Fl Real Estate

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Author:
jinie
ID:
254195
Filename:
Fl Real Estate
Updated:
2013-12-24 00:14:58
Tags:
Contracts
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Description:
Florida Real Estate
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  1. Elements of a valid contract
    • Lawful subject
    • Agreement
    • Consideration
    • 2 or more competent parties
  2. Express Contract
    All terms and conditions are specified and agreed to by the parties; a complete understanding exists
  3. Implied Contract
    Some or all of the terms and conditions can be assumed by the nature of the agreement or the words and actions of the parties.
  4. Bilateral Contract
    Both parties to the contract mutually agree to be bound to performance of the terms and conditions specified. - promise for a promise
  5. Unilateral Contract
    Only one party expressly agrees to perform an act.  Only on is bound by the terms of the contract. - promise for an act
  6. Executory Contract
    if any of the terms or conditions remain to be performed.
  7. Executed Contract
    all parties fully performed
  8. Statute of Frauds
    If requires a contract for the transfer of a right or interest in land to be in writing to be enforceable.
  9. Exception to Statutes of Fraud
    Buyer makes partial payment and either takes possession of, or makes improvements to the property
  10. Termination of offers
    • Acceptance
    • Withdrawal
    • Rejection
    • Lapse of time
    • Death or Insanity
    • Destruction of the property
  11. Acknowledgement and Seal
    Acknowledgement is necessary if a document is to be recorded in the public records.
  12. Termination of Contracts
    BRRLAP

    • Breach
    • Renunciation
    • Revocation
    • Lapse of time
    • Abandonment
    • Performance
  13. Legal remedies for breach of contract
    Suit for cancellation (recission) - one who didn't breach the contract can bring suit to put parties back in the original positions

    Suit of specific performance - forcing the one in default to perform

    Suit for damages - injured party can sue (including monetary compensation)
  14. Types of damages
    Liquidated damages: agreed upon and specified in the contract.  Usually involves the seller retaining the deposit in the event of the buyer defaulting

    Unliquidated damages: Not specified in the contract, but determined by a court.  A suit for damages involves unliquidated damages
  15. Written listing contracts
    • definite term date
    • legal description of property
    • price and terms offered
    • fee or commission to be earned by the broker
    • signature of property owner
  16. Types of listing contracts
    Open listing - not in MLS - unilateral contract

    Exclusive listing - unilateral - seller promises to list the property with only one broker, but reserves the right to sell the property

    Exclusive right of sale listing - bilateral - commission is paid to broker regardless of who sells the property
  17. Net listing
    • Seller needs:  $200,000
    • Closing:              5,000
    •                      
    •            205,000/ 94% (after commission) = sales price
  18. Option Contracts
    the right to buy a property during a specified period of time, at a specified price - lease to own.

    Unilateral - must pay a definite valuable consideration
  19. Lien theory
    borrower retains the ownership (title) of the property during the loan period.
  20. Defeasance clause
    provides protection for the mortgagor (borrower) as it requires the lender (mortgagee) to acknowledge performance by the borrower.
  21. Acceleration clause
    allows lender to declare the entire outstanding balance immediately due and payable whenever default occurs.
  22. Open-end clause
    allows borrower to borrow additional funds based on the same mortgage after the loan balance has been paid down.
  23. Receivership clause
    used in mortgages on income-producing real estate.  a trustee is appointed to manage the property should the investor default on the loan
  24. Exculpatory clause
    limits the lender's right to foreclose to the amount received from the sale of the foreclosed property.
  25. Due on Sale clause
    loan or promissory note stipulates that the full balance may be called upon transfer of ownership

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