Notes days 29,1 and 6
Notes days 29,1 and 6 FIRE 378
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This 4 page Class Notes was uploaded by Matheus Aching on Thursday October 8, 2015. The Class Notes belongs to FIRE 378 at St. Cloud State University taught by Dr. mooney in Summer 2015. Since its upload, it has received 30 views. For similar materials see Real estate principles in Human Development at St. Cloud State University.
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Date Created: 10/08/15
Public Land Use Control Zoning ordinance regulates area height and use Maps Text of regulation Land uses Commercial Residential Industrial Theories l Concentric Ring Model Theory Divides in layers i CBD center business district is where government nancial and retail are in the center of the city ii Industrial and warehouse iii Transition iv Blue collar V White collar clerical vi Executive 2 Axial Theory Reference development Urban growth occurs rst in close proximity to transportation system High land value Value decreases as you move away form high land values 3 Sector Theory Middle income houses tended to be in wedges adjacent to high income corridors Low income tended to be is areas opposite the CBD from the high income corridor typically adjacent to industrial areas Hoyt s Sector City Model 57 2 Wholesale light manufacturing 3 Low class residential 4 Medium class residential 5 High class residential 4 Multinuclei City Theory The motor vehicle combined with new technologies of production had released the city from its absolute ties to the CBD Since 1945 continued advances in motor vehicles along with waves of other technological innovations have continued to propel urban activity way from the CBD Why do we have zoning urban planning Orderly growth and development Maintain property value Safety noise etc Nonconforming use When zoning ordinance is revised some existing land uses then fall outside the new zoning classi cation They may continue to exist despite the changes in classi cation provided that they are never discontinued and the structure is not destroyed or substantially altered Types of change in classi cation 1 Amendment Change district classi cation boundaries 2 Variance Undue hardship Provide some relief mechanism for cases where the regulations impose exceptional hardship and loss of value 3 Conditional use permit Use it for a special purpose for a certain period of time Ex alcohol allowed for a festival at a park where alcohol is not allowed How to get a variance 1 Make application Map list of property owners within 150 feet of subject property 2 Zoning Board of Appeal 3 Public hearing Input of the public 4 City council Majority vote issuance Minority vote denial If amendment is 300 feet of subject property it need 23 maj ority vote because it involves a larger are of land Closing Closing a gathering of interested parties at which the promises in the purchase agreement are executed Deed instrument that conveys title General warranty deed contains the full set of legal promises the grantor can make Thus it is consider the highest quality deed and affords the maximum basis for suit by grantee in case the title is defective Special warranty deed the grantor asserts only that he has created no undisclosed encumbrances during ownership but asserts nothing about encumbrances from previous owners Quit claim deed conveys an individual s property rights to another but has none of the covenants of the warranty deed Bargain and sale deed conveys the land itself rather than the ownership interest through warranties Contract for deed land contract this is a contract for sale of a property with the special provision that the actual delivery of a deed conveying ownership will occur well after the buyer takes possession of the property The idea is that a seller can nance the sale through installment payments and by retaining title have recourse in case of default Bill of Sale Bill of sale is to personal property what deed is for real property Convey personal property Title insurance policy Protects a grantee against the legal cost of defending the title and against loss of the property in case of an unsuccessful defense Attomey s title opinion The attorney performs the title search Grantee cannot sue or recover in case the title is not clear In MN recommendation to review abstract of 20 past year Abstract property History of the chain of title for a piece of property Torrens property Property which a certificate of ownership has been issued It is accepted as evidence of good title Closing Statements debits and credits associated with the transactions Buyer s closing statement Debits purchase prices prorated items most common is real estate taxes Credit prorates items earnest money mortgage amount Buyer s expenses show up as debits on the buyers closing statement Seller s closing statement Debits old mortgage commission other sales expenses Credit sales price prorate items Mortgage registration tax 230 per 1000 of new mortgage amount State deed tax 330 per 1000 of sale price Prepaid expense expenses that are prepaid have been paid for but not fully used up Accrued expenses those expenses that have been earned but not yet paid