MCS 3040 Chapter Notes - Chapter 19: Land Registration, Security Interest, Concurrent Estate

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Unknown

Document Summary

Closing(p. 469)- the final stage of a real estate transaction when final documentation and payment are exchanged. Deficiency(p. 475)- the shortfall between the outstanding mortgage balance and the proceeds from the sale of land; also the shortfall if collateral is sold for less than the amount of the outstanding. Distress(p. 479)- the right of a commercial landlord to seize the tenant"s personal property for non-payment of rent. Easement(p. 461)- the right to use the land of another for a particular purpose only. Equity of redemption(p. 472)-the right to regain legal title to mortgaged land upon repayment of the debt. Exclusive possession(p. 476)-the tenant"s right to control land during the term of a lease. Fee simple(p. 459)- the legal interest in real property that is closest to full ownership. Fixtures(p. 459)-tangible personal property that is attached to land, buildings, or other fixtures. Foreclosure(p. 475)-the mortgagee"s remedy to terminate the mortgagor"s interest in the land. Joint tenancy(p. 460)co-ownership whereby the survivor inherits the undivided interest of the deceased.