Real-Estate Market Basics: Concepts, Titles, Tenancy, Measurement, Possession, Deeds, & Mortgages

Notes for Urban Economics & Real Estate www.saseassociates.com Real Estate Basics for Urban Studies & Economics Dr. John Sase teaches Urban Economics and Real Estate Markets at Wayne State University (www.saseconomics.com or Click the Icon at the lower left corner) REAL ESTATE BASICS FOR URBAN STUDIES & ECONOMICS: 1. CONCEPT OF REAL ESTATE 2. TITLES AND THEIR ATTRIBUTES 3. TYPES OF TENANCY AND PROPERTIES 4. DEFINITION BY MEASUREMENT 5. POSSESSION 6. DEEDS AND THEIR CONVEYANCE 7. RESTRICTIONS OF USE 8. MORTGAGES AMERICAN TRADITION OF PROPERTY RIGHTS: LARGELY DERIVED FROM ANGLO-SAXON TRADITION: NORDIC COSMOLOGY, ENGLISH TRADITION, SAXON COMMON LAW, THE MAGNA CARTA. BUNDLE OF RIGHTS: Disposition, Use, Possession, Exclusion REAL ESTATE & REAL PROPERTY, (FREEHOLD) ESTATE TENANCY, FEE SIMPLE, LIFE ESTATE, TITLE = ESTATE - TENANCY, NON-FREEHOLD, LEASEHOLD, IN SEVERALTY, IN COMMON, IN JOINT (JOINT ESTATE), BY ENTIRETIES. PROPERTIES: BUSINESS INDUSTRIAL COMMERCIAL RESIDENTIAL, AGRICULTURAL. THE TOWNSHIP--a standard of measurement. VOLUNTARY ALIENATION, INVOLUNTARY ALIENATION, ADVERSE POSSESSION, VOLUNTARY ALIENATION INSTRUMENT, GIVER, RECEIVER. INSTRUMENTS OF CONVEYANCE (TRANSFER), LIEN THEORY VS. TITLE THEORY, DEED: RECORDED CONSTRUCTIVE NOTICE. DEED TYPES. DEED REQUIREMENTS. CONSIDERATION. VALIDITY. ENCUMBRANCE. CONDITIONS OF TITLE. PRIVATE RESTRICTIONS. GOVERNMENT RESTRICTIONS. ENCROACHMENT VS. EASEMENT. MORTAGOR = GRANTEE = BORROWER = BUYER. PRINCIPLE + INTEREST = DEBT SERVICE. TAXES + INSURANCE = ESCROW IMPOUNDS. PROMISSORY NOTE. MORTGAGE. 2/16/15 347