Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

A- Property 1 > Anatomy of a Real Estate Transfer 2 > Flashcards

Anatomy of a Real Estate Transfer 2 Flashcards

1
Q

Purchase Agreement (L):

A

Financing Conditions. Timeframe for buyer’s procurement of financing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

We need to know when the deadline- when is the closing supposed to happen. Is the closing going to fall through if we haven’t secured a lender or gotten financing by a certain date.

What part of the purchase agreement does this refer too?

A

Purchase Agreement (L): Financing Conditions. Timeframe for buyer’s procurement of financing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Purchase Agreement (M):

A

Real Estate Taxes, transfer taxes, and closing costs. Who will pay?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

___________ who is going to pay the real estate taxes, the transfer taxes, the closing costs how all of that is going to be handled.

A

Stipulate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Purchase Agreement (n):

A

Time is of the essence.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Time is of the essence.

A

Purchase Agreement (n)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Arguably the shortest but the most important provision of the whole thing.

A

Purchase Agreement (n): Time is of the essence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

If time is of the essence is in the purchase agreement the seller has to

A

convey marketable title to the buyer by the closing date.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The seller has to do all the things that they are responsible for doing and hand them over by the closing date. It is really important to be very specific about when the_________ ________ is.

A

Closing date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

You want to stipulate when the closing is and where it occurs. If the seller cannot convey the ________ __________ by the closing date the buyer can rescind and get the earnest money deposit back. That becomes the really big issue.

A

marketable title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

If the seller cannot convey the marketable title by the closing date the buyer can _________ and get the __________ __________ _________ back.

A

rescind
earnest money deposit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Arguably the most important provision in the whole thing sounds super basic, super boiler plate choose your word. The buyer wants this to be in there.

A

Purchase Agreement (n): Time is of the essence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What does Time is of the Essence mean?

A

Time is of the essence means that the seller must convey the marketable title to the buyer at the closing date.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

By the closing date. What happens if there is no time is of the essence provision? If there is no time of the essence, they have a

A

reasonable time pose-closing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Case coming up Conklin – case where somebody says they own it but there is no ________ _ _ _ _________ so a reasonable time post-closing included time for the lawsuit to go to court to prove that the seller owned the land by adverse possession and that could take a long time.

A

time is of the essence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Put time is of the essence in there because we want the seller to convey marketable title by the closing date. True or False

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Purchase Agreement (o):

A

Inspections by buyer and permission for entry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Purchase Agreement (o): refers to what?

A

refers to all of the reasons you might need to re-renter the property after you initially view it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

sight visit and potentially to discover if there is an AP or to remove one.

A

Purchase Agreement (o):
refers to all of the reasons you might need to re-renter the property after you initially view it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Inspections – home inspection – radon gas – sight visit to make sure nobody is there.

A

Purchase Agreement (o):
refers to all of the reasons you might need to re-renter the property after you initially view it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Real estate professionals that need to go there: appraiser, surveyor, well and septic tests for rural property.

A

Purchase Agreement (o):
refers to all of the reasons you might need to re-renter the property after you initially view it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Purchase Agreement (p):

A

Cleanliness of Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Always do your walk through really close to the time of the closing because you want to make sure that there aren’t any issues. What does this refer to?

A

Cleanliness of Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Purchase Agreement (q):

A

Survey

25
Q

We want what type of survey?

A

Certified Boundary Survey

26
Q

_____________ _________ ________ means that you have physical stakes / flags in the ground and if you tied a strong to each one you would be able to see the four corners of the land and know exactly where the boundaries are.

A

Certified Boundary Survey

27
Q

You want it to be certified to make sure that the surveyor did a good job, you might assume well they were licensed, and I paid them. They mess up all of the time and when they screw up you can

A

sue them because when they certify that they have done a good job and that they are right, and they are wrong they have to compensate you for your loss.

28
Q

If you were to look at your _________ survey that is not certified to you and if it is wrong, you cannot sue them you can only sue the person that is promising you.

A

seller’s

29
Q

A typical buyer needs a _________ ___________ ____________.

A

Certified Boundary Survey

30
Q

If you represent a real estate developer you want what type of survey?

A

Alta Survey

31
Q

What is the best type of survey?

A

ALTA

32
Q

Boundary line dispute and I have an ALTA I am going to win because it is the most ____________.

A

detailed.

33
Q

Purchase Agreement (r):

A

Risk of Loss. Insurance Issues

34
Q

In a majority of states, the risk of loss is on the buyer from the moment that they:

A

sign the purchase agreement.

35
Q

In a _________ _____ ___________- the risk of loss is on the buyer from the moment that they sign the purchase agreement. That is weird because the seller is living there. We don’t all treat our stuff the same way.

A

majority of states

36
Q

In a majority of jurisdictions, the risk of loss is on the buyer the moment that they sign the purchase agreement. Because of this the ________ should _________ _________. Insurance goes into effect at the _______ __________.

A

buyer
procure insurance

closing date

37
Q

Purchase Agreement (s):

A

Warranties

38
Q

Buying a house that has been previously constructed. A used house. A preexisting structure but it might have a brand-new roof or hot water heater and it might come with a ________. Find out if the __________ exist so you can have the roofers come repair at no cost to you.

A

Warranty

Warranties

39
Q

Purchase Agreement (t):

A

Well and septic

40
Q

Purchase agreement (u):

A

Appraisal

41
Q

The _______ is for the benefit of the lender. The amount of the __________ seems to always come in the exact amount of the loan no matter how much the house is actually worth.

I bought some houses that I thought were a pretty good deal and were worth a whole lot more than what my loan amount was, but it amazingly always matches up.

A

Appraisal

Appraisal

42
Q

Purchase Agreement (v):

A

Statement of Assessments (condos homeowner’s association fees, etc.)

43
Q

It is important that you find out how much your condominium owner’s association fees are because that is going to impact the amount of money that you can afford to pay for your mortgage payment. Because sometimes those fees will be separate and apart from your HOA. – flowers and light at the front is what payment is for.

Florida – I Paid 2500 a year and I had swimming pool, tennis courts, volleyball courts, and a clubhouse paying more money in fees for amenities, but it impacts the monthly basis for the mortgage. Know fees to make sure you can afford to pay all of the things.

These refers to what part of the purchase agreement?

A

Purchase Agreement (v): Statement of Assessments

44
Q

Purchase Agreement:
(w)
(x)
(y)

A

(w) Merger of Agreements.
(x) Plurals / Pronouns
(y) Invalidity of one provision does not equal invalidity of whole.

45
Q

Purchase Agreement:
(w) Merger of Agreements.
(x) Plurals / Pronouns
(y) Invalidity of one provision does not equal invalidity of whole.
All three are standard boiler plate contract language.

A

YES

46
Q

Purchase Agreement (z):

A

Signature block / legal document secure the advice of counsel before signing.

47
Q

Representing a client that is a ________ _________ the signature block is exceptionally important.

A

corporate entity

48
Q

It needs to be clear that the corporate entity is the buyer because that is who is going to have __________ ____________.

A

potential liability

49
Q

_________:
Tiger Development Corporation
___: Magglio Ordonez
Magglio Ordonez
____: President

A

BUYER:

By:

Its:

50
Q

In a signature block it is important to type out the full name and important to indicate in what ___________ they _________ in the _____________.

A

capacity
serve
corporation

51
Q

The board of directors is a group of people, and they have different roles. not everybody has the same abilities on the board.

A document will stipulate who is supposed to do what and that is the __________.

A

bylaws

52
Q

Regarding the signature block: In this organization the president and secretary are authorized to sign legal documents on behalf of the corporation, and they are both unavailable on the day of the closing. We find out in advance, and we fix that by doing it in house as a corporation with minimal guidance from our attorney. What do we use?

A

Corporate Resolution

53
Q

__________ ___________: whereas tiger development corporation is borrowing 7M from bank whereas 7M will be used to construct 33 units of affordable housing whereas typically the secretary and president sign pursuant to the bylaws whereas they are unavailable at such and such date and time whereas at a duly called meeting with the board of directors where a corm was present and voting throughout now therefore let it be resolved that sally jones the treasurer can sign on behalf of the organization.

Tell the story of here is what we are trying to do they are not available here is the representative we are appointing to do it and we are authorizing them to sign the paper for us and the secretary will sign it and when the treasurer shows up at the closing nobody is freaked out.

A

Corporate Resolution

54
Q

So, you have your signature block and you have finished talking about the purchase agreement, the buyer has gotten financing and they have convinced the lender that they are in a sufficient position to pay back the money, a_______ ___________ has been done, the bank is satisfied that the seller has good title, any defects are cured by the closing. One of the most valuable parts of this material is ______ ___________.

A

title analysis

due diligence

55
Q

26 parts A-Z of a ___________ __________.

A

purchase agreement

56
Q

Part 3 of The Anatomy of a Real Estate Transfer.

___________ secures financing (reviews __________ and conducts a _______ _________.

A

Buyer
appraisal
credit check

57
Q

Part 4 of The Anatomy of a Real Estate Transfer.

________ _________ done. (bank must be satisfied, unsatisfactory ______ must be ______.

A

title analysis

defects

cured

58
Q
A

A- Property 1 (33 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions