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MBE Property III

Property - Real Property Contracts and Mortgages

TermDefinition
Property Contracts and Mortgages - Coverage Areas -Real Property Contracts --Requirements --Statute of Frauds --Risk of loss --Equitable Conversion -Mortgages --Subject to and assuming Grantees --Purchase Money Mortgages --Subrogation --Recording Statutes
Checkpoint Items -Real Property Contracts --Risk of Loss --Equitable Conversion --Contingencies -Mortgages --Purchase Money Mortgages --Technical Requirements --Recording statutes
Deeds Valid Delivery: 1)Proper Execution 2)Intent
Equitable Conversion Common Law (majority) I -Risk of Loss for casualty is placed on the buyer during the executory period -The buyer is the equitable owner of the land, whereas the seller, who hold the legal title, is the equitable owner of the full purchase price.
Equitable Conversion Common Law (majority) II ...-Shifts the burden and the benefits to the purchaser.
Uniform Vendor & Purchaser's Risk Act Risk of Loss is on the buyer only if he has legal title or possession of the property.
Marketable Title Every Contract for the sale of land contains an implied warranty of marketable title. -ENCUMBRANCES: 1)Mortgage 2)Lien 3)Easement 4)Equitable servitude 5)Zoning violation 6)Future interest
Bona Fide Purchaser (BFP) 1) Pays value (purchaser, mortgagee, judgment creditor) 2) Takes in "good faith" and 3)takes without notice (key MBE element)
Recording Statutes -Race-1st to record wins -Notice-Last BFP wins -Race/Notice- 1st BFP to record wins
Mortgage & Foreclosure -MORTGAGE: An interest in land created in writing providing security for the performance of a duty or the payment of a debt. -FORECLOSURE: The method by which the security is applied to satisfy the debt.
Mortgage -Deficiency Judgment: Allowed where the proceeds of the foreclosure sale are insufficient to satisfy the debt. -Mortgagee- two causes of action: 1)"In personam" on the debt 2)"in rem" on the security
Rights of Grantee -A grantee who "assumes' a mortgage is personally liable. -A grantee who takes "subject to" the mortgage is not personally liable.
Subject to Mortgage Where the deed makes no reference to the mortgage, it is presumed the grantee takes "subject to' and is not personally liable.
Purchase Money Mortgage A purchase money mortgage takes priority over other prior mortgages, regardless of recording statutes. The purchase money mortgage itself, however must be recorded.
Exoneration The right of a surety to compel the mortgagee to proceed first against the person or property primarily liable.
Created by: Gkell001