Legal Aspects of Real Estate
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The Real Estate Marketplace Glossary: How to Talk the Talk
Federal Trade Commission ftc.gov The Real Estate Marketplace Glossary: How to Talk the Talk Buying a home can be exciting. It also can be somewhat daunting, even if you’ve done it before. You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders, inspections, warranties, walk-throughs, settlement sheets, escrow accounts, recording fees, insurance, taxes...the list goes on. No doubt you will hear and see words and terms you’ve never heard before. Just what do they all mean? The Federal Trade Commission, the agency that promotes competition and protects consumers, has prepared this glossary to help you better understand the terms commonly used in the real estate and mortgage marketplace. A Annual Percentage Rate (APR): The cost of Appraisal: A professional analysis used a loan or other financing as an annual rate. to estimate the value of the property. This The APR includes the interest rate, points, includes examples of sales of similar prop- broker fees and certain other credit charges erties. a borrower is required to pay. Appraiser: A professional who conducts an Annuity: An amount paid yearly or at other analysis of the property, including examples regular intervals, often at a guaranteed of sales of similar properties in order to de- minimum amount. Also, a type of insurance velop an estimate of the value of the prop- policy in which the policy holder makes erty. The analysis is called an “appraisal.” payments for a fixed period or until a stated age, and then receives annuity payments Appreciation: An increase in the market from the insurance company. -
Fee Vs. Leasehold 1 Chapter 1
Chapter 1: Fee vs. leasehold 1 Chapter 1 Fee vs. leasehold SAMPLE Click to watch After reading this chapter, you will be able to: Learning • identify the different possessory interests held in real estate, and Objectives the rights and obligations associated with each; • distinguish the individual rights which collectively comprise real property; • identify the different types of leasehold interests held by tenants; • understand leasehold interests which convey special rights, such as a ground lease, master lease or sublease. estate life estate Key Terms fee estate master lease fixed-term tenancy parcel ground lease profit a prendre impairment sublease leasehold estate tenancy-at-sufferance legal description tenancy-at-will Real estate, sometimes legally called real property or realty, consists of: A matter of • the land; possession • the improvements and fixtures attached to the land; and • all rights incidental or belonging to the property.1 1 Calif. Civil Code §658 2 Property Management, Sixth Edition parcel A parcel of real estate is located by circumscribing its legal description on A three-dimensional the “face of the earth.” Based on the legal description, a surveyor locates and portion of real estate sets the corners and surface boundaries of the parcel. The legal description is identified by a legal description. contained in deeds, subdivision maps or government surveys relating to the property. legal description All permanent structures, crops and timber are part of the parcel of real estate. The description used to locate and set The parcel of real estate also includes buildings, fences, trees, watercourses boundaries for a parcel and easements within the parcel’s boundaries. -
IN the UNITED STATES DISTRICT COURT for the DISTRICT of COLORADO Judge R
Case 1:18-cv-01700-RBJ Document 38 Filed 12/06/19 USDC Colorado Page 1 of 15 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO Judge R. Brooke Jackson Civil Action No. 18-cv-01700-RBJ CHERRY HILLS FARM COURT, LLC, Plaintiff, v. FIRST AMERICAN TITLE INSURANCE COMPANY, Defendant. ORDER ON MOTIONS FOR SUMMARY JUDGMENT This matter is before the Court on defendant First American Title Insurance Company (“First American”)’s motion for summary judgment [ECF No. 30] and plaintiff Cherry Hills Farm Court, LLC (“Cherry Hills”)’s motion for summary judgment [ECF No. 31]. For the reasons stated herein, First American’s motion is GRANTED and Cherry Hill’s motion is DENIED. I. BACKGROUND This case arises out of a title insurer’s decision not to cover a counterclaim made against an insured by a third party. The insured, Cherry Hills, is a land developer that purchased real property located at 2 Cherry Hills Farm Court, Englewood, Colorado 80113 (the “property”). ECF No. 3 ¶ 8. On June 23, 2015 First American issued title insurance to Cherry Hills regarding this property. ECF No. 30 ¶ 1. The title insurance policy covered loss or damage by ten specified risks, including “[a]ny defect in or lien or encumbrance on the Title.” ECF No. 30-1 at FATIC 000620. First American agreed to pay “costs, attorneys’ fees, and expenses incurred in 1 Case 1:18-cv-01700-RBJ Document 38 Filed 12/06/19 USDC Colorado Page 2 of 15 defense of any matter insured against by [the] policy, but only to the extent provided in the Conditions.” ECF No. -
Attachment A
Attachment A Below is a list of the new transfer types in part 4 of the RTC form. A definition is given along with what instrument needs to be recorded for that specific transfer type. • Sheriff’s Sale ‐ mortgage ‐ A mortgage involves two parties—the property owner who borrowed the money and the bank or lender—and is a written agreement executed by the property owner to secure the payment of a loan that is evidenced by a promissory note. If the property owner misses scheduled payment(s) and the lender sends a notice of default, the foreclosure process is initiated. The lender “accelerates” the time for all payment under the loan so that the full amount is due. The borrower cannot stop the foreclosure proceedings by paying only the late payments; the entire loan must be paid off. For one year after the foreclosure sale, the borrower has the right to redeem the property back by paying the amount of the loan, any taxes or repair cost the buyer paid, and interest. Also, during this one year period of “redemption”, the borrower is entitled to retain possession if they and their family occupied the property as a home. Publicly advertising mortgage sales in the foreclosure process is required. The notice of sale must be physically posted on the property and legal notification to all parties claiming an interest in the property is required. The instrument that will be recorded is the sheriff’s certificate of sale. • Sheriff’s Sale ‐ trust indenture ‐ A trust indenture involves three parties—the borrower (also known as the grantor) , the trustee (often an attorney), and the name of the bank or other lender set out as a beneficiary—and is a written agreement executed by a borrower to give bare legal title to a trustee to secure payment of a loan. -
Guidance Note
Guidance note The Crown Estate – Escheat All general enquiries regarding escheat should be Burges Salmon LLP represents The Crown Estate in relation addressed in the first instance to property which may be subject to escheat to the Crown by email to escheat.queries@ under common law. This note is a brief explanation of this burges-salmon.com or by complex and arcane aspect of our legal system intended post to Escheats, Burges for the guidance of persons who may be affected by or Salmon LLP, One Glass Wharf, interested in such property. It is not a complete exposition Bristol BS2 0ZX. of the law nor a substitute for legal advice. Basic principles English land law has, since feudal times, vested in the joint tenants upon a trust determine the bankrupt’s interest and been based on a system of tenure. A of land. the trustee’s obligations and liabilities freeholder is not an absolute owner but • Freehold property held subject to a trust. with effect from the date of disclaimer. a“tenant in fee simple” holding, in most The property may then become subject Properties which may be subject to escheat cases, directly from the Sovereign, as lord to escheat. within England, Wales and Northern Ireland paramount of all the land in the realm. fall to be dealt with by Burges Salmon LLP • Disclaimer by liquidator Whenever a “tenancy in fee simple”comes on behalf of The Crown Estate, except for In the case of a company which is being to an end, for whatever reason, the land in properties within the County of Cornwall wound up in England and Wales, the liquidator may, by giving the prescribed question may become subject to escheat or the County Palatine of Lancaster. -
Present Legal Estates in Fee Simple
CHAPTER 3 Present Legal Estates in Fee Simple A. THE ENGLISH LAW T THE beginning of the thirteenth century, when the royal courts of justice were acquiring effective A control of the development of private law, the possible forms of action and their limits were uncertain. It seemed then that a new form of action could be de vised to fit any need which might arise. In the course of that century the courts set themselves to limiting the possible forms of action to a definite list, defining with certainty the scope of permitted actions, and so refusing relief upon states of fact which did not fall within the fixed limits of permitted forms of action. This process, of course, operated to fix and limit the classes of private rights protected by law.101 A parallel process went on with respect to interests in land. At the beginning of the thirteenth century, when alienation of land was becoming possible, it seemed that any sort of interest which ingenuity could devise might be created by apt terms in the transfer creating the interest. Perhaps the form of the gift could create interests of any specified duration, with peculiar rules for descent, with special rights not ordinarily in cident to ownership, or deprived of some of the ordinary incidents of ownership. As in the case of the forms of action, the courts set themselves to limiting the possible interests in land to a definite list, defining with certainty 1o1 Maitland, FoRMS OF ACTION AT CoMMON LAW 51-52 (reprint 1941). 37 38 PERPETUITIES AND OTHER RESTRAINTS the incidents of permitted interests, and refusing to en force provisions of a gift which would add to or subtract from the fixed incidents of the type of interest conveyed. -
Housing and Real Property
ISSUE 139 | DECEMBER 2019 Malpractice Prevention Education for Oregon Lawyers LAW UPDATES Housing and Real Property RECORDING ELECTRONIC DOCUMENTS HB 2460 provides that the transferee of a tax-deferred homestead property is liable to Department of 2019 Oregon Laws Ch. 402 (HB 2425) Revenue for amounts of outstanding deferred property HB 2425 allows the county clerk to record taxes only if transferee is using the homestead more electronic documents and documents bearing an than 90 days following the death of the qualifying electronic signature. The bill provides that the taxpayer, and if the transferee is a potential recipient county clerk may charge for electronic delivery of of the homestead property under intestate succession, record or file images. by devise, from the estate of the deceased taxpayer, or by gift or assignment from the insolvent taxpayer. LIEN INFORMATION STATEMENTS HB 2460 took effect on September 29, 2019. 2019 Oregon Laws Ch. 140 (HB 2459) HOMESTEAD PROPERTY TAX HB 2459 provides that a person holding an DEFERRAL PROGRAM encumbrance against real property may request an itemized statement of the amount necessary to 2019 Oregon Laws Ch. 591 (HB 2587) pay off another encumbrance from the person that Prior to passage of this bill, the statute prohibited holds the other encumbrance on the same property. the owner of homestead tax-deferred property from The person that receives a request may provide the pledging said property as security for a reverse itemized statement without permission from the mortgage. This bill amends ORS 311.700 to provide obligor unless federal or state law requires obligor’s that real property that secures a reverse mortgage consent. -
July 2007 Real Property Question 6
July 2007 Real Property Question 6 MEE Question 6 Owen owned vacant land (Whiteacre) in State B located 500 yards from a lake and bordered by vacant land owned by others. Owen, who lived 50 miles from Whiteacre, used Whiteacre for cutting firewood and for parking his car when he used the lake. Twenty years ago, Owen delivered to Abe a deed that read in its entirety: Owen hereby conveys to the grantee by a general warranty deed that parcel of vacant land in State B known as Whiteacre. Owen signed the deed immediately below the quoted language and his signature was notarized. The deed was never recorded. For the next eleven years, Abe seasonally planted vegetables on Whiteacre, cut timber on it, parked vehicles there when he and his family used the nearby lake for recreation, and gave permission to friends to park their cars and recreational vehicles there. He also paid the real property taxes due on the land, although the tax bills were actually sent to Owen because title had not been registered in Abe’s name on the assessor’s books. Abe did not build any structure on Whiteacre, fence it, or post no-trespassing signs. Nine years ago, Abe moved to State C. Since that time, he has neither used Whiteacre nor given others permission to use Whiteacre, and to all outward appearances the land has appeared unoccupied. Last year, Owen died intestate leaving his daughter, Doris, as his sole heir. After Owen’s death, Doris conveyed Whiteacre by a valid deed to Buyer, who paid fair market value for Whiteacre. -
Business Personal Property
FAQs Business Personal Property What is a rendition for Business Personal Property? A rendition is simply a form that provides the District with the description, location, cost, and acquisition dates for personal property that you own. The District uses the information to help estimate the market value of your property for taxation purposes. Who must file a rendition? Renditions must be filed by: Owners of tangible personal property that is used for the production of income Owners of tangible personal property on which an exemption has been cancelled or denied What types of property must be rendered? Business owners are required by State law to render personal property that is used in a business or used to produce income. This property includes furniture and fixtures, equipment, machinery, computers, inventory held for sale or rental, raw materials, finished goods, and work in progress. You are not required to render intangible personal property (property that can be owned but does not have a physical form) such as cash, accounts receivable, goodwill, application computer software, and other similar items. If your organization has previously qualified for an exemption that applies to personal property, for example, a religious or charitable organization exemption, you are not required to render the exempt property. When and where must the rendition be filed? The last day to file your rendition is April 15 annually. If you mail your rendition, it must be postmarked by the U. S. Postal Service on or before April 15. Your rendition must be filed at the appraisal district office in the county in which the business is located, unless the personal property has situs in a different county. -
Property Ownership for Women Enriches, Empowers and Protects
ICRW Millennium Development Goals Series PROPERTY OWNERSHIP FOR WOMEN ENRICHES, EMPOWERS AND PROTECTS Toward Achieving the Third Millennium Development Goal to Promote Gender Equality and Empower Women It is widely recognized that if women are to improve their lives and escape poverty, they need the appropriate skills and tools to do so. Yet women in many countries are far less likely than men to own property and otherwise control assets—key tools to gaining eco- nomic security and earning higher incomes. Women’s lack of property ownership is important because it contributes to women’s low social status and their vulnerability to poverty. It also increasingly is linked to development-related problems, including HIV and AIDS, hunger, urbanization, migration, and domestic violence. Women who do not own property are far less likely to take economic risks and realize their full economic potential. The international community and policymakers increasingly are aware that guaranteeing women’s property and inheritance rights must be part of any development agenda. But no single global blueprint can address the complex landscape of property and inheritance practices—practices that are country- and culture-specific. For international development efforts to succeed—be they focused on reducing poverty broadly or empowering women purposely—women need effective land and housing rights as well as equal access to credit, technical information and other inputs. ENRICH, EMPOWER, PROTECT Women who own property or otherwise con- and tools—assets taken trol assets are better positioned to improve away when these women their lives and cope should they experience and their children need them most. -
1 EXHIBIT C-3 FORM of GROUND LEASE DEED of LEASE Between FAIRFAX COUNTY REDEVELOPMENT and HOUSING AUTHORITY, As Landlord And
EXHIBIT C-3 FORM OF GROUND LEASE DEED OF LEASE between FAIRFAX COUNTY REDEVELOPMENT AND HOUSING AUTHORITY, as Landlord and ONE UNIVERSITY SENIOR, LLC as Tenant [__________], 20__ KH 567092.4 1 TABLE OF CONTENTS Page RECITALS ..................................................................................................................................... 1 ARTICLE 1 DEFINITIONS .......................................................................................................... 1 ARTICLE 2 PREMISES AND TERM OF LEASE ...................................................................... 9 Section 2.01. Premises. ............................................................................................................... 9 Section 2.02. Term ...................................................................................................................... 9 Section 2.03. Use. During the Term ........................................................................................... 9 Section 2.04. Ownership of the Improvements. .......................................................................... 9 Section 2.05. Landlord’s Right to Terminate.............................................................................. 9 ARTICLE 3 RENT ...................................................................................................................... 10 Section 3.01. Base Rent. ........................................................................................................... 10 Section 3.02. Proration of Impositions -
REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 Pg
REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 Pg Ownership Rights (In Property) 3 Real vs Personal Property 5 . Personal Property 5 . Real Property 6 . Components of Real Property 6 . Subsurface Rights 6 . Air Rights 6 . Improvements 7 . Fixtures 7 The Four Tests of Intention 7 Manner of Attachment 7 Adaptation of the Object 8 Existence of an Agreement 8 Relationships of the Parties 8 Ownership of Plants and Trees 9 Severance 9 Water Rights 9 Appurtenances 10 Interest in Land 11 Estates in Land 11 Allodial System 11 Kinds of Estates 12 Freehold Estates 12 Fee Simple Absolute 12 Defeasible Fee 13 Fee Simple Determinable 13 Fee Simple Subject to Condition Subsequent 14 Fee Simple Subject to Condition Precedent 14 Fee Simple Subject to an Executory Limitation 15 Fee Tail 15 Life Estates 16 Legal Life Estates 17 Homestead Protection 17 Non-Freehold Estates 18 Estates for Years 19 Periodic Estate 19 Estates at Will 19 Estate at Sufferance 19 Common Law and Statutory Law 19 Copyright by Tony Portararo REV. 08-2014 1 REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Types of Ownership 20 Sole Ownership (An Estate in Severalty) 20 Partnerships 21 General Partnerships 21 Limited Partnerships 21 Joint Ventures 22 Syndications 22 Corporations 22 Concurrent Ownership 23 Tenants in Common 23 Joint Tenancy 24 Tenancy by the Entirety 25 Community Property 26 Trusts 26 Real Estate Investment Trusts 27 Intervivos and Testamentary Trusts 27 Land Trust 27 TEST ONE 29 TEST TWO (ANNOTATED) 39 Copyright by Tony Portararo REV.