Management 180 - Real Estate Finance and Investment .docx

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Department
Management
Course
MGMT 180
Professor
Karlan
Semester
Spring

Description
MANAGEMENT180SPRING2014LectureWeek1MonCHAPTER1BASICLEGALCONCEPTSThelegalconceptsofAmericaisinfluencedbyBritishcommonlawRealEstateLandandallthingsPermanentlyAttachedtheretoRightsRealEstateRealPropertyOwnershipassociatedwithIntherealworldrealestateandrealpropertyareusedinterchangeablyalthoughtheymeandifferentthingsIntangiblesPersonalPropertyMovablethingsandFixturesArePersonalPropertyuntiltheyareAttachedtoaBuildingthentheybecomeRealPropertyWhenafixtureishookedtothebuildingitisrealestateWhenitisunhookeditispersonalpropertyEglightsspeakersAMobileHomeItispersonalpropertysinceitismoveableandnotrealpropertyorrealestateIfthemobilehomeisfixedtothegroundwaterelectricitytheitisrealpropertyasitisnowfixedtooneplaceStatuteofFraudsRequiresthatalmosteveryagreementrelatingtoRealPropertybeinWritinginordertobeEnforceablefromEngland1677TherehastobeawrittenagreementforalanddealtobevalidThecontractmustbeinwritingforittobeenforceablePropertyRightsandEstatesinRealEstateOwnershipUseandPossessoryrightsThemostcompleteformofownershipisFeeSimpleALifeEstatelastsonlyforthelifeofRemainderthenamedpersonAFutureEstatecanbeainterestoraReversioninterestFeeSimpleYouhaveallthreerightsyouhavetherighttoownuseandpossessthehouseVerybroadcontrastedwithverynarrowpropertyrightleaseFeeSimpleAbsolutemeansyoucanownthelandforeverandcandowhateveryouwanttodowithitwellkindofFutureEstateRemainderInterestIamgoingtosellyouwhatIhaveafterIamdeadReversionInterestIcansellmypropertytoyouandsaythatoncethatpersondiesthepropertygoestosomeoneelsesomeonecompletelydifferentorgoesbacktotheoriginalheirsEasementsNonpossessoryNonownershiprightstoUseoraccessLandownedorleasedbysomeoneelseTheyareverylimitedinnatureEasementOnlytheUseRightNonPossessoryandNonOwnershiprightsMostnarrowofallPropertyRightsOnepersonownsittheotherhastheeasementBettertobetheownerbecausetheownerhascompletecontroloverthelandEasementDependentontheownerInrealestatemostofusliketobeownersbecauseofthelackofcontrolsandrestrictionsLeaseholdEstatesLeasesbytheLandlordLessortothePropertyLeasedTenantLesseeforaparticularpurposeforaparticularperiodoftimeLeasesofmorethanOneYearmustbeinWritingtobeundertheStatuteofFraudsEnforceableImightownahousebutleaseittoyouyouhaveuseandpossessoryrightsLeaseholdistherighttouseandpossessnotownLandlordLessorTenantLesseePropertyisleasedbylandlordtothetenantforacertainperiodoftimeLeasesdonotgoonforeverLeaseholdshaveamaxtimeLeasefor1yearorlessNoneedforawrittenagreementButcanstillbeenforcedorallyThisisanexceptiontotheStatuteofFraudsTitleWhoOwnsthePropertyDeedDocumentthatconveysRealPropertyfromaGranteeTheTitletoGrantortoastrongestisaGeneralWarrantyDeedtheweakestisaQuitclaimDeedCertainDeedRestrictionsarenotenforceableGrantorsellerofpropertyGranteerecipientbuyerofpropertyDeedisadocumentthatevidencestitleGivenbyGrantortoGranteeGeneralWarrantyDeedMostprotectionSellerissayingthatdeedisgoodNoproblemwiththedeednothingwrongwiththepropertyIamsellingtransferringtothebuyerItcoversthebuyerItisabroaddeedQuitclaimDeedLeastprotectionWeakestevidenceoftitleManyolddeedrestrictionsarenotvalidanymoreEgDiscriminationagainstpregnantwomenApregnantwomancannotliveinthisapartmentButyoucanhavesomevaliddeedrestrictionsSecurityInterestsBorrowerMortgagorTrustorsignsaMortgageorDeedofTrustinfavorofaLenderMortgageeBeneficiarytypicallytosecuretherepaymentofaloanAsecurityinterestdoesntgivethelenderanyrightsunlessyoudefaultontheloanMortgagedeathpledgeisasecurityinterestIftheborrowerdoesntmakepaymentsthelendercanforecloseyououtItisntuseownershiporpossessoryinterestItisasecuritycollateralinterestonlyItisconditionaluponyounotperformingthetermsinthemortgageSecurityInterestUsuallyhas23partiesinvolvedDocumentusedtosecurealoanMortgagerequires2partiesorDeedofTrustrequires3partiesIntherealworlda3partyDeedofTrustisalsocalledaMortgageCAisaDeedofTruststateRecordingActsAllstateshavestatutoryrulestoresolvethePriorityofClaimsrelatingtoRealPropertyandtogivethepublicConstructiveNotice
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