FRECI_12-6 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 12 – Lecture 6 Real Estate Finance Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Continue the discussion on various methods of purchasing mortgaged properties Explain the foreclosure process Describe the mortgagee’s and mortgagor’s rights in a foreclosure Copyright, 2005 3 Vocabulary Terms Contract for deed Deed in lieu of foreclosure Lis pendens Copyright, 2005 4 Purchasing Mortgaged Property 1. Outright purchase (cash) 2. Assumption of existing mortgage 3. Subject to the existing mortgage 4. Wrap-around mortgage 5. Contract for deed 6. New note and mortgage (to 3 rd party) Copyright, 2005 5 Purchasing Mortgaged Property A method of seller financing No due-on-sale clause in existing mortgage Equitable title conveys (legal interest) Deed transfers at a future date 5. Contract for deed (Land contract) (Installment sale contract) Copyright, 2005 6 Sale price
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_12-6 - Lecture Preview Florida Real Estate Commission...

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