RE Law MidTerm Ch 5 -9 Flashcards
What are the 3 types of Legal Descriptions?
- Metes and Bounds (MA)
- Gov’t Survey (Grid)
- Plat Description (Refs Survey)
What are 4 Major things a Real Estate Broker does?
- MLS Listing
- Open Houses / Property Access
- Establish Mkt Value & Listing Price
- Explaining Buying Selling Process & Getting Signatures
What does Respondeat Superior mean?
Let the Master Answer - Legal Doctrine holds Principal legally responsible for the agent
What are two types of listing agreements?
- Exclusive Right to Sell - Listing broker gets commission no matter who procures a buyer.
- Exclusive Agency
What does Tristam’s Landing tell us?
When commission is due - when the deed is recorded - not just when there is a ready willing able buyer.
Things a Paralegal needs to look for in a P&S Agreement
DATES!!! - Contingency, Closing, Financing
Property Description
What does the Statute of Frauds tell us?
That a real estate transaction must be in writing
Who must insure a property in a real estate transaction?
The seller assumes the risk in Massachusetts right up until closing.
What is a deed?
A title and a written transfer of land
What is a Fiduciary Deed?
An Estate Deed - Need a certif of Death & a No Tax Affadavit
What are 2 major formatting items in deeds?
A 3” margin and putting prop address in left hand margin
Where do you look to find the Percentage of Common Interest for a Condo Deed?
Always refer to the prior deed
Who signs the Deed?
The GRANTOR
Items in a deed - The magic 15
ACCDDDEGHNRRSTW Address Covenants & Restrictions Consideration Description Delivery & Acceptance Date Excise Tax Stamp Grantor / Grantee How the title is transferred Notory Recorded Reference to Prior Deed Signatures Type of Deed Words of Intent
What are the 2/3 kinds of Warrantys?
- General Warranty - Most assurance to the buyer - I did nothing wrong and neither did anyone before me (forever)
2.Special Warranty - Protecting grantee from current owner only (used in other states) In Mass this is called a Quitclaim
In other states a Quitclaim offers no protection - AS IS
What is a Bonfide Purchaser (BFP)?
One who acts in good faith w/o notice and pays value.
What is Race?
When there are 2 deeds and 1st person to registery wins
What is Notice?
Subsequent BFP has no notice of another deed - This is primary in Mass
What is Race Notice?
Most Common in other states - Subsequent No Notice & 1st to Registry
What is a lien?
Claim against a property when the owner owes a creditor - The title is no longer clean
What is a Mortgage lien?
This lien attaches to the property the mortgage note is for Only.
What is subordination?
Priority - Tax liens are always first but the rest of the folks have to line up in a specific order.
What is a mechanics lien?
A construction lien - Claim on property to cover improvements, furnishings etc. used in new construction a lot.
What is a Judgement Lien?
Monetary debt attached to real property - If you were sued and lost - An attachment is done right away to secure the property - An execution is done after the case is over to take the property.
What is Lis Pendens?
A notice recorded when a lawsuit affects title to a particular parcel of real property.
How long is a mortgage no longer enforceable?
35 years or 5 yrs past the maturity date if it has not been discharged. `
