Legal Aspect of Sales, Mortgage, and Lease Flashcards
(35 cards)
Characteristic of a contract of sale perfected by mere consent without any further act.
Consensual
In statute of fraud, sale of personal property at a price not less than .
500
A stipulation where parties agree that despite delivery, the ownership of the thing shall remain with the seller until the purchaser has fully paid the price
Pactum reservati dominii
It is hereby declared a public policy to protect buyers of real estate on installment Payments against onerous and oppressive conditions
Realty Installment Buyers Protection Act, section 2
Tacita reconduccion is also known as
Tacit renewal of a contract of lease
an action instituted by the vendee against the vendor to avoid a sale on account of some vice or defect in the thing sold
Accion redhibitoria
An action to procure the return of a part of the purchase price paid by the vendee to the vendor by reason of such defect
Accion quanti minoris
A consensual, bilateral, onerous and commutative contract by virtue of which one person binds himself to grant temporarily the use of a thing or to render some service to another who undertakes to pay some rent, compensation or price.
Lease
The provision in a mortgage contract that ends the mortgage when all payments are made, transferring title to the property back to the mortgagor or terminating the lender’s interest in the property
Defeasance Clause
Right of redemption on foreclosed property after being sold.
1 yr / 12 mos
A contract whereby a person borrowing money of another, hands over his property to the creditor.
Antichresis
Under maceda law, percent of payment every year after fifth year.
5%
The conveyance of real estate in payment of an obligation
Daccion en pago
A provision in the blanket mortgage that property whose loan value has been fully paid shall be released from the mortgage
Automatic redemption clause
Title passes to a sole heir upon execution of document.
Affidavit of adjudication
Seizure of a property by court order, usually done to have it available in the event of adverse judgment in a pending suit.
Attachment
A right to use adjoining property that transfers with the land.
Appurtenant Easement
The lessor(landlord) grants the right of possession to the lessee (tenant) but retains the right to retake possession at the expiration of the lease term.
Right of Reversion
Has the preference to purchase the property over other purchasers if the owner of the property elects to sell the property.
Right of First Refusal
A security interest in real property held by a lender as a security for a debt, usually a loan of money.
Mortgage
A mortgage which covers two or more pieces of real estate.
Blanket Mortgage
Is a charge the borrower pays when a mortgage is repaid before a certain period of time elapses
Prepayment Penalty Clause
The seller lends the buyer the difference between the existing loan and the purchase price.
Wrap around loan
Legal instrument used to ensure that consumers pay their debts properly.
Judgment lien
