Introduction to Real Estate Concepts, Finance and Math房地产概念的介绍，金融数学.ppt

Real Estate Terms Concepts Jerry Rioux, CCRH Board Member grioux@ /jazz/jrioux/ Workshop Outline Part I - Terms Concepts Part II - Financing Part III - Purchase Process Part I Terms Concepts What Is Real Estate? Land Affixed to the Land Appurtenant to Land Immovable by Law Real Estate = Bundle of Rights Old English Concept of Ownership The Right to Possess, Enjoy, Control and Dispose of Real Estate The Individual “Rights” May be Bought and Sold or Rented Separately Title Estates Title = Ownership of Real Estate Estate = Character of Interest Fee Simple Less Than Fee Estate Life Estate Real Estate Legal Descriptions Lot, Block and Tracks Metes and Bounds Section and Township Deeds Legal Documents that Convey (Transfer) the Title to Real Estate Usually Recorded against the Property in the County Recorder’s Office Examples of Deeds Warranty Deed Grant Deed Quitclaim Deed Tax Deed Trust Deed (or Deed of Trust) Deed of Reconveyance Encumbrances Things that Burden the Title to Property Claims of Others to Property Non-Monitory Encumbrances Monitory Encumbrances Non-Monitory Encumbrances C C Rs Easements Encroachments Mineral Rights Leases Regulatory Agreements Public Rights of Way Covenants, Conditions and Restrictions (C C Rs) Private Land Use Controls Lot Size, Set-Backs... Home Size, Architectural Style… Parking, Pets… Public Deed Restrictions Price Occupancy Controls Covenants, Conditions and Restrictions (C C Rs) Judicial Enforcement Invalid Racial Religious Covenants Unenforceable Restrictions the Cause Waste Can Be Released by Beneficiary Monitory Encumbrances aka Liens Loans, Taxes Assessments Voluntary or Involuntary General or Specific “Blanket Encumbrances” CoverMultiple Parcels Lien Priorities Based on Recording Dates or Subordination Agreement Legal Description (lot split) C C Rs Property Taxes 1st Mortgage 2nd Mortgage Real Estate Contracts Real Estate Purchase Agreement Land Contract (Contract for Deed) Option Lease Option First Right o