REALTORS. ®, for the protection of all parties, shall assure whenever possible that all agreements. related to real estate transactions including, but not limited to, listing and representation. agreements, purchase contracts, and leases are in writing in clear and understandable language.
What type of real estate purchases will Article 9 of the UCC cover?
Current secured transactions law draws a distinction between real estate collateral and personal property collateral. In general, Article 9 of the Uniform Commercial Code applies only to security interests in personal property and fixtures, not liens on real property.
Does Article 9 apply to mortgages?
Article 9 applies to both a security interest in a mortgage note to secure an obligation and to the rights of a buyer of a mortgage note. … The seller or person creating the security interest to secure an obligation must have “rights” in the mortgage note–this too is usually easy to satisfy.
What does real property mean in legal terms?
The legal definition of real estate or real property is land and the buildings on it. Real estate law governs who may own and use the land. This simple concept includes a wide range of different legal disciplines. First, real estate may be either residential or commercial.
What are examples of real property?
Real property is land and other assets that are permanently attached to the land. These other assets must be permanently placed on or under the land. Examples of real property are buildings, canals, crops, fences, land, landscaping, machinery, minerals, ponds, railroad tracks, and roads.
What does Article 9 apply to?
Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.
How does an Article 9 sale work?
Pursuant to Article 9, a lender seeking to collateralize an advance on the personal property of its debtor may negotiate and memorialize its security interest in an agreement, perfect its position as a secured lender relative to other interests in the property, and enforce its security interest by repossessing and …
Is a UCC a mortgage?
A UCC (Uniform Commercial Code) financing statement is a mortgage or security agreement that uses personal property as collateral. These agreements are recorded in the county if real property is affected.
What types of contracts fall under Article 2 of UCC?
Article 2 of the UCC governs the sale of goods, which is defined by §2-105 and includes things that are moveable, but not money or securities. It does not include land or houses. Contracts between merchants are also governed by article 2 of the UCC.
What words are used interchangeably in property law?
Deed and title are often used interchangeably when it comes to property ownership. However, the two words have very different meanings, and it’s important to distinguish one from the other.
Is property law the same as real estate?
Property law, sometimes known as real estate law, deals with transactions related to residential and commercial property and covers specialist areas such as property finance, mortgage lending or social housing.