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14 Cards in this Set
- Front
- Back
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TDS known as Transfer disclosure statement |
TDS applies when real REAL PROPERTY ( is a parcel of land and everything that is permanently attached to the land, The owner of real property has all of the rights of ownership which called the bundle of rights) of 1 - 4 (residential property) dwelling unites(means a single unit providing complete, independent living facilities for one or more persons, including permanent provisions提供for living, sleeping, eating, cooking and sanitation. )is transferred by sale, exchange兑换， installment land部分土地sale contract, ground lease coupled with 再加上improvements, lease with an option to purchase, or any other option to purchase. |
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What is TDS |
The real estate transfer disclosure statement describes the condition of a property and , in the case of a sale, must be given to a prospective buyer 准买家 有意购买者 as soon as practicable 在可行的情况下dl尽快and before transfer to title. |
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Manufactured home |
A type of prefabricated residence预先建造好的住宅 the manufactured home, as its name implies, has its standardized 使合乎标准的 parts constructed建造 and assembled 组装in a factory; it’s then transported运输 and affixed 附着 to a location(your home site). In contrast, a traditional home is built from the group up on your lot. |
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Land is real property Mobil Homs are personal property Manufactured home are not classified as real property and, therefore, are classified as personal property. |
TDS Also Pertains适用 to the resale of a manufactured home or a Mobil home even if classified as personal property, provided that the manufacturer or mobile home is located on real property and is intended for use as a residence. |
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Common area |
Common areas in deeper definitions can include hallways, sidewalks, parking lotsX community swimming… |
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Common area |
Common areas in deeper definitions can include hallways, sidewalks, parking lotsX community swimming… |
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On a real estate TDS form the broker must… |
make a visual inspection of all accessible areas and report his or her findings in the form. Need to be notified both buyer and the seller of your findings |
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Visual inspection |
Listing and selling brokers/agents must each conduct进行，实施 a reasonably competent合格的 and diligent细致的 visual inspection of real property, which consists由…组成of 1-4 dwelling units, that’s sold through brokers/agents.
Also includes manufactured homes and mobile home
The agents do not have to inspect 1. Areas not reasonably accessible可到达的 2. Areas off the site of the property 3. Public records or permits concerning the title or use of the property 有关财产所有权或使用权的公开记录和许可 4.the common area of the property is in a common interest development if the seller and the seller’s brokers/agents comply遵守with civil codes section1368 |
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Misrepresentation |
Occurs when a principal or agent conceals隐瞒 or falsifies伪造 the condition and/or other material facts about property
Types: Intentional fraud Intentionally lying Actual Fraud Negative fraud忽略
Negligent, honest mistake that causes a client harm. |
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Transfers are exempt from the TDS requirement. |
the sale of new homes as part of a subdivision project where a public report must be delivered to the purchase or a public report is not required. however, when such new homes are sold through real estate broker, the broker owns the buyer a duty to disclose and material facts which affect the value, desirability and intended use of the property Foreclosure sale.止赎拍卖 court ordered transfers Transfers by a fiduciary受托人 in the administration of a decedent’s以故人的 estate, a guardianship监护人的责任， conservatorship 接管，or trust except where the trustee is a former owner of the property. Transfers to a spouse or to a person or person in the lineal line of consanguinity血缘的直系关系 Transfer resulting from a judgement of dissolution of marriage有解除婚姻关系的判决而引起的转移，or of legal separation或法律上的分离，or from a property settlement 和解agreement incidental 附带的to such a judgement 判决 transfer from one co-owner to another Transfers by the state controller for unclaimed property Transfer resulting from failure to pay taxes Transfers to or from any governmental entity |
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what does it mean to buy a property “Subject to”in real estate ? |
put simply : A person buys a property “Subject To” 受…管制 the existing mortgage. With a subject to, the title of the property is transferred to the new owner, and the new owner commits to paying the monthly mortgage payments, but the loan remains in the name of the seller.
Example: Joe is behind on拖欠，延误 his 150,000 mortgage and he is facing the possibility of foreclosure丧失抵押品赎回权. An investor discovers the opportunity, evaluates the home and determines 判定出 its current market value is 175,000. Joe in order to avoid a foreclosure and screwing up his credit, Joe agrees to sell the property this investor SUBJECT- TO his existing loan. At closing, the investor gives Joe 25,000 and Joe simply transfers the deed over to the investor, and the investor takes over Joe’s monthly mortgage payment. Joe is happy because his default 拖欠is sured, he avoided a catastrophic 灾难 credit hit from the foreclosure, and he gets the benefit of continues regular monthly payments on his credit report. And the investor is happy too because they got a loan on a property with the hassle麻烦 and expense of obtaining获得 a new mortgage. |
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Mortgage Assumption also known as Assuming mortgage |
A mortgage assumption is when the seller’s name is removed from the mortgage and the new buyer becomes directly responsible to the lender. Under an assumption, the new buyer has to go through loan qualifications资格 just as though they were applying for a brand new loan. By contrast, with SUBJECT TO financing, the selling remains on the loan, which means they are still technically liable if the investor stops making payments. |
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Disadvantage to selling property subject to |
in many cases, mortgage contracts give lenders the right to “ call the note due” if a property is sold subject to. This means that the mortgage lender can demand the entire loan amount be paid right now if the deed is transferred, and if not paid, they will initiate a foreclosure. This is a huge risk for the investor, especially if they don’t have the cash to cover the balance if the note is called due or if they can’t get refinancing from another lender. Property Insurance can also create some major challenges. Sometimes a change in policy holders is all that it takes the note to be called due. |
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Deed |
A deed has no effect unless it is delivered, accepted and properly executed.The delivery must evidence the intention of the grantor(sellor) to pass title immediately to the grantee(buyer). 交付必须证明卖方有意立即将所有权转让给买方 Delivery of the deed is presumed when it is recorded. |
