Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
A Deed |
RECEIPT: EVIDENCE OF TITLE |
|
|
Title |
OWNERSHIP |
|
|
TITLE & DEED EXAMPLE |
TITLE= PUTTING YOUR NAME ON A MILK CARTON DEED= THE RECEIPT OF THE MILK |
|
|
Grant Deed |
TYPICAL DEED THAT SAYS: * WE HAVE NO ISSUES WITH THE HOME *PROPERTY IS FREE AND CLEAR OF ANY LIENS, TAXES *WE ARE GOOD |
|
|
Grantor |
SELLER |
|
|
Grantee |
BUYER |
|
|
Grant Deed makes 2 Guarantees to Grantee |
1) THE GRANTOR/SELLER GUARANTEES THAT THE PROPERTY HASN'T BEEN SOLD TO ANYONE ELSE. 2) HOUSE IS NOT UNDER ANY LIENS OR RESTRICTIONS THAT HAVEN'T ALREADY BEEN DISCLOSED TO BUYER/GRANTEE. |
|
|
Quitclaim Deed |
AN IMMEDIATE WAY TO CHANGE THE STATUS OF THE PROPERTY *NO WARRANTY * CAN'T BE SUED * |
|
|
Refinancing |
BRAND NEW LOAN |
|
|
Home Equity Line of Credit |
HOME IS USED AS COLLATERAL EQUITY IN PROPERTY AND YOU CAN BORROW AGAINST IT |
|
|
Second mortgage |
MORTGAGE TAKEN OUT ON A PROPERTY THAT IS ALREADY MORTGAGED |
|
|
Wraparound Morrgage |
WHEN THE SECOND MORTGAGE TAKES OVER THE FIRST MORTGAGE. EXAMPLE= SAM HAS $70,000 MORTGAGE ON HOME. BOB BUYS IT FOR $100,000. BOB PAYS $5,000 DOWN AND BORROWS $95,000 NEW MORTGAGE. THIS MORTGAGE "WRAPS AROUND" THE EXISTING $70,000 MORTGAGE BECAUSE THE NEW LENDER WILL MAKE PAYMENTS ON THE OLD MORTGAGE. |
