Description
FROM CONTRACTS TO CLOSING
LEARNING OBJECTIVES
Introduction
Key terms and their meaning
Test your vocabulary
Understanding the proper usage of the key terms
SECTION 1: How it all begins
Overview of the contents of a contract
Forms of ownership
Severalty
Co ownership
Tenants by entirety
Joint tenancy
Tenancy in common
Essential of a valid contract
Statute of Frauds
Competent parties
Voidable
Void
Enforceable
Expression of agreement to sell and buy
Parole Evidence
Personal property
Loan contingencies
Property condition
Termite and other inspections
Radon
Asbestos
Mold
Wells
Type of Deed to be delivered
Warranty
Bargain and sale
Quit claim
Referee/Administrator/Judicial
Subject to provisions
Termination
Novation
Breach
Specific performance
Damages
Liquidated
Compensatory
Statute of limitations
Coop and condo contracts
Screening
Board of Directors
Homeowners Association
Underlying mortgage
By laws
Rules and regulations
SECTION 2: Estates and encumbrances
Types of Estates
Leasehold – tenant
Periodic estate
Estate for years
Freehold
Fee Simple
Defeasible fee
Qualified
Reversionary interest
Remainder interest
Life estate.
Types of liens
Voluntary
Involuntary
General liens
Judgments.
Lis Pendens
Estate and inheritance taxes
Deceased person’s debt
Corporation franchise tax
IRS tax
Specific liens
Tax liens
Mortgage liens
Priority of liens
Restrictions
Restrictive covenants
Easements
By necessity
Appurtenant
By prescription
By condemnation
For light and air
Dominant tenement
Servient tenement
Encroachments
Essentials of a valid deed
In writing
Competent sane adult
Granting Clause
A definite description of real property conveyed
Metes & Bounds
Monuments
Section Lot and Block (plat of subdivision)
Habendum clause
Consideration
Limitations or reservations affecting title (“subject to” clause).
An acknowledgment of its execution in order for the deed to be
recorded.
Transfer of real estate after death
Intestate
Testate
Testator/Testatrix
Executor/Executrix
Devise
Devisee
Recording
Executed
Executory
Financing.
Mortgage Broker
Mortgage Banker
Mortgage Defined
Mortgagor
Mortgagee
SECTION 3: Transferring Title
What is Title?
What is Title Insurance?
Alta
Title insurance policies
Title Underwriters
Title Abstract Agencies
Title Defects That Are Protected by Title Insurance
Existing liens in the public record
Outstanding maintenance fees other than those disclosed
Loss of use
Fraud
Forgery
Probate issues
Outstanding Mortgage
Forged Deeds
Forged Satisfactions
Title Abstract Company
Title Closer
Functions of a Title Closer
Notary Publics
SECTION 4: On the way to closing
Ordering the Title Report
Ordering the Abstract
Certificate of Occupancy.
Building codes
Building permit
Franchise Tax
Fire Dept. Search
Emergency Repairs
Bankruptcy.
Street Report
Additional searches
Chain of title.
Name searches
Patriot search
Reading Title
Curing problems
Clearance
SECTION 5: At the Closing
Photo identification
HUD-1 Settlement
Closing costs descriptions
Good faith estimates
Title Insurance Premiums
Owner’s Policy, aka Fee Policy
The Mortgage Policy, aka Loan Policy
Survey Fees
Survey Reading
Survey Inspection.
Recordable Documents
Deeds
Mortgage(s)
Power of Attorney
Satisfaction of Mortgage
Assignment of Mortgage
Mortgage Tax
Omit, Except, Insure Or Info.
Payoff Information for Mortgage Obligations
Notarizing and Examining the Recordable Documents
Verifying Information on the Deed
Forms of ownership
Legal Description
Signatures
Transfer Documents
Affidavits
Escrow Agreements
Returning the File
Post-Closing items need to:
Be paid
Be recorded
Remain in the file at the title company
Be sent to the underwriter (copy of policies)
