Delivery of Deeds

Question 1

For a conveyance to be complete, there must be _______ ____ _____ _______ with the intent that it transfer title immediately.

Answer 1

delivery of the deed

Question 2

For a conveyance to be complete there must be ______ of the ______ with the ________ that it ________ _______ ________.

Answer 2

delivery
deed
intent
transfer title immediately

Question 3

________ can be to the grantee, or to an escrow agent to hold until payment is made.

Answer 3

Delivery

Question 4

In order for a _____ _________ to be complete, the deed has to be delivered and you have to have the intent to transfer title immediately.

Answer 4

land conveyance

Question 5

It is a lot like making a gift where you have to have the intent to make a present transfer.

Answer 5

Delivery of the deed

Question 6

If you have an enforceable contract of sale and there is ______ ________ who happens to be the escrow agent of the grantor and the grantee the grantor cannot yank back the deed from the escrow agent.

Answer 6

escrow agent

Question 7

If the __________ were to die before the escrow agent delivers the deed, then the delivery of the deed by the agent would be treated as if it _______ ________ the _______ ________.

Answer 7

grantor
occurred before the grantors death

Question 8

To deliver a deed of land, it is _____ ______ _____ ____ _____ ____ _____ ________ to the grantee.

Answer 8

not necessary that the deed be handed over

Question 9

“To ______ a ______ ____ ______, it is not necessary that the deed be ‘handed over’ to the grantee.

Answer 9

deliver a deed of land

Question 10

__________ means no more than an act that evinces an intent to be immediately bound by a transfer.

Answer 10

delivery

Question 11

Delivery means no more than an act that evinces an ______ to be ________ _______ by a _______.

Answer 11

intent

immediately bound

transfer

Question 12

__________ can be physically handing over the deed, but it can also be the grantor’s declaration, express or implied, that he is bound by his deed.”

Answer 12

Delivery

Question 13

Delivery can be ________ _______ ______ _____ ____, but it can also be the grantor’s declaration, express or implied, that he is bound by his deed.”

Answer 13

physically handing over the deed

Question 14

Delivery can be physically handing over the deed, but it can also be the ________ ________, ______ or ________, that he is bound by his deed.”

Answer 14

grantors declaration

express or implied

Question 15

If a grantor intends to pass title to or future interest in the grantee now, there has been delivery even though possession may be postponed until the grantor’s death. (_______ ______ ________)

Answer 15

inter vivos transfer

Question 16

If a _______ intends to pass title to or future interest in the _______ now, there has been delivery even though possession may be postponed until the grantor’s death. (Inter Vivos Transfer).

Answer 16

grantor

grantee

Question 17

If a grantor intends to ______ ______ to or ______ ________ in the grantee now, there has been delivery even though possession may be postponed until the grantor’s death. (Inter vivos Transfer)

Answer 17

pass title

future interest

Question 18

You give up some of your ______ ______ _____ you have made a valid transfer. Grun dad created a life estate in himself and gave a vested remainder to the son.

Answer 18

rights right now

Question 19

You give up some of your rights right now you have made a valid transfer. Grun dad created a ______ ________ in himself and gave a _______ _______ to the son.

Answer 19

life estate

vested remainder

Question 20

If the grantor intends that no interest should arise until death, _____ _______ ______ _______ has taken place and the deed cannot take legal effect at death because the grantor intended it to be a will. Instruments need to be executed with two witnesses in accordance with the Statute of Wills. (Transfer at Death)

Answer 20

no delivery during life

Question 21

If the grantor intends that no interest should _______ ______ ______, no delivery during life has taken place and the deed cannot take legal effect at death because the grantor intended it to be a will. Instruments need to be executed with two witnesses in accordance with the Statute of Wills. (Transfer at Death)

Answer 21

arise until death

Question 22

If the grantor intends that no interest should arise until death, no delivery during life has taken place and the deed _______ take legal effect at death because the grantor intended it to be a _______. Instruments need to be executed with two witnesses in accordance with the Statute of Wills. (Transfer at Death).

Answer 22

cannot

will

Question 23

If the grantor intends that no interest should arise until death, no delivery during life has taken place and the deed cannot take legal effect at death because the grantor intended it to be a will. Instruments need to be executed with _____ ________ in accordance with the Statute of Wills. (Transfer at Death)

Answer 23

two witnesses

Question 24

Grun, we had a valid ______ but in Rosengrant we did not have a valid ________.

Answer 24

gift

transfer

Question 25

A ________ physically handed over to a grantee and then immediately given to the grantor’s agent, to hold until the death of the grantor, does not constitute a valid delivery of the deed.

Answer 25

deed

Question 26

A deed physically handed over to a grantee and then immediately given to the grantor’s agent, to hold until the death of the grantor, does not constitute a ______ ________ of the _______.

Answer 26

valid delivery of the deed

Question 27

A deed physically handed over to a grantee and then immediately given to the grantor’s agent, to hold until the ______ of the grantor, does not constitute a valid delivery of the deed.

The Court seeks to preserve and promote the anti-fraud mechanisms present in the ______ _____ __________ (witnessing requirements).

Answer 27

death

statute of wills

Question 28

Where a grantor delivers a deed under which he reserves a right of retrieval and attaches to that delivery the condition that the deed is to become operative only after the death of the grantors and further continues to use the property as if no transfer had occurred, the grantor’s actions are nothing more than an attempt to employ the deed as if it were a will.

True or False

Answer 28

True

Question 29

Where a grantor delivers a deed under which he _________ a _______ of ________and attaches to that delivery the condition that the deed is to become operative only after the death of the grantors and further continues to use the property as if no transfer had occurred, the grantor’s actions are nothing more than an attempt to employ the deed as if it were a will.

Answer 29

reserves a right of retrieval

Question 30

Where a grantor delivers a deed under which he reserves a right of retrieval and attaches to that delivery the condition that the deed is to become operative ________ ______ the ________ of the _______ and further continues to use the property as if no transfer had occurred, the grantor’s actions are nothing more than an attempt to employ the deed as if it were a will.

Answer 30

only after the death of the grantors

Question 31

The Mortgagor is the bank giving the loan. True of False.

Answer 31

False.

Mortgagor is the borrower.

Mortgagee is the bank.

Question 32

Lender

Answer 32

Mortgagee

Question 33

Borrower

Answer 33

Mortgagor

Question 34

Borrower gives Lender a note and a mortgage to get the money she needs to buy her home. True of False.

Answer 34

True

Question 35

_________ gives ________ a note and a mortgage to get the money she needs to buy her home.

Answer 35

Borrower

Lender

Question 36

Borrower gives Lender a ______ and a ________ to get the money she needs to buy her home.

Answer 36

note and mortgage

Question 37

Note:

Answer 37

creates personal liability but is unsecured

Question 38

_______: creates personal liability but is unsecured

Answer 38

note

Question 39

_________: allows the Lender to sell (at a private sale or a judicially supervised sale, depending on the jurisdiction) the property and apply the proceeds to the amount owed in the event of the borrower’s default.

Answer 39

mortgage

Question 40

Mortgage: allows the ______ to sell (at a private sale or a judicially supervised sale, depending on the jurisdiction) the property and apply the proceeds to the amount owed in the event of the borrower’s default.

Answer 40

lender

Question 41

Mortgage: allows the lender to sell (at a ______ _______ or a ________ _________ _______, depending on the jurisdiction) the property and apply the proceeds to the amount owed in the event of the borrower’s default.

Answer 41

private sale
judicially supervised sale

Question 42

Bank is the same as the _______ which is also the _________.

Answer 42

lender
mortgagee

Question 43

________ is the mortgagor - ______________ is going to sign a note and the mortgage document to get the money they need from the bank.

Answer 43

borrower
borrower

Question 44

Borrower is the mortgagor - borrower is going to sign a _______ and the _________ document to get the money they need from the bank.

Answer 44

note

mortgage

Question 45

The bank has the borrower execute a note and a mortgage because they do ________ things.

Answer 45

different

Question 46

The _______ says that the bank is giving the borrower 400K to buy the house and if they don’t pay that back the bank can go after the borrower.

Answer 46

note

Question 47

The _________ essentially puts the house up as collateral for the loan and it allows the lender to sell the house at a foreclosure sale if the borrower defaults.

Answer 47

mortgage

Question 48

The mortgage essentially puts the house up as collateral for the _______ and it allows the lender to sell the house at a _________ ______ if the borrower _______.

Answer 48

loan
foreclosure sale
defaults

Question 49

The foreclosure sale might be either:
1.
2.

Answer 49

1. private sale
2. judicially supervised sale

depending on where you are.

Question 50

The money obtained from the sale. First, the ________ of the sale are paid then the money goes to the _______ that holds the _______ ________ and if only 1 lender, then if there is any _____ it should go back to the borrower.

Answer 50

expenses

bank

first mortgage

equity

Question 51

Unfortunately, the house doesn’t sell for the same amount that is owed 400K and only sells for 350$. The bank gets the other from the note. They would pursue a ________ ________ against the borrower and that judgment could be collected through garnishment of wages – money taken out of the borrowers check or in some instances creditors are able to use the assistance of the sheriff to levy and the sheriff goes and gets stuff from the borrower’s house and the stuff is sold to satisfy the debt.

Answer 51

deficiency judgment

Question 52

Unfortunately, the house doesn’t sell for the same amount that is owed 400K and only sells for 350K. The bank gets the other from the note. They would pursue a deficiency judgment against the borrower and that judgment could be collected through ________ of ______– – money taken out of the borrowers check or in some instances creditors are able to use the assistance of the sheriff to _______ and the sheriff goes and gets stuff from the borrower’s house and the stuff is sold to satisfy the debt.

Answer 52

garnishment of wages

levy

Question 53

The equity of redemption expires at the foreclosure sale.
A. True
B. False

Answer 53

True

Question 54

There are two redemption periods:
1. There is a __________ ________ right to redeem (oneself by bringing his/her payments up to date within a reasonable time) from the mortgagee called the equity of redemption. The mortgagee cannot ask the mortgagor to waive the equity of redemption. The equity of redemption is extinguished by the foreclosure sale.

2. About ½ of the States have passed statutes that give the mortgagor the ________ ______ to buy back the property from the foreclosure sale buyer within a specified time period ranging from three months to two years. The statutory right of redemption does not become operative until the borrower’s equity is extinguished at a foreclosure sale.

Answer 54

judicially created

statutory right

Question 55

There are two redemption periods:
1. There is a judicially created right to redeem (oneself by brining ______________________________________) from the mortgagee called the equity of redemption. The mortgagee cannot ask the mortgagor to waive the equity of redemption. The equity of redemption is extinguished by the foreclosure sale.

Answer 55

his/her payments up to date within a reasonable time

Question 56

There are two redemption periods:

There is a judicially created right to redeem (oneself by brining his/her payments up to date within a reasonable time) from the mortgagee called the _______ ______ ________. The mortgagee cannot ask the mortgagor to waive the equity of redemption. The equity of redemption is extinguished by the foreclosure sale.

Answer 56

equity of redemption

Question 57

There are two redemption periods:

There is a judicially created right to redeem (oneself by brining his/her payments up to date within a reasonable time) from the mortgagee called the equity of redemption. The mortgagee cannot ask the mortgagor to waive the equity of redemption. The equity of redemption is extinguished by the _______ _______.

Answer 57

foreclosure sale

Question 58

There are two redemption periods:

About ½ of the States have passed statutes that give the mortgagor the _______ ______ to buy back the property from the ________ ______ buyer within a specified time period ranging from three months to two years. The statutory right of redemption does not become operative until the borrower’s equity is extinguished at a foreclosure sale.

Answer 58

statutory right

foreclosure sale

Question 59

There are two redemption periods:

About ½ of the States have passed statutes that give the mortgagor the statutory right to buy back the property from the foreclosure sale buyer within a specified time period ranging from ________ ______ to _____ _________. The statutory right of redemption does not become operative until the borrower’s equity is extinguished at a foreclosure sale.

Answer 59

three months to two years

Question 60

There are two redemption periods:

About ½ of the States have passed statutes that give the mortgagor the statutory right to buy back the property from the foreclosure sale buyer within a specified time period ranging from three months to two years. The statutory right of redemption does not become operative until the borrower’s equity is extinguished at a _____________ __________.

Answer 60

foreclosure sale

Question 61

There are potentially two redemption periods depending on where you live.
Everywhere there is the __________ created right to redeem yourself, which means the right to bring your payments up to date and save your house. Keep it from being sold at the foreclosure sale. The bank is not supposed to ask you to waive your _______ _____ _______. That is a right that you are supposed to have. But that right gets extinguished at the foreclosure sale.

Answer 61

judicially
equity of redemption

Question 62

Image a sale with a gavel and they bang the gavel and say sold, when they say sold the _______ ____ __________ is extinguished. BUT about half the states have a new type of redemption called a Statutory right which is born when the gavel drops.

Answer 62

equity of redemption

Question 63

States that have Statutory Redemption the person who just lost their house at the foreclosure sale has the opportunity to ______ ___ ____ from whomever bought it for a period as determined by statute could be as short as three months or as long as two years.

Answer 63

buy it back

Question 64

Timeline for Mortgages
1) ?
2)
3)
4)
5)

Answer 64

Mortgage

Question 65

________ for _______:
1) Mortgage
2) Default
3) Notice of Default
4) Equity of redemption ceases at foreclosure sale.
5) Statutory right to redeem born at foreclosure sale.

Answer 65

timeline for mortgages

Question 66

Timeline for Mortgages
1)
2) ?
3)
4)
5)

Answer 66

Default

Question 67

Timeline for Mortgages
1)
2)
3) ?
4)
5)

Answer 67

Notice of Default

Question 68

Timeline for Mortgages
1)
2)
3)
4) ?
5)

Answer 68

Equity of Redemption ceases at foreclosure sale

Question 69

Timeline for Mortgages
1)
2)
3)
4)
5) ?

Answer 69

Statutory right to redeem born at foreclosure sale

Question 70

The _____ is the number one seller of foreclosed homes.

Answer 70

bank

Question 71

The statutory right of redemption starts at the foreclosure sale.
A. True
B. False

Answer 71

A. True

Question 72

_________ ____ ________: here the deed is given to a person (neutral third party) to hold in trust to secure payment of the debt to the lender. If the borrower defaults, the trustee has the power to sell the land without going to court.

Answer 72

deed of trust

Question 73

_______ _____ ______ _______: a power of sale provision in a mortgage gives the lender the ability to sell the property without going to court, similar to a deed of trust, which makes the foreclosure sale more expeditious and inexpensive

Answer 73

power of sale mortgage

Question 74

Problem:
Purchase Price: $100,000
Bank 1st Mortgage: $75,000
Seller 2nd Mortgage: $15,000
Down Payment (borrower): $10,000

If the Buyer defaults, and the house sells for $50,000, how are the proceeds to be distributed?

Answer 74

Bank with the 1st mortgage they are always going to get the first 50K because they have first priority.

Question 75

In __________ __________ the sale is supervised by the courts and because the sale is supervised by the courts the courts have a relative level of comfort that all of the notice provisions, etc. were complied with. This means if the foreclosure sell brings less money than is owed probably going to be easier to get a deficiency judgment because the court has supervised the sale and they feel comfortable that everything was done properly.

Answer 75

judicial foreclosure

Question 76

A _______ ________ where you would pursue getting the balance of what is owed from the borrower.

Answer 76

deficiency judgment

Question 77

Foreclosure by ____ _______you have the benefit of it happening faster and less expensive way courts will scrutinize them more. If you are seeking a deficiency judgment and you are a lender who has utilized foreclosure by private sale

Answer 77

private sale

Question 78

Foreclosure by private sale you have the benefit of it happening faster and less expensive way courts will scrutinize them more If you are seeking a deficiency judgment and you are a lender who has utilized foreclosure by private sale

The court is going to make sure you dotted I and crossed T provided proper notice, otherwise it is going to be disinclined to grant you that deficiency judgment because
They may feel like you didn’t do it the right way, why should you get more money.

If the bank wants to be sure they can get a deficiency judgment against the borrower pursing a judicial foreclosure is probably the best route because the court feels good that everything was done the right way and they don’t mind issuing the deficiency judgment.

Answer 78

True

Question 79

The ___________ role on __________ is that of a fiduciary. The mortgagee has a duty to exert every reasonable effort to obtain a fair price. The court further holds that the measure of damages where due diligence is lacking is the difference e between the sale price and a “fair” price (not fair market value). The Court remands for a reassessment of damages.

Answer 79

mortgagee’s

foreclosure

Question 80

The mortgagee’s role on foreclosure is that of a _____________. The mortgagee has a duty to exert every reasonable effort to obtain a fair price. The court further holds that the measure of damages where due diligence is lacking is the difference e between the sale price and a “fair” price (not fair market value). The Court remands for a reassessment of damages.

Answer 80

fiduciary

Question 81

The Court seeks to ensure that, in the context of ________________, the mortgagee neither acts in bad faith nor fails in exercising due diligence with respect to protecting and preserving the mortgagor’s equity in foreclosed property.

Answer 81

foreclosure

Question 82

The Court seeks to ensure that, in the context of foreclosure, the ________ neither acts in _____ _______ nor fails in exercising ____ _________ with respect to protecting and preserving the mortgagor’s equity in the foreclosed property.

Answer 82

mortgagee

bad faith

due diligence

Question 83

All jurisdictions adhere to the rule that mere inadequacy of the foreclosure sale price will not invalidate a sale, absent fraud, unfairness, or other irregularity. True or False.

Answer 83

True

Question 84

Just because you got less money than you wanted, you can’t assume that it will invalidate the foreclosure sale because it won’t unless you’ve got fraud, unfairness, or other irregularities. True or False.

Answer 84

True

Question 85

If the foreclosure sale is defective, what are the borrower’s remedies?

Answer 85

If the sale has not taken place yet, the borrower could get an injunction to set aside the sell.

Question 86

1. only people that don’t have to put up money.
2. People might worry that they might not get good title.
3. The bank will say you can buy it, or you cannot buy it, but we are not fixing anything.

What doest this refer to?

Answer 86

Why the mortgagee (bank) frequently the only bidder at a foreclosure sale .

Question 87

If you take property “subject to the mortgage” you are not obligated to pay the mortgage, but you can lose the property if the bank forecloses.
A. True
B. False

Answer 87

Answer. A. True

Question 88

When you are obligated directly to pay the bank under someone else’s mortgage that is called __________ _______ __________.

Answer 88

assuming the mortgage

Question 89

It is better to take ________ _______ __________ because you know your money is going directly to the bank as long as you pay, they are not going to foreclose.

Answer 89

assuming the mortgage

Question 90

If you take _________ to the ___________, you are paying a random person, and if that person doesn’t pay the bank you are just out of luck.

Answer 90

subject

mortgage

Question 91

Taking ________ _____ ____ _________ is dangerous and a bad idea.

Answer 91

subject to the mortgage