intestate succession
will ambulatory until death
can be changed
after death it is irrevocable
ca stature prohibits executrix---feminized version
executor works for all
non-cupative
http://en.wikipedia.org/wiki/Per_stirpes
http://en.wikipedia.org/wiki/Escheat
Wednesday 28 April 2010
quit claim deed
elements of fraud
express easement
consideration
convey
http://en.wikipedia.org/wiki/Adverse_possession
elements of fraud
express easement
consideration
convey
http://en.wikipedia.org/wiki/Adverse_possession
Tuesday 27 April 2010
http://en.wikipedia.org/wiki/Negative_amortization
http://www.citytowninfo.com/mortgage-articles/home-equity-loans/reverse-annuity-mortgage
reverse annuity loan
takes kids iheritable equity
point
one percent of the amount borrowed
based on econ conditions
if put into
bond market
a six percent rate of return.
lenders fees
income tax statements
usury
ballot proposition
residential
owner occupied
lender may charge
5% plus federal discount rate plus federal discount rate
lender today
federal discount rate
plus federal discount rate
in california
whichever is higher
usury laws dont apply to most lenders
not to sellers
not to RE brokers
many institutional lenders
when buy real estate
pledge property as collateral
sign security instrument
foreclosure preceedings
go to court
the judicial foreclosure process
but we'll get to this
trustee
trustor
beneficiary
power to sell lender borrower
other fees
default the loan if you dont have casualty insurance
mortgager
has the lien
with a mortgage
you have title if they foreclose against you
title transfer
foreclosure
lenders in CA hey this idea
of having to go to court
the more foreclosures there are
how about giving the title now
get a third party to hold the title---the trustee
with
if buyer borrower defaults on the loan
they don't have to go to court
that could be done
two versus three parties
the borrower is the trustor
the OR suffixes
the bank is the trustor
mortgagee
mortgagor
neutral third party
homeowner mortgage
the legal title
the FED
chairman of the fed
independent
bernanke
was chairman of the fed under chairman bush
bernanke
this person who heads the abanking reserve
a pwrful figure for the economy
whether or not to change or lower the federal discount rate
a bank could borrow money
usury index
discount rate
buy and sell treasury bonds
when there is a run on a bank
no bank ever had deposits or funds
how much
on hand
determines
the reserve req for the bank is the margin req for the bank
federal discount rate
more known vs. how much of a dep is kept
rase reserve requirements
most of these things
fed does to affect monetary policy
global economy
measure of economic activity
gross domestic product
respa
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
affordability index
fico score
subprime loan
http://en.wikipedia.org/wiki/Subprime_lending
sub prime loan
fannie mae and mac
secondary mortgage
borrrower
coborrower
alimony child support
assets
difference between those
total monthly
negative net worth
uniform form
broker buyer
different kinds of things
lets talk about where the money comes from
private mortgage insurance
http://www.citytowninfo.com/mortgage-articles/home-equity-loans/reverse-annuity-mortgage
reverse annuity loan
takes kids iheritable equity
point
one percent of the amount borrowed
based on econ conditions
if put into
bond market
a six percent rate of return.
lenders fees
income tax statements
usury
ballot proposition
residential
owner occupied
lender may charge
5% plus federal discount rate plus federal discount rate
lender today
federal discount rate
plus federal discount rate
in california
whichever is higher
usury laws dont apply to most lenders
not to sellers
not to RE brokers
many institutional lenders
when buy real estate
pledge property as collateral
sign security instrument
foreclosure preceedings
go to court
the judicial foreclosure process
but we'll get to this
trustee
trustor
beneficiary
power to sell lender borrower
other fees
default the loan if you dont have casualty insurance
mortgager
has the lien
with a mortgage
you have title if they foreclose against you
title transfer
foreclosure
lenders in CA hey this idea
of having to go to court
the more foreclosures there are
how about giving the title now
get a third party to hold the title---the trustee
with
if buyer borrower defaults on the loan
they don't have to go to court
that could be done
two versus three parties
the borrower is the trustor
the OR suffixes
the bank is the trustor
mortgagee
mortgagor
neutral third party
homeowner mortgage
the legal title
the FED
chairman of the fed
independent
bernanke
was chairman of the fed under chairman bush
bernanke
this person who heads the abanking reserve
a pwrful figure for the economy
whether or not to change or lower the federal discount rate
a bank could borrow money
usury index
discount rate
buy and sell treasury bonds
when there is a run on a bank
no bank ever had deposits or funds
how much
on hand
determines
the reserve req for the bank is the margin req for the bank
federal discount rate
more known vs. how much of a dep is kept
rase reserve requirements
most of these things
fed does to affect monetary policy
global economy
measure of economic activity
gross domestic product
respa
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
affordability index
fico score
subprime loan
http://en.wikipedia.org/wiki/Subprime_lending
sub prime loan
fannie mae and mac
secondary mortgage
borrrower
coborrower
alimony child support
assets
difference between those
total monthly
negative net worth
uniform form
broker buyer
different kinds of things
lets talk about where the money comes from
private mortgage insurance
Wednesday 21 April 2010
post-exam lecture ch 8 property law
rebuttable presumption
a gift without the other spouse's permission.
when sale takes place
spouse grant deed
quit claim deed
in essence shows what you get
263
right of survivorship
community property
treaty of guadalupe hidalgo
spanish law
dower and curtsey
fairly recently that california did what some other states have done.
tenancy in the entirety
community prop---can leave yr share to anyone
but cannot give away spouse's portion
cannot give away in
comm law with rt of survivorship
same as joint tenancy
the same feature applies in rt of survivorship
leave yr half to anyone in pure com prop
but with rt of survivorship
goes to spouse
like joint tenancy with rt of survivorship
in order to have tenancy in partnership there must be a valid sharing agreement
people who go into business sometimes do it as a partnership
before 1929
until then partnerships couldnt own real prop
the partnership act of 1929
partnership agreement
author on 264
real agmt need not be in writing
if real estate yes
one that prtnership needs to fil info stmt
but dont get taxed
corporation is a separate legal entity
dual taxation
the limited liability
profits and losses
unlimited liability
losing a million dollars
assets at risk in a partnership
s corporation
partnership has unlimited liability.
in determining if a partnership exists
degree and time
joint venture
short---joint venture
longer-partnership
263 new general partner
LLC
articles of partnership
limited partners have liability limited to the amt of the investment
a california limited partnership in the title
no voice
silent partner
a limited partner
in rather high-risk investment
oil and gas drilling as a silent partner
liability limited to the amount of the investment
comply with the statutory investment
general
today if we went into an oil venture
LLC would be the likely business structure
there are other alternatives that are hybrid
fictitious business name
joint tenancy
community property
right of survivorship
tenancy in common
ReIT
http://en.wikipedia.org/wiki/Real_estate_investment_trust
hybrid trusts
tax reform act of 1986
dual taxation
three martini lunches deductable
piercing the corp veil
toget owners assets
when corp is undercapitalized early on
foreign corp
extra california
domestic if in california
if canadian it is called an alien corporation
subchapter S orgs IRS requirements
unincorporated
rule v. perpetuities
business orgs.
taxes pass thru
pass thru to individual
multiple housing developments
two laws in CA dealing with subdivisions
the subdivided lands act
the CA dept of real estate
has authority
over subdivided lands law
shared units
planned unit dvelopment
own lot in the house
lot
and planned unit development have stricter requirements
when we talk about condominiums
we can get condominiums
the economies of scale
are there with a condominium
what you own is the airspace within yr walls
the developer doesn't want you to alter the walls or windows
so you cant change structural integrity of the bldg
you own in common
in ca
no partnership
not married
own via
tenancy in common
with a condo get a deed to that unit and own the airspace
a stock cooperative more common in east coast
if its a stock co-op
everyone owns it together as a stock coop
only own one twentieth of all units
defaulting on a loan
will hurt others
preceding condo concept.
planned unit development
own lot in fee simple absolute
tenancy in common
same size same location
time shares
somewhat familiar?
can be fee ownership.
watch out
possible that the unit is owned in fee
a leasehold estate
prob when lease expires
fractional ownership
eighties
double digit inflation
cost of hotels and vacations
so then people bought time shares
in other cities to lock in vacation potential
not as popular as they once were
must have sales license to sell time share
not a broker's license.
a gift without the other spouse's permission.
when sale takes place
spouse grant deed
quit claim deed
in essence shows what you get
263
right of survivorship
community property
treaty of guadalupe hidalgo
spanish law
dower and curtsey
fairly recently that california did what some other states have done.
tenancy in the entirety
community prop---can leave yr share to anyone
but cannot give away spouse's portion
cannot give away in
comm law with rt of survivorship
same as joint tenancy
the same feature applies in rt of survivorship
leave yr half to anyone in pure com prop
but with rt of survivorship
goes to spouse
like joint tenancy with rt of survivorship
in order to have tenancy in partnership there must be a valid sharing agreement
people who go into business sometimes do it as a partnership
before 1929
until then partnerships couldnt own real prop
the partnership act of 1929
partnership agreement
author on 264
real agmt need not be in writing
if real estate yes
one that prtnership needs to fil info stmt
but dont get taxed
corporation is a separate legal entity
dual taxation
the limited liability
profits and losses
unlimited liability
losing a million dollars
assets at risk in a partnership
s corporation
partnership has unlimited liability.
in determining if a partnership exists
degree and time
joint venture
short---joint venture
longer-partnership
263 new general partner
LLC
articles of partnership
limited partners have liability limited to the amt of the investment
a california limited partnership in the title
no voice
silent partner
a limited partner
in rather high-risk investment
oil and gas drilling as a silent partner
liability limited to the amount of the investment
comply with the statutory investment
general
today if we went into an oil venture
LLC would be the likely business structure
there are other alternatives that are hybrid
fictitious business name
joint tenancy
community property
right of survivorship
tenancy in common
ReIT
http://en.wikipedia.org/wiki/Real_estate_investment_trust
hybrid trusts
tax reform act of 1986
dual taxation
three martini lunches deductable
piercing the corp veil
toget owners assets
when corp is undercapitalized early on
foreign corp
extra california
domestic if in california
if canadian it is called an alien corporation
subchapter S orgs IRS requirements
unincorporated
rule v. perpetuities
business orgs.
taxes pass thru
pass thru to individual
multiple housing developments
two laws in CA dealing with subdivisions
the subdivided lands act
the CA dept of real estate
has authority
over subdivided lands law
shared units
planned unit dvelopment
own lot in the house
lot
and planned unit development have stricter requirements
when we talk about condominiums
we can get condominiums
the economies of scale
are there with a condominium
what you own is the airspace within yr walls
the developer doesn't want you to alter the walls or windows
so you cant change structural integrity of the bldg
you own in common
in ca
no partnership
not married
own via
tenancy in common
with a condo get a deed to that unit and own the airspace
a stock cooperative more common in east coast
if its a stock co-op
everyone owns it together as a stock coop
only own one twentieth of all units
defaulting on a loan
will hurt others
preceding condo concept.
planned unit development
own lot in fee simple absolute
tenancy in common
same size same location
time shares
somewhat familiar?
can be fee ownership.
watch out
possible that the unit is owned in fee
a leasehold estate
prob when lease expires
fractional ownership
eighties
double digit inflation
cost of hotels and vacations
so then people bought time shares
in other cities to lock in vacation potential
not as popular as they once were
must have sales license to sell time share
not a broker's license.
Wednesday 14 April 2010
chapter eight not on the midterm.
but yes on the final.
chapter eight
property law
held by one person
severalty
community property
avoids probate
goal for everyone should be to avoid probate
it is expensive
joint tenancy is one way to do that.
most of marilyn monroe's estate got eaten up in probate cost
10 million
heirs got 700,000
p in t tip
the same as equal right of possession
the same thing as tenants
in common
time and title
common law requirement
for estate planning reasons and estate planning
better if half of green acre
to you
a straw man
conveys back to you and me therefore satisfied t-tip
therefore then straw man keeps?
or when straw man has title
or the liens attach to greenacre
so CA passed a stat
that you don't need to satisfy all elements
joint tenancy
what does it mean
with right of survivorship
the aspect of rt of survivorship is
the tenant's heirs
do not get the surviving joint tenants
the survivor takes all
teh ten joint tenants
get
whatever
the unfairness aspect
the courts presume its unfair
so cts will construe as ten in common
lawful to state with rts of survivorship
there were four joint tenants
in defeasible fee.
http://en.wikipedia.org/wiki/Concurrent_estate
the final point is that if the loan is foreclosed on the bank owns the greenacre with the tenant
partitioning
dividing proceeds among the tenants
tenancy by the entirety
joint btw husb and wife
was a part of the english common law
but we dont have bc of the community prop
we have comm prop with rt of survivorship.
dower and curtsey only 1/3
presumed equal
rebuttable presumption in CA
unless proven otherwise
valid marriage while domiciled in CA state.
quasi community property
btw husband and wife
might apply to gay marriage
by definition
will be treated as if
while domiciled within a community property state
any property acquired before is sep.
any after is community
but it is possible to get separate prop. after.
eg
a gift
if the spouse gets a gift after fm community funds has now been given to the spouse
better like the taste in gifts
it gets separate may be true
complicated
if for example
own title in name of thirty yr loan
if now have fifteen yrs loan payment and the deed was in name of spouse for fifteen yrs
is it sep?
no
half is yrs
but the fifteen yrs after is half mine
so salary is not
more likely 75/25
part comm prop
just bc claims sep prop.
then we move into another house
rent out
rent income
then the rent is also income in comm prop sense
source as to whether it is seperate
domestic partnerships assets treated
50/50 rebuttable presumption
marvin v. marvin
we do not have common law
registered domestic partnership
awarded her a sum considered palimony
but we really don't have common law marriage
earnings during the marriage
if legally separated
then earnings not comm prop
quasi marital
a putative spouse
one who in good faith believes married
asset check
claim to be single
must check every jurisdiction in the world
background check
premarital agreements.
http://en.wikipedia.org/wiki/Prenuptial_agreement
duress
http://en.wikipedia.org/wiki/Standard_form_contract
wanted the trump divorce case to go to litigation
not a valid prenup
but donald gave her things he didnt have to give her
http://www.sos.ca.gov/dpregistry/
for domestic partnerships
used to be husband managed the property prior to 1975 ERA
now mus consult with spouse to confer about com prop
must be in writing
but an executed verbal agmt is okay for comm prop
major exception
can be converted
cannot give away spouse's assets
but yes on the final.
chapter eight
property law
held by one person
severalty
community property
avoids probate
goal for everyone should be to avoid probate
it is expensive
joint tenancy is one way to do that.
most of marilyn monroe's estate got eaten up in probate cost
10 million
heirs got 700,000
p in t tip
the same as equal right of possession
the same thing as tenants
in common
time and title
common law requirement
for estate planning reasons and estate planning
better if half of green acre
to you
a straw man
conveys back to you and me therefore satisfied t-tip
therefore then straw man keeps?
or when straw man has title
or the liens attach to greenacre
so CA passed a stat
that you don't need to satisfy all elements
joint tenancy
what does it mean
with right of survivorship
the aspect of rt of survivorship is
the tenant's heirs
do not get the surviving joint tenants
the survivor takes all
teh ten joint tenants
get
whatever
the unfairness aspect
the courts presume its unfair
so cts will construe as ten in common
lawful to state with rts of survivorship
there were four joint tenants
in defeasible fee.
http://en.wikipedia.org/wiki/Concurrent_estate
the final point is that if the loan is foreclosed on the bank owns the greenacre with the tenant
partitioning
dividing proceeds among the tenants
tenancy by the entirety
joint btw husb and wife
was a part of the english common law
but we dont have bc of the community prop
we have comm prop with rt of survivorship.
dower and curtsey only 1/3
presumed equal
rebuttable presumption in CA
unless proven otherwise
valid marriage while domiciled in CA state.
quasi community property
btw husband and wife
might apply to gay marriage
by definition
will be treated as if
while domiciled within a community property state
any property acquired before is sep.
any after is community
but it is possible to get separate prop. after.
eg
a gift
if the spouse gets a gift after fm community funds has now been given to the spouse
better like the taste in gifts
it gets separate may be true
complicated
if for example
own title in name of thirty yr loan
if now have fifteen yrs loan payment and the deed was in name of spouse for fifteen yrs
is it sep?
no
half is yrs
but the fifteen yrs after is half mine
so salary is not
more likely 75/25
part comm prop
just bc claims sep prop.
then we move into another house
rent out
rent income
then the rent is also income in comm prop sense
source as to whether it is seperate
domestic partnerships assets treated
50/50 rebuttable presumption
marvin v. marvin
we do not have common law
registered domestic partnership
awarded her a sum considered palimony
but we really don't have common law marriage
earnings during the marriage
if legally separated
then earnings not comm prop
quasi marital
a putative spouse
one who in good faith believes married
asset check
claim to be single
must check every jurisdiction in the world
background check
premarital agreements.
http://en.wikipedia.org/wiki/Prenuptial_agreement
duress
http://en.wikipedia.org/wiki/Standard_form_contract
wanted the trump divorce case to go to litigation
not a valid prenup
but donald gave her things he didnt have to give her
http://www.sos.ca.gov/dpregistry/
for domestic partnerships
used to be husband managed the property prior to 1975 ERA
now mus consult with spouse to confer about com prop
must be in writing
but an executed verbal agmt is okay for comm prop
major exception
can be converted
cannot give away spouse's assets
hour two property law
after acquired title is
why when we get to chapter nine
grant deeds used in california
interest acquired by grantor after the property has been conveyed transfers to the grantee
giving you greenacre
deed is invalid so in other words ned didn't own it when he conveyed it to the buyer
now through the will
ned says gee
i thought you appreciate the property more under the quitclaim deed
as tried to explain
nephew ned
after the propertty conveyed
uncle horace good
now that ned has lawfully
after acquired title doctrine rare case scenario
doctrine
shifts title from the granto
if they later acquire it is later conveyed at an earlier time.
filing in the tax assessor's office
the grant deed
where the tax statement is to be mailed
tax assessor's office
by filing the grant deed
sent typically at the address that
is where tax assessor says send
there are penalties if not sent within a certain time period
det. by an independent appraisal
end of ch7
quite difficult
defeasible fees etc.
buyer has no fidu respons. to seller
the seller has the duty to the seller
the buyer has the respons. to be honest
after acquired title is
why when we get to chapter nine
grant deeds used in california
interest acquired by grantor after the property has been conveyed transfers to the grantee
giving you greenacre
deed is invalid so in other words ned didn't own it when he conveyed it to the buyer
now through the will
ned says gee
i thought you appreciate the property more under the quitclaim deed
as tried to explain
nephew ned
after the propertty conveyed
uncle horace good
now that ned has lawfully
after acquired title doctrine rare case scenario
doctrine
shifts title from the granto
if they later acquire it is later conveyed at an earlier time.
filing in the tax assessor's office
the grant deed
where the tax statement is to be mailed
tax assessor's office
by filing the grant deed
sent typically at the address that
is where tax assessor says send
there are penalties if not sent within a certain time period
det. by an independent appraisal
end of ch7
quite difficult
defeasible fees etc.
buyer has no fidu respons. to seller
the seller has the duty to the seller
the buyer has the respons. to be honest
test next week.
over ch 1-7
an hour exam.
grade
review.
then more lecture finish ch. 8.
bring computer, scantrons, pencils.
betetr to record
escrow officer will prepare the deed then escrow officer will transfer to title officer
hand to county clerk
deed to be sent to
fee simple absolute
whatever interest
any instrument that affects title
grant deed
then trust deed
security deed
mortgage
security instrument
then title officer
trust deed
handed to the clerk so the lender knows nobody gets ahead
exception
mechanic's liens
if someone has a judgment bc of a lawsuit
if a provision in the grant dedd saying can't record it
that would be contrary to public policy.
a land contract in a real estate contract
vendor instead of vendee
title doesn't pass from
buyer is the owner at fee simple absolute
until transfer of title occurs
equitable interest recorded
seller to sell the property to someone else.
the land sales contract
installment
seller
dont want to have to go to the court in a quiet
wrap around
stat law less advantage
microfiche
acknowledgement
and recording not required
signing the grant deed
acknowledges the signature
before notary public
http://en.wikipedia.org/wiki/Notary_public
take burden off the clerk
takes the burden off the clerk.
wills do not have to witness the sig by law they just attest tom the sig
doctrine of relation back
http://www.realtown.com/words/relation-back-doctrine
lien filed against
who holds equitable title
the buyer
in fairness and interest
made a promise to pay
typical contract is a biltateral
legal title
equitable title
held by the seller until close of escrow
so legal title closes at the end of term
equitable title transfers first
in equity and fairness buyer has title
but won't get legal title till close of escrow
this is where the doctrine of relation back comes in.
comes to delivery of the deed
party with knowledge or
this is the doctrine of relation back
it is more fair
to the date the deed was sign
impt to have the seller sign document as soon as possible
the earlier the seller signs it the better then relates back
when take to the seller for signature
so when seller take back
notary with
the simpler solution
give back to the escrow officer
to overcome one way or the other
logistical problem
notaries want you to sign in their presence
conflict of interest
the grantor and the grantee
the acknowledgment
in order to be accepted by the county recording office
to take the pressure off the clerk.
what words put on there
joint tenancy and LLC
then get their metal seal to put on the document
then it can be accepted by the clerk.
they don't have to worry about any of that
the substitute for the acknowledgement
you can use a certified copy of the judgement from the clerk of court will work.
constructive notice
the basic concept
i addition to recording
possession gives constructive notice
the fact that they are possessing
move out whenever property sold
the person claiming to own is wrong
possession gives this constructive notice
constructive or actual notice on page 240
over ch 1-7
an hour exam.
grade
review.
then more lecture finish ch. 8.
bring computer, scantrons, pencils.
betetr to record
escrow officer will prepare the deed then escrow officer will transfer to title officer
hand to county clerk
deed to be sent to
fee simple absolute
whatever interest
any instrument that affects title
grant deed
then trust deed
security deed
mortgage
security instrument
then title officer
trust deed
handed to the clerk so the lender knows nobody gets ahead
exception
mechanic's liens
if someone has a judgment bc of a lawsuit
if a provision in the grant dedd saying can't record it
that would be contrary to public policy.
a land contract in a real estate contract
vendor instead of vendee
title doesn't pass from
buyer is the owner at fee simple absolute
until transfer of title occurs
equitable interest recorded
seller to sell the property to someone else.
the land sales contract
installment
seller
dont want to have to go to the court in a quiet
wrap around
stat law less advantage
microfiche
acknowledgement
and recording not required
signing the grant deed
acknowledges the signature
before notary public
http://en.wikipedia.org/wiki/Notary_public
take burden off the clerk
takes the burden off the clerk.
wills do not have to witness the sig by law they just attest tom the sig
doctrine of relation back
http://www.realtown.com/words/relation-back-doctrine
lien filed against
who holds equitable title
the buyer
in fairness and interest
made a promise to pay
typical contract is a biltateral
legal title
equitable title
held by the seller until close of escrow
so legal title closes at the end of term
equitable title transfers first
in equity and fairness buyer has title
but won't get legal title till close of escrow
this is where the doctrine of relation back comes in.
comes to delivery of the deed
party with knowledge or
this is the doctrine of relation back
it is more fair
to the date the deed was sign
impt to have the seller sign document as soon as possible
the earlier the seller signs it the better then relates back
when take to the seller for signature
so when seller take back
notary with
the simpler solution
give back to the escrow officer
to overcome one way or the other
logistical problem
notaries want you to sign in their presence
conflict of interest
the grantor and the grantee
the acknowledgment
in order to be accepted by the county recording office
to take the pressure off the clerk.
what words put on there
joint tenancy and LLC
then get their metal seal to put on the document
then it can be accepted by the clerk.
they don't have to worry about any of that
the substitute for the acknowledgement
you can use a certified copy of the judgement from the clerk of court will work.
constructive notice
the basic concept
i addition to recording
possession gives constructive notice
the fact that they are possessing
move out whenever property sold
the person claiming to own is wrong
possession gives this constructive notice
constructive or actual notice on page 240
Tuesday 13 April 2010
hour three rent control
vacancy decontrol
other type of rent control
NYC has this kind where the rent can't be raised
1930's rent.
LA rent control
866 557 7368
LA rent control
CA grant deed
i have not encumbered
betetr than grant deed
but grant deed plus title insurance give more protection
granto index
grantee index
to det who owes which interest
title insurance company after prelim report
zoning
no mining andwater issues here
condominium under fee
RESPA
real estater settlements procedures act
federal law req.
documentation be followed
under
HUD
p207 208
HUD form
vacancy decontrol
other type of rent control
NYC has this kind where the rent can't be raised
1930's rent.
LA rent control
866 557 7368
LA rent control
CA grant deed
i have not encumbered
betetr than grant deed
but grant deed plus title insurance give more protection
granto index
grantee index
to det who owes which interest
title insurance company after prelim report
zoning
no mining andwater issues here
condominium under fee
RESPA
real estater settlements procedures act
federal law req.
documentation be followed
under
HUD
p207 208
HUD form
RE hour two
4-13-10
tuesday
test next week on contracts
buyer pays it all
the sellers est in northern CA est
diff than in socal
in terms of the title insurance fees
there is typically a clta
there is custom to pay this
i will pay title
to back up that claim
better for buyer
several hundred dollars
lender typically wants
the clta
alta
american land title association byer pays
there fore that tis part of the buyers loan
policy of title insurance
as far as how the escrow works
the escrow company is negotiable
go to page 130
129
seller shall pay escrow fees
both are paid escrow pays
buyer pays
offer paid
subject to the counter offer
eho escrow co. shall be
p135
paragraph 28
spells out what the duties and the responsabilities
everything else applies
as well
190
once an escrow is open
worst way is interpleader
best way complete the escrow to terminate the escrow
third alternative is impt.
mutual agreement your cash its your liquidated damages clause
buyer more at risk
is going to feel more pressure
best way is to complete the escrow
financing
we're going to hold off.
buyer and seller have to agree on teh date escrow will close
seller must have everything closed
typically the hour that the escrow closes and on the date that the escrow closes how long to take to close
now they have to find another
buyer and selelr have to agree when is it going to close
possible tha tit doesn't get escrow
title transfer is on that date
other possibilities are out there
the escrow example that the author uses
basic rule re:proration
there is no law saying that the expenses and incomes be prorated
no law but custom
it is always negotiable.
maybe seller is willing to not get reimbursed if there is a sticking pt
thru day b4 escrow closes
or "to date escrow closes"
all income and expenses seller is responsible for
the through date would be april thirty
interest on the loan
the reason that the buyer is responsible
typically close escrow at nine in the morning
seller is going to get the rent
any rent due thru the day escrow closes
any question about the concept of proration?
p 193
form
respa stmt
RESPA
most escrow co. like to use their own seetttlement stmt
a debit is a charge
is based upon the example
the purchase prise being 800$ etc
the buyers
get a special page
earnest money deposit
typically the broker agreed there is a five thousand dollar transfer
91 dollars
borrowing
second trust deed based on equity
add to that the eight hundred dollar credits
purchase price
here
prorate the taxes
close escrow on june 1st
sometimes the buyer takes over the seller's policy
retired military officer
better
buyer takes over sellers policy
in many cases
if you notic eon the other page
the CLTA
the ALTA
seller
six hundred twenty eight fifty
splitting them fifty fifty
loan tie in fees
talk about these fees the term points
six hundred forty
appraisal
tax service
capital gains taxes may be going up
the pest control scenario may be spelled out on the contract
4-13-10
tuesday
test next week on contracts
buyer pays it all
the sellers est in northern CA est
diff than in socal
in terms of the title insurance fees
there is typically a clta
there is custom to pay this
i will pay title
to back up that claim
better for buyer
several hundred dollars
lender typically wants
the clta
alta
american land title association byer pays
there fore that tis part of the buyers loan
policy of title insurance
as far as how the escrow works
the escrow company is negotiable
go to page 130
129
seller shall pay escrow fees
both are paid escrow pays
buyer pays
offer paid
subject to the counter offer
eho escrow co. shall be
p135
paragraph 28
spells out what the duties and the responsabilities
everything else applies
as well
190
once an escrow is open
worst way is interpleader
best way complete the escrow to terminate the escrow
third alternative is impt.
mutual agreement your cash its your liquidated damages clause
buyer more at risk
is going to feel more pressure
best way is to complete the escrow
financing
we're going to hold off.
buyer and seller have to agree on teh date escrow will close
seller must have everything closed
typically the hour that the escrow closes and on the date that the escrow closes how long to take to close
now they have to find another
buyer and selelr have to agree when is it going to close
possible tha tit doesn't get escrow
title transfer is on that date
other possibilities are out there
the escrow example that the author uses
basic rule re:proration
there is no law saying that the expenses and incomes be prorated
no law but custom
it is always negotiable.
maybe seller is willing to not get reimbursed if there is a sticking pt
thru day b4 escrow closes
or "to date escrow closes"
all income and expenses seller is responsible for
the through date would be april thirty
interest on the loan
the reason that the buyer is responsible
typically close escrow at nine in the morning
seller is going to get the rent
any rent due thru the day escrow closes
any question about the concept of proration?
p 193
form
respa stmt
RESPA
most escrow co. like to use their own seetttlement stmt
a debit is a charge
is based upon the example
the purchase prise being 800$ etc
the buyers
get a special page
earnest money deposit
typically the broker agreed there is a five thousand dollar transfer
91 dollars
borrowing
second trust deed based on equity
add to that the eight hundred dollar credits
purchase price
here
prorate the taxes
close escrow on june 1st
sometimes the buyer takes over the seller's policy
retired military officer
better
buyer takes over sellers policy
in many cases
if you notic eon the other page
the CLTA
the ALTA
seller
six hundred twenty eight fifty
splitting them fifty fifty
loan tie in fees
talk about these fees the term points
six hundred forty
appraisal
tax service
capital gains taxes may be going up
the pest control scenario may be spelled out on the contract
real estate
tuesday april 13 2010
page 172
security deposit and unlawful detainer
sale leaseback
perfect to build bldg to specs
ad then find an investor who wants a long term tenant. sell to invest
both tax write off
get money to grow the business
lease property back
talk to tax atty
advantageous for both parties
sells to leasor
leasee
lease purchase optio involves a contract
with a oneyear option to purchase
not a valid contract without extra consideration
graduated lease
to keep up with inflation
over 1000%
clearly some will
a graduated lease will
eleventh LA
CPI
London
any # of indexes you can use
at least 2-4% a year.
200/month when
mkt val is 2000/mo
gross lease is what we are familiar with.
a net lease tenant is paying some or all of the expenses.
paying as insurance.
plumbing doesn't work.
adequately insured.
taxes and operating expenses
control over maitnance and operating expenses
neyt lease common
with a percentage lease
common in retail
share of net prof or gross prof so
landlord does promos to have higher prof.
pay a certain floor and a percentage based on income and sales
trouble: audit to make sure profit not hidden
many malls operate this way increase tenant flow by prom
fashion island
carolers
decorate fix up nicely
percentage leases not only in retail properties
consumer price index
inflationary factor
a license is similar to an easement
real property license is short term
a license
revocable
sorry we are at capacity
they don't have to let you in
license can be revoked at any time
scalping illegal
non-transferable
law enforcement can crack down if want to get hard-nosed
property management
brokers
real estate fourteen
a full semester of property management
not tested on the broker exam.
but if going into prop mgmt
degree in real estate
can manage with no license at all
keep house
rent it out
how screen tenants
dont know anything about it
not the owner
as resident manager
look after it for the owner.
do not need a license.
do if off-site.
property mangagement to act as a buffer.
maitenance and inspections
CAR
sales
professional orgs
IREM
best known
under auspices of NAR
designation for property management
certified property management
certified
managed apt. during law school---duffy learned RE and supported self during law school
broker's license
before get to chapter seven.
chapter seven
escrow and title
impt to make sure you get paid
dept of real estate
RE 11 once a year
you can make a career of escrow
thirty story high rise
anybody can start an escrow company
five years of experience
no license and control
arguably it should be
big picture person
pro-ration to the penny
prepares the deed
makes sure title insurance policy proper
pest control in timely manner
detail oriented highly organized person.
who has escrow
escrow used as the process
as title
escrow not required
atty at law deals with in many states
in CA due to the goldrush
the attys were so swamped that the y opened it up
bar treaty
only countries can make not states
CA can do escrow but if legal advice needed
must seek counsel
five yrs exp all needed to start own escrow
attys don't usually get involved
in terms of law requiring
escrow officer is a neutral third party
what kind of title insurance
purchase contract
dual agent is
as agent of buyer and the seller
acts as this neutral third party
as a wager
escrow hold s the stakes
buyer doesnt get title till close of escrow.
if it weren't for escrow it would have to happen in an open place
the neutral third party
cannot transfer to the buyer until all the conditions set forth
purchase agreement and joint escrow agreement
binding parties
escrow officer will not do the work.
until all spelled out in the contract.
if not fulfilled
deal breaker
set forth in contract
almost always bc of the money
many times
before downturn
sellers would not give time to anyone not prequalified for a loan
money is the most difficult part of the deal.
real estate finance
two chapters
pregnant wild duck
environmentalists held up escrow
if there is a loan
no lender makes a loan unless there is a private lender
it is negotiable
once in a while it is
unless you look at the escrow
in a ten thirty one exchange
probate process get s supervised by the state the largest
violated fiduciary duty to the seller
go between btw officer and seller
working thru sales broker
escrow officer
can be a corporation
can also be a title insurance corporation
unlicensed escrow officer
third one a real estate broker can also do escrow
as friendly competitors
when business is a little slow then steer biz to you?
tit for tat?
makes perfect sense
but you cant do escrow as a broker
impratible
i fought hard for the seeller and then become the neutral seller
impossible to be neutral
brokers dont usually do escrow except in smll twns
and as an independent corp must disclose profits
not common and not a good idea
bottom of 187
binding contract
other than preparing contract
call title insurance company
if title not signed
escrow company has to deal with it.
then order the preliminary title insurance
typical escrow could be ninety days
no limit on when it has to close
rare exception
two weeks
thirty days
thirty forty sixty days
once prelim title report in
by april the 20th
title officer
with pest controla nd inspection
typically on a property there is an existing loan
contact
actual number of days to prorate
escrow officers job
buyers purch price
pay off that loan
get a satisfaction from the trustee and get an existing loan
the financing offer
then determine if
title transfer
the lien is subject
make sure removed
before title
institution lender
promissory loan
a lot of times
you prepare the promissory note
talk about in the finance chapter
a lot of these things going on simultaneously
keeping track
unless have a good system
not necessarily in this order
it is the escrow off that does the prorate
one day to close without owing property tax
you can close
without prorate prop tax
july 1
either buyer owes the seller or seller owes the buyer
taxes run jul 1-june 30
fiscal year
proprate the rents
the insurance
casualty policy must be prorated
any income
close escrow on the thirteenth
escrow companies in the business of closing the policies and see who gets back what
the escrow officer does not do the title recording
the trust deed
th egrant recording
the escrow officer
broker comission
title company gets paid
existing lender gets paid
the buyer gets paid
people are happier when they get money back---ask higher for the fees then return
more when we get to the prorate chapter
page 188
interpleader the worst thing that can happen with re
sues buyer and seller for the breach of instruction
escrow officer backs out and lets them fight it out in ct.
esc. officer is a neutral first party
they never take sides
sue both the buyer and the seller
once the lawsuit is filed they fight it out in ct
the ct pays the money they have
they only have money from whom?
in escrow
typically the buyer's money, the seller's money the pest control
closing expenses
deduct turn rest of money to ct
could take two yrs to see who gets it
tied up in ct
lose-lose except for the attys who get paid
escrow officer files interpleader
escrow running late
or dispute for quality.
tuesday april 13 2010
page 172
security deposit and unlawful detainer
sale leaseback
perfect to build bldg to specs
ad then find an investor who wants a long term tenant. sell to invest
both tax write off
get money to grow the business
lease property back
talk to tax atty
advantageous for both parties
sells to leasor
leasee
lease purchase optio involves a contract
with a oneyear option to purchase
not a valid contract without extra consideration
graduated lease
to keep up with inflation
over 1000%
clearly some will
a graduated lease will
eleventh LA
CPI
London
any # of indexes you can use
at least 2-4% a year.
200/month when
mkt val is 2000/mo
gross lease is what we are familiar with.
a net lease tenant is paying some or all of the expenses.
paying as insurance.
plumbing doesn't work.
adequately insured.
taxes and operating expenses
control over maitnance and operating expenses
neyt lease common
with a percentage lease
common in retail
share of net prof or gross prof so
landlord does promos to have higher prof.
pay a certain floor and a percentage based on income and sales
trouble: audit to make sure profit not hidden
many malls operate this way increase tenant flow by prom
fashion island
carolers
decorate fix up nicely
percentage leases not only in retail properties
consumer price index
inflationary factor
a license is similar to an easement
real property license is short term
a license
revocable
sorry we are at capacity
they don't have to let you in
license can be revoked at any time
scalping illegal
non-transferable
law enforcement can crack down if want to get hard-nosed
property management
brokers
real estate fourteen
a full semester of property management
not tested on the broker exam.
but if going into prop mgmt
degree in real estate
can manage with no license at all
keep house
rent it out
how screen tenants
dont know anything about it
not the owner
as resident manager
look after it for the owner.
do not need a license.
do if off-site.
property mangagement to act as a buffer.
maitenance and inspections
CAR
sales
professional orgs
IREM
best known
under auspices of NAR
designation for property management
certified property management
certified
managed apt. during law school---duffy learned RE and supported self during law school
broker's license
before get to chapter seven.
chapter seven
escrow and title
impt to make sure you get paid
dept of real estate
RE 11 once a year
you can make a career of escrow
thirty story high rise
anybody can start an escrow company
five years of experience
no license and control
arguably it should be
big picture person
pro-ration to the penny
prepares the deed
makes sure title insurance policy proper
pest control in timely manner
detail oriented highly organized person.
who has escrow
escrow used as the process
as title
escrow not required
atty at law deals with in many states
in CA due to the goldrush
the attys were so swamped that the y opened it up
bar treaty
only countries can make not states
CA can do escrow but if legal advice needed
must seek counsel
five yrs exp all needed to start own escrow
attys don't usually get involved
in terms of law requiring
escrow officer is a neutral third party
what kind of title insurance
purchase contract
dual agent is
as agent of buyer and the seller
acts as this neutral third party
as a wager
escrow hold s the stakes
buyer doesnt get title till close of escrow.
if it weren't for escrow it would have to happen in an open place
the neutral third party
cannot transfer to the buyer until all the conditions set forth
purchase agreement and joint escrow agreement
binding parties
escrow officer will not do the work.
until all spelled out in the contract.
if not fulfilled
deal breaker
set forth in contract
almost always bc of the money
many times
before downturn
sellers would not give time to anyone not prequalified for a loan
money is the most difficult part of the deal.
real estate finance
two chapters
pregnant wild duck
environmentalists held up escrow
if there is a loan
no lender makes a loan unless there is a private lender
it is negotiable
once in a while it is
unless you look at the escrow
in a ten thirty one exchange
probate process get s supervised by the state the largest
violated fiduciary duty to the seller
go between btw officer and seller
working thru sales broker
escrow officer
can be a corporation
can also be a title insurance corporation
unlicensed escrow officer
third one a real estate broker can also do escrow
as friendly competitors
when business is a little slow then steer biz to you?
tit for tat?
makes perfect sense
but you cant do escrow as a broker
impratible
i fought hard for the seeller and then become the neutral seller
impossible to be neutral
brokers dont usually do escrow except in smll twns
and as an independent corp must disclose profits
not common and not a good idea
bottom of 187
binding contract
other than preparing contract
call title insurance company
if title not signed
escrow company has to deal with it.
then order the preliminary title insurance
typical escrow could be ninety days
no limit on when it has to close
rare exception
two weeks
thirty days
thirty forty sixty days
once prelim title report in
by april the 20th
title officer
with pest controla nd inspection
typically on a property there is an existing loan
contact
actual number of days to prorate
escrow officers job
buyers purch price
pay off that loan
get a satisfaction from the trustee and get an existing loan
the financing offer
then determine if
title transfer
the lien is subject
make sure removed
before title
institution lender
promissory loan
a lot of times
you prepare the promissory note
talk about in the finance chapter
a lot of these things going on simultaneously
keeping track
unless have a good system
not necessarily in this order
it is the escrow off that does the prorate
one day to close without owing property tax
you can close
without prorate prop tax
july 1
either buyer owes the seller or seller owes the buyer
taxes run jul 1-june 30
fiscal year
proprate the rents
the insurance
casualty policy must be prorated
any income
close escrow on the thirteenth
escrow companies in the business of closing the policies and see who gets back what
the escrow officer does not do the title recording
the trust deed
th egrant recording
the escrow officer
broker comission
title company gets paid
existing lender gets paid
the buyer gets paid
people are happier when they get money back---ask higher for the fees then return
more when we get to the prorate chapter
page 188
interpleader the worst thing that can happen with re
sues buyer and seller for the breach of instruction
escrow officer backs out and lets them fight it out in ct.
esc. officer is a neutral first party
they never take sides
sue both the buyer and the seller
once the lawsuit is filed they fight it out in ct
the ct pays the money they have
they only have money from whom?
in escrow
typically the buyer's money, the seller's money the pest control
closing expenses
deduct turn rest of money to ct
could take two yrs to see who gets it
tied up in ct
lose-lose except for the attys who get paid
escrow officer files interpleader
escrow running late
or dispute for quality.
Wednesday 7 April 2010
hour three
prop law duff 4-7-10
serial marriages
children complicating property scene
life estate pour autre vie
for life of another
contingent remainder
based on alive when die.
vested remainder
contingency when
actuarials which determine life expectancy
rule against perpetuities
it doesnt apply to charities
must vest within 21 years
to prevent a penny today not much
so leave to heirs a gajillion yrs fm now it will gain interest
doesnt apply to charities
can leave schoarships in perpetuity
interest used for scholarships
future interest on a life estate
prop law duff 4-7-10
serial marriages
children complicating property scene
life estate pour autre vie
for life of another
contingent remainder
based on alive when die.
vested remainder
contingency when
actuarials which determine life expectancy
rule against perpetuities
it doesnt apply to charities
must vest within 21 years
to prevent a penny today not much
so leave to heirs a gajillion yrs fm now it will gain interest
doesnt apply to charities
can leave schoarships in perpetuity
interest used for scholarships
future interest on a life estate
hour two duffy property law 4-7-10
courts resort to
relationship of the parties
the buyer wins
family room not politically correct
move into apt
lender's golden rule
he who has the gold makes the rules
borrower homeowner
trade fixtures
real prop taxed
so is mobile prop
bc of prop 13
assessed at value of real aquisitiomn
btter to be classed as real property
lease hold estate is a a fixed term property that is considered
we can further divide in fee
freehold
divided by fee or by life
goes to nearest relative by intestate succession
this could go on forever.
a life estate is also considered a freehold estate.
usually the life estate is considered a life estate.
it is nevertheless considered a fre hold estate it is a fixed period of time
this will last an indefinite period of time
or freehold
clearly real property
we can further divide fee estates
into fee simple absolute
and fee simple defeasible---meaning capable of being defeated or lost
fee simple best
ca stat protected now
or fee simple absolute subject to conditions subsequent
later when grantor conveys deed to me the grantee so long as they never sell alcoholic beverages on the premises.
as with griffith park.
illegal unconstitutional conditions not enforced
fee tail
obsolete law
quiet title action
establish to the court that the condition was violated.
if one hundred years from now
might be a grand child
then must go thru the quiet title action, then you dont have the right to do it.
fee simple subject to fee simple pre-cedent
subject to condition precedent
another
fee simple determinable
determinable
fee simple
this one is very much like this one
fee simple automatic
if violated
fee simple lost automatically
courts abhor forfeiture bc it is a very drastic remedy
same as conditions subsequent
determinable
subsequent
so long as was buzz word fo fee simple indeterminable
clearly this one as even if automatic he really meant condition subsequent
what is the remedy for the breach of a covenant
money
a far less drastic
if you give them room to forfeit.
this one is not automatic
lose green acre
may still have to go to court in a quiet title action
fourth kind of defeasible fee
not in book
goes to the american red cross fee simple subject to an executory limitation
another mouthful
didnt exist at early english common law
very easy to spot
defeasible fees recognized by CA law
all recognizable
difference btw covenants conditions and restrictions
presidio
strategic places around california for the soldiers
pueblos were the farming community
water
no recording of the deeds
ownership of the land
land grants no recording concept the deed was the concept
territory not a state for many years
same time as the war
ca a state two times later
treaty of guadalupe hidalgo
honor spanish land grants
community property
english concept dower and curtsy
no more than a third
life estates
only got the interest
could not will to their heirs
chapter eight
one third one half
a fee estate meaning can't be inherited
the spanish community property concept
treaty
one half interest
chapter eight
spanish mexican property concept.
when ca became territory
forced deeds
and then
sort thru
US set up a recording system
after CA became a territory
all you had was a piece of paper
the people
lots of forgeries
some slipped thru
once became a territory
state
and local
privately owned
an interesting lawsuit in UTAH
involvinf federal land.
utah suing the feds
can make better used
pwr reserved not to feds to the state
if utah
supreme court in an immanent domain case
keloh
property could be taken for a govt use.
capable of ownership
intelectual property
pets considered property
livestock
real property
described as land
property colored sand real property
air space to the outer reaches of the atmosphere
coastal zone act
foundation
affixed or attatched to the land
things appurtenant to the land
an easement
is belonging to
ingress/egress easement
immovable--real property considered immovable
property you want to tax
not that is phys. immovable but
immovabe by law (even tho a crane could move it---or fixtures movable, but immovable by law)
use term of art or legalese
nevertheless the argument would fail
whether immovable by law
sitting on a foundation
crops that grow naturally
such as trees and fruits and vegetables
real property
real property as soon as they are attached to the land.
considered lumber
contract for trees under the UCC
uniform commercial code
http://www.law.cornell.edu/ucc/ucc.table.html
attached to the tree so they are affixed as real property
the crops always considered personal property for UCC purposes.
but for property transfer they go with the land.
http://en.wikipedia.org/wiki/Uniform_Commercial_Code
fructus naturales
considered real property until they are severed.
trust deed
promissory note
trust deed
interest in real property
bank or lender bc of dded of trust
interest of real property
chattel real
considered personal property
fructus industrialis!
personal property
manner of annexation
M
A
R
Intent
A
strategic places around california for the soldiers
pueblos were the farming community
water
no recording of the deeds
ownership of the land
land grants no recording concept the deed was the concept
territory not a state for many years
same time as the war
ca a state two times later
treaty of guadalupe hidalgo
honor spanish land grants
community property
english concept dower and curtsy
no more than a third
life estates
only got the interest
could not will to their heirs
chapter eight
one third one half
a fee estate meaning can't be inherited
the spanish community property concept
treaty
one half interest
chapter eight
spanish mexican property concept.
when ca became territory
forced deeds
and then
sort thru
US set up a recording system
after CA became a territory
all you had was a piece of paper
the people
lots of forgeries
some slipped thru
once became a territory
state
and local
privately owned
an interesting lawsuit in UTAH
involvinf federal land.
utah suing the feds
can make better used
pwr reserved not to feds to the state
if utah
supreme court in an immanent domain case
keloh
property could be taken for a govt use.
capable of ownership
intelectual property
pets considered property
livestock
real property
described as land
property colored sand real property
air space to the outer reaches of the atmosphere
coastal zone act
foundation
affixed or attatched to the land
things appurtenant to the land
an easement
is belonging to
ingress/egress easement
immovable--real property considered immovable
property you want to tax
not that is phys. immovable but
immovabe by law (even tho a crane could move it---or fixtures movable, but immovable by law)
use term of art or legalese
nevertheless the argument would fail
whether immovable by law
sitting on a foundation
crops that grow naturally
such as trees and fruits and vegetables
real property
real property as soon as they are attached to the land.
considered lumber
contract for trees under the UCC
uniform commercial code
http://www.law.cornell.edu/ucc/ucc.table.html
attached to the tree so they are affixed as real property
the crops always considered personal property for UCC purposes.
but for property transfer they go with the land.
http://en.wikipedia.org/wiki/Uniform_Commercial_Code
fructus naturales
considered real property until they are severed.
trust deed
promissory note
trust deed
interest in real property
bank or lender bc of dded of trust
interest of real property
chattel real
considered personal property
fructus industrialis!
personal property
manner of annexation
M
A
R
Intent
A
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