Realestate

Front 1

type of court: decide legal issues only, eg dont take evidence from live witnesses

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apellate courts

Front 2

type of court: lowest level, must follow apellate and supreme

Back 2

trial courts

Front 3

type of court: midlevel, follows supreme

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court of appeals

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type of court: final appeal at fed. level

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supreme court

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type of court: court of general jurisdiction at state level

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common pleas court

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court of appeals can:

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reverse, remand, or affirm ONLY

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all that's required in pleadings:

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to put other parties on notice of claims asserted

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complaint usually sent out by court at plaintiff's request via mail

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service of process

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personal service by plaintiff:

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not acceptable

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person initially being sued

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defendent

Front 11

attorneys use this to gather evidence and lessen credibility of deponent

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deposition

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it is important to keep complete and accurate records in real estate transactions is part of this:

Back 12

discovery summary

Front 13

land includes:

Back 13

everything from the center of earth

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affects land which borders water

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riparian rights

Front 15

fruits of land, considered part of the land

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fructus naturales

Front 16

fruits of industry, planted by previous owner, considered personal property

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fructus industriales

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compensatory damages is considered:

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money

Front 18

interference with ones private use and enjoyment of land, can affect land, subsurfaces, and air rights

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nuisance

Front 19

Used if want to convey land to be used for specific purpose, e.g. park, church, shrine to real law teacher, etc.

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qualified fees

Front 20

another word for forfeiture

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reversion

Front 21

fee simple ownership limited to the life span of the tenant

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life estate

Front 22

Applies to husbands only and gives husband life estate in wife’s real estate

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curtesy

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ohio does not recognize this

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concept of community property

Front 24

a spouse can agree to waive such rights

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antenuptial agreement

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holdover tenant staying after lease is expired

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tenancy at sufferance

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means ownership by a single person

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severalty ownership

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ownership of realty by two (2) or more persons who each have an undivided fractional interest with the right to equally use the property

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tenancy in common

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Tenants have right to use and possess property. Upon the death of any tenant, the decedent’s interest passes to the survivor(s)

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statutory survivorship tenant

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If client asks you “How should title be taken?” your response should be:

Back 29

“Talk to your attorney.” Do not give legal advice aka the unauthorized practice of law

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governed by state's statutory code

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condo law

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elements of a deed

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grantor, grantee, consideration

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grantor may give the other person this:

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POA

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to pass the title the grantor must do this with the deed which shows the grantor has surrendered possession

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delivery

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delivery occurred when the deed first placed in escrow

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relation back

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type of deed covenant not enforceable

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racially restrictive deed

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From POV of grantee this is the best type of deed

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general warranty deed

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only extends grantor’s warranty for the period of the grantor’s ownership of the land.

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special or limited warranty deed

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No warranties, grantor conveys whatever interest grantor has in land when deed executed. No $$ or consideration is required

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quitclaim deed

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Parties mutually agree to obligate themselves, in real estate almost always in writing.

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express contract

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all contracts are:

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express

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The power to reject an offer lies with:

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the offeree

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A real estate listing contract must include

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the asking price and the commission w/ % rate

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The power to withdraw an offer rests with:

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the offeror

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not necessary to form a valid contract

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earnest money (deposit)

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if person is mentally ill contract is:

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void

Front 46

Real property is disposed of by the court ordering the sheriff to auction the realty at a public sale

Back 46

modern foreclosure

Front 47

If the realty does not
bring enough $$ at auction to cover the prom
note, the court can grant

Back 47

deficiency judgement

Front 48

If the sale proceeds from the auction exceeds
what is owed on the note, the excess goes to the

Back 48

mortgagor

Front 49

If not one bids the minimum amount at auction, the court will usually:

Back 49

order appraisers to re-evaluate the property and re-set the auction

Front 50

. When have due-on-sale clause (which most mortgages have)

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a seller won’t be able to use creative financing

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Sellers engaging in owner financing should

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look into buyer’s credit history just as would a bank

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Buyer who defaults on land contract will face

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forfeiture (loss of all payments up to point of default plus eviction)

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Mechanics’ lien is effective from the date of:

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filing of the lien

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Meeting of real estate brokers, bank’s representatives, buyer, seller and closing attorney (usually from title company)

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formal closing

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Advantage of escrow closing

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no need for parties to physically appear

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real property taxes prorated on date the:

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title is transferred

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charge for improvements to a small part of a taxing district

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special assessments

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Applies only to first mortgages of residential real estate

Back 58

RESPA