Property: Module I

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Across
  1. 2. Deed in lieu of ___________ is when a mortgagor gives the deed to the mortgagee, and waives any rights to equity of redemption.
  2. 5. Two of the three things in this mnemonic are needed to satisfy the SoF exception of part performance for a property sales contract.
  3. 6. The _________ right of redemption is recognized in about half of the states, and allows the debtor to get property back after the foreclosure sale by paying the full purchase price—usually within six months of the foreclosure.
  4. 10. __________ clause states that if a debtor misses a payment, the seller can cancel the contract, keep the money paid up to that point, and get the land back.
  5. 12. These types of mortgages remain on the property after a foreclosure sale.
  6. 14. The seller is allowed a reasonable time to cure any defects in the title unless contract states that time is of the _______.
  7. 17. This mnemonic is the three elements that are needed for a sales contract of real property to satisfy the SoF.
  8. 18. A document that indicates who will be paid for a mortgage.
  9. 20. The mnemonic for the three types of recording acts.
  10. 21. _______ date is when the title officially passes.
  11. 22. The type of deed that does not offer a warranty.
  12. 25. A remedy available to the buyer if the seller breaches the sales contract.
  13. 28. This type of clause means that the entire balance is due if a payment is missed, or if the mortgagee is otherwise feeling insecure.
  14. 30. There is an implied warranty of fitness and ____________ for new homes sold by a builder.
  15. 33. This mnemonic is the type of mortgage when a debtor takes out a mortgage to buy the property.
  16. 35. The mnemonic for the three present covenants.
  17. 39. In this theory state, the mortgagor holds title to the property when a mortgage is taken out.
  18. 40. A deed of _____ is where the debtor gives a deed to a trustee (a third party who is usually affiliated with a lender), and if a default occurs, the lender tells the trustee to proceed with foreclosure by selling the deed of trust.
  19. 41. On the closing date, this occurs in relation to the contract and the deed.
  20. 42. This type of clause means that if the mortgagor transfers the land without the consent of the mortgagee, full payment is due immediately.
  21. 44. ____-notice is a recording act that protects subsequent bona fide purchasers for value who take without notice and are the first to record.
  22. 45. The mnemonic for the three types of notice.
  23. 47. Seller must deliver __________ title on the closing date.
  24. 48. ________ the equity of redemption means that a right of redemption may not be waived in the mortgage or deed of trust, but it can be waived later for consideration.
  25. 49. These types of mortgages get paid off immediately after the mortgage being foreclosed upon.
Down
  1. 1. The mnemonic for the three future covenants.
  2. 3. The type of damages that a seller can get when the buyer breaches the sales contract, and forfeits his deposit.
  3. 4. A document that indicates the existence of a debt, and is given with the note.
  4. 7. With this theory in the minority of states, title is in the mortgagee until the mortgage has been satisfied or foreclosed, and the mortgagee can take possession as soon as default occurs.
  5. 8. The term used to describe the defaulting debtor's right to get the property back.
  6. 9. A present covenant other than the right to convey and covenant against encumbrances.
  7. 11. This mnemonic is the four elements that a deed must contain when it is delivered by the grantor.
  8. 13. The deed is presumed to be delivered if the buyer does this with the deed.
  9. 14. ________ by deed is when the grantor transfers property by warranty deed, but does not yet have title to the property, but later gets the title.
  10. 15. This type of recording act protects subsequent bona fide purchasers for value who take without notice to an earlier transaction.
  11. 16. The language you will see in a mortgage transfer when the transferee also becomes personally liable on the mortgage.
  12. 19. Delivery of the deed only requires this, so it does not require actual delivery of the deed.
  13. 23. The mnemonic for when a seller must disclose defects in the property.
  14. 24. ____ performance is an exception for the SoF.
  15. 26. This rule allows traditional grantees who are not protected by the recording act (such as those with notice of a prior sale or those who did not pay valuable consideration, such as heirs and donees) to prevail.
  16. 27. This type of land contract is when the buyer agrees to make installment payments AND the seller agrees to transfer title once the land is paid in full.
  17. 29. Delivery is presumed NOT to have occurred if the deed is still in the possession of this party, or his agent.
  18. 31. After signing and before closing, the risk of loss is on this party.
  19. 32. The person who occupies the property and pays the mortgage.
  20. 34. The institution who lends the money on a mortgage.
  21. 35. The three keywords for the types of transfers by mortgagor.
  22. 36. First in time—first in right is the default rule of the ______ law.
  23. 37. The mnemonic for the essential terms of a property contract.
  24. 38. ____ race acts protects subsequent purchasers who are the first to record.
  25. 42. Any one of the things in this mnemonic make a title unmarketable.
  26. 43. This kind of title passes to the buyer immediately upon signing the real estate contract.
  27. 46. This is presumed to have occurred if the buyer has possession of the deed.