Mizzou MANGMT 3540 - Ch. 17 continued (5 pages)

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Ch. 17 continued



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Ch. 17 continued

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Ch. 17


Lecture number:
22
Pages:
5
Type:
Lecture Note
School:
University of Missouri
Course:
Mangmt 3540 - Introduction to Business Law
Edition:
1

Unformatted text preview:

MANGMT 3540 1st Edition Lecture 22 Outline of Last Lecture I Process of Sale of Land II Deeds III Types of Ownership Interests Outline of Current Lecture I Assuring Good Title II Real Estate Financing III Mortgage Options IV Default V Priorities of Mortgages Deeds Current Lecture I Assuring Good Title A Abstract of Title and title opinion i Abstract a summary of transactions pertaining to the land since title came from the government ii Title opinion a lawyer s opinion on marketability of the title after examining the abstract B Title insurance i Insurance company guarantees good title ii Check exclusions carefully 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 Real Estate Financing A Parties i Mortgagor transfer a mortgage borrower ii Mortgagee receives and holds a mortgage lender B History i Title theory title and possession in mortgagee ii Lien theory title and possession in mortgagor III Mortgage Options A Selection of Financing Vehicle 3 options i Cash on closing with mortgage installment land contract or lease with option to buy B Types of Financing instruments i Mortgage a lien on real estate where the holder mortgagee personally exercises foreclosure rights ii Deed of Trust a lien on real estate where a third part the trustee exercises foreclosure rights on behalf of the holder iii Requirements for a valid mortgage signed notarized delivered writing just as with deeds C Open end Mortgage line of credit i Mortgage secures future advances ii Example home equity line of credit D Second Mortgage i Lower in priority and usually later in time than the first ii May also have a 3rd or fourth mortgage etc E Five types of clauses in mortgages i Acceleration clause allows declaration that the entire balance of the loan is due if there is a default on a loan ii Due on sale clause allows acceleration if an interest in land is sold iii Power of sale clause allows a



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