Mizzou MANGMT 3540 - Chapter 17: Real estate and financing (3 pages)

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Chapter 17: Real estate and financing



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Chapter 17: Real estate and financing

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Ch. 17


Lecture number:
21
Pages:
3
Type:
Lecture Note
School:
University of Missouri
Course:
Mangmt 3540 - Introduction to Business Law
Edition:
1

Unformatted text preview:

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



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