MANGMT 3540 1st Edition Lecture 21 Outline of Last Lecture I General Terms Relevant to Article Nine of the UCC II Types of Collateral Governed Under Article 9 of UCC III Creating a Security Interest by Attachment IV Perfecting a Security Interest V Financing Statements Public Notice of Security Interest VI Floating Liens A security Agreement in VII Priorities to Collateral VIII Rights and Duties of Parties upon Default IX Effect of Disposition of Collateral at a Repossession Sale X Termination Statement Outline of Current Lecture I Process of Sale of Land II Deeds III Types of Ownership Interests Current Lecture I Process of Sale of Land A Marketing and listing agreements i A listing agreement is an agreement with a realtor to be the seller agent for the purpose of soliciting selling on the property These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute ii Exclusive listings seller of real estate gives realtor the exclusive right to sell the property What if 1 Seller finds buyer seller still owes commission 2 Seller changes mind after buyer offers asking price seller still owes commission B Two types of contracts i Cash on closing purchase price is paid in full at closing title is transferred immediately ii Installment land contract also called contract for deed Seller finances purchase and retains titles and deed until consideration is paid in full risk of default II Deeds A A deed is a document transferring title to real estate B Parties i Grantor transfers interest in land ii Grantee receives interest in land C Types i Warranty deed title is guaranteed ii Quitclaim deed title is not guaranteed D Requirements i Written deed transferring described property signed sealed notarized and delivered E Grantees may take title in four ways i Tenancy in common means that each co owner s share will go to his or her in the event of that co owners death ii Joint tenancy means that there is a right of survivorship under which each co owner s share will go to the other co owners iii Tenancy by entireties only available for spouses is a form of ownership which protects the land from creditors of one of the spouses and includes a right of survivorship where the surviving spouse will take in the event of death iv Transfer on death or TOD provisions where the deed specifies whom the property will go to in the event of the grantee s death III Types of Ownership Interests A Fee Simple Absolute i Entire ownership of the land B Fee Simple Defeasible i Entire ownership subject to condition ii Example so long as used for school purposes C Partial Interests i Easements permanent right to use a portion of real estate without owning it 1 Example roads ii Profits right to enter land and remove something from it 1 Example mineral and timber rights iii Licenses revocable temporary right to use real estate 1 Example football tickets hunting on someone else s land D Life Estate Future Interest i Right to exclusive possession of real estate based on the lifespan of a specified person also called a life tenancy E Future Interest i An ownership interest in land which becomes tangible in the future ii Example reversionary interest in which possession to land reverts returns to a grantor after a life estate