MANGMT 3540 1st Edition Lecture 21 Outline of Last Lecture I. General Terms Relevant to Article Nine of the UCCII. Types of Collateral Governed Under Article 9 of UCCIII. 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 CollateralVIII. Rights and Duties of Parties upon Default IX. Effect of Disposition of Collateral at a Repossession SaleX. Termination StatementOutline of Current Lecture I. Process of Sale of LandII. DeedsIII. Types of Ownership InterestsCurrent LectureI. Process of Sale of LandA. Marketing and listing agreementsi. 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 commission2. Seller changes mind after buyer offers asking price: seller still owes commissionB. Two types of contractsi. Cash on closing: purchase price is paid in full at closing: title is transferredimmediatelyii. Installment land contract: also called contract for deed. Seller finances purchase and retains titles and deed until consideration is paid in full: risk of defaultII. DeedsA. A deed is a document transferring title to real estateB. Partiesi. Grantor: transfers interest in landii. Grantee: receives interest in landC. Typesi. Warranty deed: title is guaranteedii. Quitclaim deed: title is not guaranteedD. Requirements i. Written deed transferring described property, signed, sealed (notarized) and deliveredE. Grantees may take title in four waysi. Tenancy in common means that each co-owner’s share will go to his or her in the event of that co-owners deathii. Joint tenancy means that there is a right of survivorship, under which each co-owner’s share will go to the other co-ownersiii. 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 deathiv. Transfer on death or TOD provisions, where the deed specifies whom the property will go to in the event of the grantee’s deathIII. Types of Ownership InterestsA. Fee Simple Absolutei. Entire ownership of the landB. Fee Simple Defeasiblei. Entire ownership, subject to conditionii. Example: “so long as used for school purposes”C. Partial Interestsi. Easements: permanent right to use a portion of real estate without owning it1. Example: roadsii. Profits: right to enter land and remove something from it1. Example: mineral and timber rightsiii. Licenses: revocable, temporary right to use real estate1. Example: football tickets, hunting on someone else’s landD. Life Estate Future Interesti. Right to exclusive possession of real estate based on the lifespan of a specified person; also called a life tenancyE. Future Interesti. An ownership interest in land which becomes tangible in the futureii. Example: reversionary interest in which possession to land reverts (returns) to a grantor after a life