Black Letter Outline on Land Transactions and Finance
Authors:
Nelson, Grant S. / Whitman, Dale A. / Burkhart, Ann M. / Freyermuth, R. Wilson
Edition:
5th
Copyright Date:
2016
21 chapters
have results for real estate
Capsule Summary 102 results (showing 5 best matches)
- A mortgage that contains an after-acquired property clause purports not only to mortgage the real estate it specifically describes, but also any real estate that mortgagor subsequently acquires. As between the mortgagor and mortgagee, such clauses generally create an equitable lien on the subsequently acquired real estate. Some jurisdictions limit the coverage of the clause to subsequently acquired real estate that is functionally related to the real estate described in the original mortgage.
- English equity courts began treating the real estate contract, during its executory period, as if it had already been performed for some purposes. As a consequence, under the doctrine of equitable conversion, the seller’s interest is deemed to be personal property and the buyer’s interest is considered real estate, even though no closing has yet occurred. Most American states follow this doctrine.
- Congress enacted RESPA in 1974 to curb abuses thought to exist in residential real estate closings, particularly those related to the marketing of title insurance, real estate brokerage services, credit reports, and other closing-related services. RESPA applies to all closings involving a mortgage loan involving a federal agency or a federally-insured or regulated bank or savings institution.
- A lender sometimes requires the borrower to execute a promise not to encumber or transfer his real estate while the loan remains unpaid. The issue is whether the negative covenant constitutes an equitable mortgage on that real estate.
- The due-on-sale clause gives the mortgagee the option of declaring the entire mortgage debt due and payable if the mortgagor transfers the mortgaged real estate without the consent of the mortgagee. The due-on-encumbrance clause gives the mortgagee the same right to accelerate if the mortgagor further encumbers the mortgaged real estate without the mortgagee’s consent.
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Chapter X. Some Priority Problems 50 results (showing 5 best matches)
- A mortgage that contains an after-acquired property clause purports not only to mortgage the described real estate, but also any other parcel of real estate that mortgagor subsequently acquires.
- If a real estate mortgage lien has priority over a conflicting Article 9 fixture security interest, the Article 9 fixture secured party cannot remove the fixture from the real estate without the mortgagee’s consent. However, if the real estate mortgagee forecloses and the foreclosure sale yields a surplus after satisfaction of the mortgage, the Article 9 fixture secured party has a claim against that surplus.
- The equitable lien that attaches to the mortgagor’s subsequently acquired real estate as a result of an after-acquired property clause is generally junior to preexisting liens on that real estate and to purchase money mortgages created in the process of its acquisition.
- Even though an after-acquired property clause is generally effective to create a lien on real estate subsequently acquired by the mortgagor, recording act problems make it difficult for the beneficiary of the clause to obtain priority over other parties that acquire interests in that real estate from or through the mortgagor.
- Here, priority for the Article 9 fixture secured party is appropriate because the installation of the fixture (financed by the Article 9 secured party) typically will have improved the value of the real estate. Moreover, the prior real estate mortgagee will have taken its mortgage without relying on the presence of the fixture, so to afford the mortgagee priority would confer on it an unbargained-for windfall.
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Chapter XIII. Common Interest Ownership: Condominiums, Cooperatives & Planned Communities 38 results (showing 5 best matches)
- Note that each cooperative unit is not a separate entity for purposes of real estate taxation. Because the tax assessment is on the building and not on the individual unit, owners may face the prospect of being required to pay their defaulting cooperator’s share of real estate taxes, as well as their own, to prevent loss of the entire property at a real estate tax lien foreclosure sale.
- In all states, statutes establish the condominium unit as a separate entity for real estate tax purposes.
- There is some uncertainty over the proper method of foreclosing on individual cooperative units. There is authority that a secured lender may foreclose by private sale under § 9–610 of the UCC. By contrast, there is also case law that holds that the proprietary lease is real estate, so that a collateral assignment of it is not within the scope of Article 9 and must be foreclosed as a real estate mortgage. See , 90 B.R. 912 (Bankr.N.D.Ill.1988). See also 2 Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law (Practitioner Treatise) § 13.6 (6th ed.2014).
- In a few states, legislation has solved this uncertainty. In New York, a statute adopts the view of prior case law that cooperative apartments are personal property, but also mandates that security interests in them must be perfected by filing an Article 9 financing statement in the local office in which mortgages on real estate are recorded. Under the New Jersey statute, cooperative units are treated as a special type of real estate, with transfers of title and perfection of security interests accomplished through recordation in the county recorder’s office. The latter documents are recorded in the same way as real estate deeds and mortgages and are indexed in a master register maintained for each cooperative development.
- Each month the unit owner makes a payment to the cooperative corporation (as rent under the owner’s proprietary lease) consisting of his or her unit’s proportional share of debt service on the blanket mortgage, real estate taxes, insurance and common area maintenance.
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Chapter IV. Mortgage Substitutes 42 results (showing 5 best matches)
- The grantor’s continued payment of the real estate taxes indicates a mortgage, rather than a sale. However, if the grantee can show that the grantor is the grantee’s tenant, the payment of real estate taxes may be less import, because tenants often pay real estate taxes in a “net” lease arrangement.
- In most jurisdictions, statutes provide that a judgment lien attaches to all “real estate” of the judgment debtor in the county in which the judgment is obtained or recorded. Frequently, the question arises whether a judgment lien against an installment land contract vendee attaches to his interest. Is the vendee’s interest treated as “real estate” for purposes of the judgment lien statutes?
- Occasionally, a lender requires a borrower to execute a covenant that he will not encumber or transfer his real estate until he has repaid the loan in full. The question is whether this negative covenant is an equitable mortgage on the real estate.
- A borrower’s written agreement that she will not mortgage or transfer her real estate while her loan from the lender remains unpaid constitutes a mortgage on her real estate in lender’s favor.
- primary asset involved was an interest in real property. In effect, this approach treated the transaction as a mortgage on a fee interest in real estate. Consequently, the creditor would take and record a mortgage in the real estate records. See e.g., ., 915 F.2d 531 (9th Cir.1990). Finally, a few courts held that the right to the contract payments was a personal property right against which the creditor had to perfect under Article 9, while the right to assert the security interest in the real estate was a real property right against which the creditor could perfect by recording in the real estate records. See
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Chapter IX. Foreclosure 88 results (showing 5 best matches)
- It is relatively rare for a mortgagee to obtain relief from stay under section 362(d)(1)’s “cause, including lack of adequate protection” standard. Unless the mortgagee can demonstrate that the debtor’s use of the real estate poses a risk of depreciation in the value of the real estate, relief under section 362(d)(1) will not be available. Instead, a real estate mortgagee is more likely to seek relief under either section 362(d)(2) or 362(d)(3).
- One action rules are designed to protect the mortgagor from a multiplicity of actions and, in some states, to compel a mortgagee to exhaust the mortgaged real estate before attempting to collect the debt from the mortgagor’s other assets. See Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law § 8.2 (6th ed.2015).
- If the mortgaged property is single-asset real estate, the mortgagee will certainly seek relief under section 362(d)(3). This section requires the debtor of single-asset real estate either to (1) propose a feasible reorganization plan within 90 days or (2) begin making monthly payments of interest on the secured portion of the mortgagee’s claim. If the debtor does neither, the court must grant relief from the stay and permit the mortgagee to foreclose. Section 362(d)(3) thus forces the single-asset real estate debtor to propose its plan quickly, or to at least pay interest to the secured party to the extent that the debtor takes longer than 90 days to propose its plan.
- Debtor owns commercial real estate subject to a mortgage loan held by Bank in the amount of $38 million. On the date of Debtor’s Chapter 11 petition, however, the real estate’s value was only $13 million. Bank made a § 1111(b) election to have its claim treated as fully secured. Debtor’s plan proposed to keep the real estate free of Bank’s lien, but to provide Bank with substitute collateral in the form of a first lien on $13 million worth of 30-year Treasury bonds. Debtor’s plan is not “fair and equitable” because the bonds are not the “indubitable equivalent” of the mortgaged land.
- 11 U.S.C.A. § 363(a) (“ ‘cash collateral’ means cash … or other cash equivalents whenever acquired in which the estate and an entity other than the estate have an interest and includes the proceeds, products, offspring, rents, or profits of property and the fees, charges, accounts or other payments for the use or occupancy of rooms and other public facilities in hotels, motels, or other lodging properties subject to a security interest as provided in section 552(b) of this title, whether existing before or after the commencement of a case under this title….”). Ordinarily, the trustee/DIP can use property of the estate (such as mortgaged real estate and rents arising from that real estate) in the ordinary course of business. 11 U.S.C.A. § 363(c)(1). However,
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Chapter V. Rights & Duties Prior to Foreclosure 48 results (showing 5 best matches)
- Just as mortgagees have a strong interest in making sure that insurance proceeds are available to substitute for real estate security destroyed or damaged by casualty, so too they seek to ensure that the mortgagor pays real estate taxes and special assessments when due. This is important because tax and assessment liens normally have priority over all mortgage liens. Stated another way, the foreclosure of a real estate tax lien, no matter when it came into being, wipes out every other lien on the foreclosed real estate.
- For this reason, mortgagees often require mortgagors to pay monthly, in addition to their installments of principal and interest on the mortgage debt, an amount equal to one-twelfth of the estimated annual real estate taxes and insurance premiums on the mortgaged real estate. The mortgagee places this additional amount into an escrow or reserve account, from which the mortgagee pays the annual real estate taxes and insurance premiums directly as those payments become due.
- The reason why mortgagees require the monthly payment into a reserve or “escrow” account of 1/12 of the estimated real estate taxes on the mortgaged real estate is so that the mortgagee can reinvest those funds at a profit.
- Successor owners of the mortgaged real estate may be held liable for waste even if they did not assume the mortgage debt and have no personal liability on it.
- A mortgagee commonly requires the mortgagor, in the mortgage itself or in a separate agreement, to “assign” to the mortgagee the rents and profits from the mortgaged real estate as additional security for the mortgage obligation. In rare instances the assignment will give the mortgagee immediate access to the rents (even prior to default). In that event, the rents will supplement or substitute for annual or monthly installments on the mortgage obligation. In most cases, however, the mortgagee’s right to collect the rents is triggered by mortgagor default.
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Chapter VI. Transfer by the Mortgagor 44 results (showing 5 best matches)
- A mortgagor’s interest or “equity” in the mortgaged real estate is normally freely transferable. However, the mortgagor cannot escape personal liability on the mortgage debt by transferring the real estate to a purchaser-grantee. The mortgagor remains personally bound to pay the debt unless expressly discharged by agreement with the mortgagee.
- Mortgagor borrows $100,000 from Mortgagee. The debt is secured by a mortgage on Mortgagor’s real estate (worth $100,000), and is due in one year. During Year 1, Mortgagor sells the mortgaged real estate to Grantee, who takes subject to (but does not assume) the mortgage. Thereafter, at Grantee’s request and without Mortgagor’s consent, Mortgagee extends to Grantee an additional year to pay the note. At the end of Year 2, Grantee defaults in payment on the note. Mortgagee makes a claim against Mortgagor for the balance owing on the note. The balance owing on the mortgage debt at the end of Year 2 remains $100,000, but the value of the real estate has declined during Year 2 from $100,000 to $90,000. Under the Restatement (Third) of Suretyship and Guaranty, Mortgagor is discharged from liability for $10,000, but remains liable to mortgagee for $90,000. Under the traditional approach, mortgagor is discharged to the extent of $100,000, the value of the real estate at the time the...
- Whenever the grantor transfers mortgaged real estate in a “subject to” or “assumption” transaction, the original mortgagor is regarded as a surety.
- Parties to a real estate transaction may attempt to avoid an acceleration of the mortgage debt by concealing the transfer from the mortgagee. To decrease the risk of discovery of the transfer by the mortgagee, the parties often arrange to have the purchaser make the monthly mortgage payment to the seller-mortgagor or to a third party who, in turn, makes the payment to the mortgagee under the name of the mortgagor. Despite the parties’ precautions, mortgagees often learn of these transactions through a variety of means. For example, a mortgagee may monitor the public records for new real estate recordings affecting its mortgages. Similarly, ownership transfers may become apparent when, in its escrow capacity, the mortgagee receives real estate tax statements that evidence a new owner or when, after a new casualty insurance policy has been issued, a new mortgagee’s policy is also issued. Some mortgagees keep abreast of transfers through a program of regular inspection of the...
- 12. Release of the Mortgagor After Transfer of the Real Estate
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Chapter II. Conveyances and Titles 20 results (showing 5 best matches)
- Congress enacted the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2601 et. seq., in 1974 to curb abuses that were thought to exist in residential real estate closings. Many of these abuses related to the marketing of ancillary “settlement services” such as title insurance, real estate brokerage, credit reports, and the like. As enacted (and amended from time to time), RESPA applies to all “settlements” of “federally-related” mortgage loans—essentially all transactions in which any federal agency or federally-insured or regulated financial institution is involved.
- J. The Real Estate Settlement Procedures Act (RESPA)
- J. The Real Estate Settlement Procedures Act (RESPA)
- c. Real estate agents are permitted to split commissions.
- d. “Controlled business” refers to arrangements in which someone who has the ability to refer settlement service business makes referrals to an entity in which the referrer has at least a 1% ownership interest. A typical example is a real estate agent or a lender that owns an interest in a title company and refers business to that company. Controlled business arrangements are permitted so long as all of the following limitations are met:
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Chapter XI. Government Involvement in the Mortgage Market 9 results (showing 5 best matches)
- A REIT is analogous to a mutual fund, except that it invests in real estate, rather than in the stocks. A REIT sells shares in itself to investors and uses the funds to acquire equity (ownership) positions or to make mortgage loans on real estate, primarily commercial, income-producing properties.
- e. Real Estate Investment Trusts (REITs)
- For these reasons, the Court held that the federal rule in these cases should be state law. Note that most or all of these same considerations apply to federal programs that involve real estate mortgages.
- Friendly Savings and Loan Association, a state-chartered entity, wants to make graduated payment adjustable rate mortgages (GPARMs) on residential real estate, but its state regulatory agency has not authorized such mortgages. The federal government has approved such mortgages by federal savings and loan associations. What are Friendly’s rights? Explain.
- . See Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law § 11.6 (6th ed.2015); Alexander,
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Chapter VII. Transfer by the Mortgagee 44 results (showing 5 best matches)
- A real estate mortgagee owns two interests: the personal obligation owed by the mortgagor (usually evidenced by a promissory note) and the interest in the real estate that is the security for that obligation (usually evidenced by a mortgage or deed of trust).
- For example, it may state that it is secured by a mortgage on real estate, and may include or incorporate mortgage provisions dealing with protection of the real estate, such as payment of taxes and insurance premiums and avoidance of waste.
- The FTC Rule applies only to natural persons who purchase goods or services for personal, family or household use in amounts of $25,000 or less. Real estate mortgages are affected by the rule only if they secure payment for such goods or services. Thus, for example, the FTC Rule applies to a $15,000 note and mortgage given to a home improvement contractor as a result of the latter having built an addition to the maker-mortgagor’s house. By contrast, the FTC Rule does not apply to real estate mortgages arising from sales of
- If the assignee properly perfects its security interest in the note, Article 9 makes it clear that the assignee is also perfected as to the mortgage. See U.C.C. § 9–308(g) (“Perfection of a security interest in a right to payment or performance also perfects a security interest in a lien on personal or real property securing the right, notwithstanding other law to the contrary.”).
- A $25,000 promissory note payable to Safety Savings and Loan Association is secured by a first mortgage on Blackacre. In addition to the usual terms, the note also contains a covenant by the maker (mortgagor) to purchase certain additional real estate from the mortgagee. The note is not a negotiable note because the promise to purchase additional real estate is not among the promises permitted in a negotiable note under U.C.C. § 3–104(1)(b).
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Perspective 8 results (showing 5 best matches)
- This Black Letter covers two major topics. The first two parts of the Black Letter deal with buying and selling real estate, typically called “conveyancing.” In many law schools, this material is covered in the first-year Property Law course, but other schools blend it into an advanced course called “Property II,” “Modern Real Estate Transactions,” “Real Estate Finance,” or the like. That is why we have included it here.
- For many years, real estate finance law was considered a stable, even humdrum, topic. However, it has become a remarkably fast-moving field. The principal reasons for this change are:
- Of course, the same principles of good examination writing that work well in other courses will work well in this one, too. However, we offer some specific observations that we think will help you perform well on real estate finance examinations.
- We don’t believe that most students will need extensive outside readings beyond their own casebooks and this Black Letter. However, you may run into particular topics that you have trouble grasping without additional help. We think (with perhaps a pardonable lack of modesty) that the best source for the real estate finance material is Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law (6th ed.2015). It develops most topics in considerably greater depth than this Black Letter or your casebook, while still keeping them at a level students can follow readily.
- The second topic has traditionally been called “mortgages.” It is covered in this outline beginning with Part III. Today, it has been expanded to include deeds of trust, installment contracts, and other real estate security devices. The course you take may include only this material and may exclude conveyancing. If so, you can simply disregard Parts I and II of the Black Letter.
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Appendix D. Glossary 49 results (showing 5 best matches)
- (1) Mortgage language that makes it clear that the “conveyance” to the mortgagee will be ineffective if the mortgagor discharges the debt. (2) A commercial mortgage provision that permits the mortgagor to substitute other security, such as U.S. government bonds, for the real estate in order to free the real estate of the mortgage without prepaying the loan.
- Most residential mortgagees require the mortgagor to pay the mortgagee, each month, 1/12 of the estimated annual real estate taxes and casualty insurance premiums for the mortgaged real estate. The mortgagee places these payments into an “escrow” or “reserve” account.
- An instrument that, on its face, has all the characteristics of an actual transfer of title to real estate. If a court finds that it was intended to be security for a debt, it will be treated as an equitable mortgage. Security intent can be established by extrinsic written or oral evidence.
- After a judicial determination of default and a judgment for possession, the mortgagee may enter the foreclosed real estate. The result is strict foreclosure. It is the judicial equivalent of Entry Without Process.
- A mortgage provision that makes the mortgage encumber not only the land that it describes, but also any real estate that the mortgagor subsequently acquires.
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Appendix A. Answers to Review Questions 23 results (showing 5 best matches)
- It is a mortgage on real estate taken by a third party, often an institutional lender, whose funds the mortgagor used to acquire the mortgaged real estate.
- To obtain priority over the conflicting claim of a prior real estate mortgagee, the party with the purchase money security interest in the fixture must make a fixture filing before the good is affixed to the real estate or within 20 days thereafter.
- While some lenders in the past hesitated to provide condominium resale financing, most are now willing to do so. This is because the condominium unit is a separate entity for mortgageability and real estate tax purposes. Because the cooperative unit is usually subject to a large blanket mortgage on the entire building and units are not subject to separate real estate taxation, potential resale lenders fear that their liens will be placed in jeopardy by a default in the blanket mortgage or in real estate tax payments. Moreover, many institutional lenders traditionally have been either required or inclined to take real estate mortgages only. Consequently, doubt as to what type of security the cooperator’s corporate shares and proprietary lease would provide is another deterrent to lender willingness to finance such resales.
- Because the SAM lender is willing to accept a lower-than-market mortgage interest rate in exchange for a percentage of any appreciation in the mortgaged property’s value, this type of mortgage is only profitable when real estate prices increase. If a lender expects relatively stable real estate prices, it will either avoid the SAM entirely or at least will demand a relatively high mortgage interest rate or a higher share of any future appreciation.
- III. INTRODUCTION TO THE LAW OF REAL ESTATE FINANCE
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Chapter VIII. Discharge of the Debt and Mortgage: By Payment or Otherwise 24 results (showing 5 best matches)
- Obviously the original mortgagor is primarily responsible for payment if he or she still owns the mortgaged real estate. This is so even if the debt is “non-recourse,” so that the mortgagor has no personal liability on it. In addition, a grantee who presently owns the real estate is considered primarily responsible, whether he or she assumed the mortgage debt or merely took subject to it. Likewise, a cotenant or the holder of limited interest, such as a life estate, is considered primarily responsible except to the extent that someone else has a duty to reimburse him or her for part of the payment made.
- Many states have legislation governing prepayment fees, but they vary a great deal. The one common element in nearly all such legislation is that it is limited to residential real estate. Some statutes prohibit prepayment fees altogether. More common, however, are statutes that limit penalties to 1–3% of the principal balance, depending on the number of years the loan has been outstanding.
- When someone who holds an interest in the real estate subordinate to the mortgage, but who is not primarily responsible for the obligation, pays it in full, payment does not extinguish the mortgage. Instead, the mortgage and the obligation are deemed assigned to the payor by operation of law under the principle of subrogation.
- Mortgages to secure promises of support present especially difficult problems. The grantor—typically an elderly person—conveys title to real estate to a younger relative in return for the latter’s promise to care for the grantor during his or her life. The grantee’s promise is secured by a mortgage on the conveyed real estate in favor of the grantor-mortgagee. Courts tend to construe these mortgages liberally in favor of the mortgagee. See, e.g., (1997). However, some courts go so far as to read into the transaction an “implicit promise of peace, harmony and emotional well-being” in addition to the specific promise of physical support. Id. “Where such promises as love, affection, or emotional support are present, it is highly questionable whether the mortgage should be regarded as a mortgage at all since it is difficult to see how the obligation can be reduced to a sum of money.” Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law § 2.2 (6th ed.2015). See Restatement (...
- , 699 N.Y.S.2d 437 (App.Div.1999); Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law § 6.1 (6th ed.2015). This rule is known as the “perfect tender in time” rule and derives from , 14 L.J. (N.S.) Ch. 167 (1845), where the court stated that if mortgagors “were allowed to pay off their mortgage money at any time after the execution of the mortgage, it might be attended with extreme inconvenience to mortgagees, who generally advance their money as an investment.” In some situations, the mortgagee may suffer undesirable income tax consequences due to prepayment. For example, for the seller of real estate who takes back a mortgage or installment land contract, prepayment in the year of sale can destroy entirely the advantages of installment reporting under § 453 of the Internal Revenue Code.
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Chapter I. Contracts for the Sale of Land 32 results (showing 5 best matches)
- Under the traditional caveat emptor principle, the seller had no liability on account of non-title related defects in the real estate or improvements thereon, absent fraud or misrepresentation by the seller
- D. Remedies for Breach of a Real Estate Contract
- Most real estate transfers are preceded by contracts of sale. A contract is not legally required, but is highly convenient
- has done acts of detrimental reliance and hence can enforce the contract without a writing. The vendor may, for example, have contracted to purchase other real estate in reliance on the belief that the present real estate is under a contract of sale. See
- D. Remedies for Breach of a Real Estate Contract
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Table of Contents 22 results (showing 5 best matches)
Summary of Contents 4 results
- Under the lien theory of mortgages, the mortgagee has legal title to the mortgaged real estate, but the mortgagor has the equitable title.
- English legal history has substantially influenced today’s substantive law of mortgages, as well as much of the procedure related to it. While the modern mortgage has its antecedents in both the Roman law and the English common law, it was English Chancery that made the most enduring contribution to contemporary mortgage law. See generally Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law § 1.2. (6th ed.2015).
- Most mortgage loans today are amortized or repaid in equal installments over a substantial number of years. The last installment payment normally completely pays the outstanding principal balance. Before the 1930s, mortgages were of the “balloon” type. These usually had short terms of 3 to 5 years during which borrowers paid only the accrued interest or some minimal amount of principal. The entire principal balance came due or “ballooned” at the end of the loan term. While a few lenders today make home loans with a balloon payment, they are more frequently used for commercial real estate loans and for second mortgage loans that land sellers make to their purchasers.
- . This rule “as a corollary of the original creation of the equity of redemption, was developed to prevent evasion of it by ingenious and determined mortgagees who utilized a wide variety of clauses which, while recognizing the existence of the equity of redemption, in practical effect nullified or restricted its operation.” Nelson, Whitman, Burkhart & Freyermuth, Real Estate Finance Law § 3.1 (6th ed.2015). For example, if the loan documents give the mortgagor only one month to cure a default, that provision is unenforceable. This anti-clogging doctrine is alive and well in this country today. We will cover it in greater detail in the next chapter.
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Table of Cases 14 results (showing 5 best matches)
- Century 21 All Western Real Estate v. Webb……………123
- Greater Boston Real Estate Bd. v. City of Boston……………494
- Illinois Ass’n of Mortg. Brokers v. Office of Banks and Real Estate……………453
- Lee v. Clark & Assocs. Real Estate, Inc……………134
- Tribeca Lending Corp. v. Real Estate Depot, Inc……………304
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Chapter XII. Alternative Mortgages 1 result
Appendix B. Practice Examination 1 result
- Eileen obtained a $50,000 loan from a local bank to finance her acquisition of a gasoline service station in the State of Anomaly. The Small Business Administration (“SBA”), an agency of the U.S. Government, guaranteed the loan. Eileen gave the bank a mortgage on the service station real property on a form that the local SBA office supplied. The form contains a clause that provides: “In the event of a foreclosure, mortgagor shall be personally liable for any deficiency notwithstanding any contrary law of the State of Anomaly.”
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- Publication Date: February 12th, 2016
- ISBN: 9781634599368
- Subject: Real Estate Transactions
- Series: Black Letter Outlines
- Type: Outlines
-
Description:
Nelson, Whitman, Burkhart & Freyermuth's Black Letter Outline on Land Transactions and Finance provides law students with basic principles and issues of the law surrounding land transactions and finance. Each law is succinctly stated, with expert analysis of citations, points of law, rules, and exceptions. The book also includes citations to several casebooks.
The book covers:- Purchase agreements
- Conveyances and titles
- Real estate finance
- Mortgage substitutes
- Rights and duties before foreclosure
- Impacts of bankruptcy on the mortgagee
- Transfers by the mortgagors and mortgagees
- Mortgage debt
- Foreclosure
- Priority problems
- Government involvement in the mortgage market
- Alternative mortgages
- Condominiums
- Cooperatives
