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Chapter 14 Real Estate Financing: Principles This financing chapter focuses on the documents and concepts involved in real estate lending.
2 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles Learning objectives –Identify the basic provisions of security and debt instruments: promissory notes, mortgage documents, deeds of trust, and land contracts –Describe the effect of discount points on yield –Explain the procedures involved in a foreclosure –Distinguish between lien and title theories –Explain the three methods of foreclosure
3 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles Mortgage, called a security deed in Georgia, is a voluntary, specific lien Mortgage (security deed) law –Mortgagor = borrower –Mortgagee = lender –Title theory –Lien theory –Intermediate theory
4 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles Security and debt –Relationship between borrower and lender –Property is collateral – security for repayment of debt –Convey as security no more than owned –Hypothecation –Promissory note Interest Usury Loan origination fee Discount points Prepayment penalty
5 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles Promissory note Interest Usury Loan origination fee Discount points Prepayment penalty
6 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles Mortgages or security deeds –Duties of the mortgagor –Default –Georgia Residential Mortgage Fraud Act –Assignment –Release –Tax and insurance reserves Flood insurance reserves –Assignment of rents –Assumption, “subject to”, or novation –Alienation –Recording and priority
7 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles Land contracts –Contract for deed or installment contract –Other financing may not be available –Buyer = vendee –Seller = vendor –Owner financing
8 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles Foreclosure –Judicial –Nonjudicial –Strict –Deed in lieu of foreclosure –Redemption Equitable Statutory (not in Georgia) –Deed to purchaser at sale –Deficiency judgment
9 ©2013 Kaplan, Inc. 14 Real Estate Financing: Principles
Modern Real Estate Practice in Illinois Chapter 15: Real Estate Financing: Principles.
Modern Real Estate Practice in Illinois Eighth Edition Chapter 15: Real Estate Financing: Principles ©2014 Kaplan, Inc.
Real Estate Financing Principles. Mortgages What is a mortgage? Who is the mortgagor? Who is the mortgagee? Title theory vs. lien theory states What is.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 12: Principles of Real Estate Financing.
Financing Principles Chapter 14 Zaharopoulos. 3 Financing Instruments 1. Mortgage 2. Deed of Trust 3. Carryback, Installment, Land Contract, Contract.
Florida Real Estate Principles, Practices & Law 38th Edition Linda L. Crawford Copyright © 2015 Kaplan, Inc. All rights reserved.
Revised: Chapter 15 Slide #1 Copyright – David A. McGowan All rights reserved Chapter 15 REAL ESTATE FINANCING: PRINCIPLES Mortgage (Page 295)
© 2008 by South-Western, Cengage Learning Chapter 10 Charles J. Jacobus Thomas E. Gillett.
Thomson/South-Western©2008 Chapter 9 Mortgage Theory and Law _______________________________________.
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved CHAPTER2CHAPTER2 CHAPTER2CHAPTER2 Financing: Notes and Mortgages.
1 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 14 THE MORTGAGE The mortgage creates an interest in.
CHAPTER TWO FINANCING: NOTES AND MORTGAGES. Chapter Objectives Define the mortgage note Define and explain the mortgage Identify the different mortgage.
Chapter 8 Real Estate Finance Principles 2010©Cengage Learning. All Rights Reserved.
© 2015 OnCourse Learning Chapter 8 Real Estate Finance Principles.
CREATION OF MORTGAGES LEARNING OBJECTIVES Describe the ways state laws define security interests in mortgage contracts. Discuss how funds are allocated.
© 2012 Cengage Learning. Residential Mortgage Lending: Principles and Practices, 6e Chapter 2 Real Estate Law and Security Instruments.
Financing: Notes and Mortgages Objectives Define the mortgage note Define and explain the mortgage Identify the different mortgage clauses Identify what.
2-1 Copyright ©2008 by The McGraw-Hill Companies, Inc. All Rights Reserved Chapter 02: Real Estate Financing: Notes and Mortgages McGraw-Hill/Irwin Copyright.
The signing of a valid real estate contract is the keystone of a real estate transaction. Chapter 11 Real Estate Contracts.
Chapter 16 Residential and Commercial Property Financing This chapter examines the legal framework that facilitates the real estate lending process. Real.
1 Chapter 2 Financing: Notes and Mortgages. 2 Overview Notes The Mortgage Instrument Assumption of Mortgage Acquiring Title “Subject to” a Mortgage Other.
© 2010 by Cengage Learning Mortgages and Notes Chapter 9 ________________ Mortgages and Notes.
Real Estate Law Mortgage Foreclosures Real Estate Law Mortgage Foreclosures.
© OnCourse Learning Chapter 9 : Mortgages and Notes.
2011©Cengage Learning. All Rights Reserved.. Mortgages and Deeds of Trust 2011©Cengage Learning. All Rights Reserved.
© 2007 Prentice Hall, Business Law, sixth edition, Henry R. Cheeseman Chapter 26 Credit and Security Interests in Real Property.
Chapter 7 Finance Instruments. I. Promissory Notes.
South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western.
Fundamentals of Real Estate Lecture 16 Spring, 2003 Copyright © Joseph A. Petry
© 2009 by South-Western, Cengage Learning SAMIRLANDER Chapter 12.
© 2013 All rights reserved. Chapter 6 Real Estate Finance1 New York Real Estate for Salespersons, 5th e By Marcia Darvin Spada Cengage Learning.
Chapter 9. Georgia Real Estate An Introduction to the Profession Eighth Edition Chapter 9 Notes and Security Documents.
Real Estate Principles and Practices Chapter 11 Financing © 2014 OnCourse Learning.
FINANCE, FORECLOSURE, AND INSURANCE ► CHAPTER 12 © 2009 South-Western, Cengage Learning.
©2014 OnCourse Learning. All Rights Reserved. CHAPTER 16 Chapter 16 Mortgage Basics I: An Introduction and Overview SLIDE 1.
© 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
Chapter 8 REAL ESTATE FINANCE 245. Real Estate is expensive compared to most other possessions. A Buyer generally puts 20% down and must obtain a loan.
© OnCourse Learning Chapter 10 : Deed of Trust. Borrower = Trustor Lender = Lender Neutral Third Party = Trustee DEED OF TRUST PARTIES © OnCourse.
1 The Mortgage Market. 2 Introduction We have already noted real estate is capital intensive The typical capital structure is dominated by debt That is.
© 2016 OnCourse Learning California Real Estate Finance Fesler & Brady 10th Edition Chapter 11 Foreclosures and Other Lending Problems.
Copyright © 2004 by Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany BUSINESS LAW E-Commerce and Digital Law International Law and Ethics.
WEEK 5 – Review Test Review Test Answers Need to FOCUS on main points!!!! Chapter 7 Finance Instruments Chapter 8 Overview Loan Process Loan Origination.
Real Estate Principles and Practices Chapter 11 Financing © 2010 by South-Western, Cengage Learning.
Financing Residential Real Estate Lesson 5: Finance Instruments.
Parties to a Mortgage Loan of Funds Security Interest in Real Property Owner-Debtor Borrower (“Mortgagor”) Creditor-Lender (“Mortgagee”)
© 2010 by Cengage Learning Deed of Trust Chapter 10 ________________ Deed of Trust.
Key Questions… What? – Identify key terms and concepts that are important to real estate finance decisions Why? – Explain why those terms are important.
Chapter 22 Closing the Real Estate Transaction Some closings are face-to-face, and some are conducted through escrow. But in all cases, once again, it’s.
© 2011 Cengage Learning created by Dr. Richard S. Savich. California Real Estate Finance Bond, McKenzie, Fesler & Boone Ninth Edition Chapter 11 Foreclosures.
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