Ownership of Real Estate. Ownership in Severalty. Concurrent Ownership ... All documents relating to real estate must be in writing (statute of frauds) ...
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Real Estate = Land + Fixtures
Real Property = Ownership rights to R/E
Personal Property = all other ownership rights
Estate = an interest in real estate
Kinds of Estates:
Assurance of Title common ownership of common areas.: Deed, Will, or Lease are evidence of title (an interest or estate). All documents relating to real estate must be in writing (statute of frauds).
How is title transferred?
Essential Elements in a Deed common ownership of common areas.
Kinds of Deeds
What is an Encumbrance in Real Estate? common ownership of common areas.
Other Kinds of Deeds
Methods of Title Assurance common ownership of common areas.
Mortgages: A debt (note) secured by R/E common ownership of common areas.
Important Elements of a Mortgage
Mortgage Default and Foreclosure common ownership of common areas.
Calculating Brokerage Commission:
$ Commission = Commission Rate * Price
Calculating Net Price to Seller:
Net Price = Sales Price (1 – c)
where: c = commission rate
Calculating Area: common ownership of common areas.
Area of a rectangle = length * width
Area of a triangle = ½ * base * height
Volume of a Cube = length * width * heigth
Units of Measure:
1 mile = 5,280 feet
1 acre = 43,560 sq. feet