the property in a hostile continuous and open manner for statutory prescribed number of years a pertinent easement easement that transfers with the transfer title easement in gross no dominant tenement government powers peat police power SG taxes and eminent domain police power regulations implemented from public health safety and general welfare zoning Manor governments controlled development of land and the kinds of uses zoning is a police power building codes set of rules that specify the standards for construction building codes is a police power our three multi-family residential variants granted exception to the rule down zoning commercial to residential non-conforming use use that was allowed under the prior zoning regulations grandfather clause old rule continues to apply to some existing situations when zoning changes but owners are allowed to continue with the non-conforming uses this is a grandfather clause it's cheap goes to the state when somebody dies without a will and without heirs intestate no will test state has a will holographic will entirely handwritten probate process of allocating assets of the deceased 1031 tax deferred exchange like kind 45 days to identify 180 days to close boot cash or other property added to exchange to make the value equal ad valorem ing to value eminent domain government's ability to take private property for public use while requiring just compensation to be paid condemnation process of paying when property is taken under eminent domain inverse condemnation soon the government when the property was taken under eminent domain and just compensation was not paid in coachmen one property crosses the property line to another liens owe money primary strictures and easements are not liens general lien can take all property examples are income tax and judgment liens specific liens can take a specific property examples are mortgages and property tax voluntarily option to have a debt examples or mortgage involuntary lien no option to have a debt example would be taxes mechanic's lien security interests in the titles of property for the benefit of those who have supplied labor or materials that improve the property judgment lien court-ordered debt lease pendants lawsuit pending injunction x' a court order to stop constructive notice a person or entity should have known as a reasonable person would have actual notice a given legally sufficient assurance that actual knowledge of the matter has been conveyed acknowledgement authenticate legal instrument which may give the instrument legal validity escrow neutral third party a debit money owed a credit money receipt short rate penalty method of calculating return premium of an insurance policy in pounds method of collecting debts that take priority over the loan RESPA disclosures of settlement cost and to eliminate abusive practices Real Estate Settlement Procedures Act Tila provide complete disclosure of lending fees and practices truth and Lending Act Fair Housing Act 1968 and prevents discrimination Jones vs. mayor 1968 court case prohibiting discrimination Sherman Antitrust Act promotes free market competition American with Disabilities Act all public property must be accessible to everybody material fact something a reasonable person would recognize the buyers race is never a material fact steering discriminating when working with buyers blockbusting inducing sellers using discrimination panic selling inducing sellers using discrimination panic peddling inducing sellers using discrimination redlining choosing word to provide financing based upon race or ethnicity misrepresentation legal right to resit actual fraud full intention constructive fraud misleading without intention negative fraud lying through a mission commingling mixing money conversion using the client's money puffing its exaggerating caveat emptor buyer beware contract essentials agreement cable parties lawful object and consideration valid contract contains all four sensors of a contract void contract lacks one of the four essentials voidable contract has the option to rescind bilateral contract to promises you'll enter a contract one promise executed contract all the terms of the contracts have been fulfilled execute or contract a contract is yet to be completed statue of frauds states what must be in writing statute of limitation states what are the necessary time durations ratification signing or giving formal consent to agreement make it official to be valid Novation new codicil is an amendment agency accountability confidentiality obedience loyalty and disclosure a cold fiduciary loyalty actual Authority specific powers expressly confirmed by principle ostensible Authority when a reasonable third party would understand that an agent had authority to act dual eejit represents buyer and seller Universal agent broad authority to act on behalf of the principle for an unlimited time general agent for authority to act on behalf of the principal for a limited time special agent limit authority to act on behalf of the principal for a limited time attorney in fact the authorization to act for another through the power of attorney estoppel precludes a person through asserting something contrary to what is implied by a previous action or statement listing employment contract exclusive listing one broker and must have a definite termination date exclusive agency one broker owner sells no Commission will be paid evidence of recurrent cause is needed exclusive authorization and right to sell listing Commission gets paid to the broker of the property sells nope recurring causes need it open listing multiple brokers can be hired evidence of recurring causes needed net listing money received above a designated amount protection period clause also known as a safety clause can earn commission after listing expires contingency clause a conditioner action that must be met for a real estate contract to become binding hold harmless clause both parties agreed not to hold the other party responsible for any loss damage or legal liability in term occupancy agreement used if title and possession cannot be delivered at the same time deposit shows that you are serious about the purchase value what a ready willing enabled by rope a essential elements of value scarcity transferability utility and demand Stud principle of substitution the basis for the market data approach to appraisal the maximum value property usually established by the cost of acquiring an equivalent substitute property that is the same use design and income principal contribution value contributed by a component or part to the total value of the whole principle of regression Valley Goes Down when close to lessor properties principle of progression value goes up when close to more valuable properties plotted the increased value resulting from consolidating assemblage joining several parcels to form a larger parcel appraisal estimate of value narrative appraisal the most comprehensive report market data comparison approach comparing properties of similar size and condition in the same area cost replacement approach how much would it cost to replace it brand new capitalization income approach converts income into value growths multipliers price divided by rent acre 43,560 square feet depreciation loss in value due to any cause physical deterioration wear and tear functional obsolescence poor design economic obsolescence due to causes outside of the property lines interest rent on money leveraged using other people's money amortization spreading payments over time negative amortization payments do not cover the interest thus the debt goes up balloon loan large final payments before the loan is fully amortized appreciation increase in value construction loan in term loan take out loan long term loan obligatory advances also known as draws the disbursement of money over the period of a construction loan which the lenders is bound to make under the term of the loan in turn loan short term loan subject to seller liable assume buyer liable hypothec 8 putting up collateral to secure the debt of another subordination clause current claim on any debts will take priority over any other claims subordination is the act of yielding priority prepayment Clause states when and the terms of the prepayment penalty prepayment penalty regulates what the borrower is allowed to pay off and wet primary mortgage market where borrowers and mortgage originators come together secondary mortgage market resale marketplace FHA insures loans VA loan below program for veterans where no down payment is needed GN ma Ginnie Mae expand fund for mortgages that are insured or guaranteed by other federal agencies Freddie Mac buys mortgages on the secondary market pulls them and sells them this is Joe from prep agent remember learn you Cabul airy using as few words as possible for more information on how to pass your exam be sure to go to prep agent comm