The LINGO of real estate. - Posted by Alex Gurevich, TX
Posted by Alex Gurevich, TX on June 29, 2001 at 15:29:43:
Joe is right in his definition of what the deed is, what function it serves, and who signs it. He is also right you’ll need an attorney to at least modify the contracts you got out of those courses to compy with the state law you operate under.
Monique is right that Ron’s materials are teaching you the fundamental concepts of investment techniques on how to create money with houses and paperwork.
However, what seems to be missing is the understanding of basic lingo that should probably come even before the money making strategies. Deeds, mortgages, security instruments/collaterral, mortgagee, mortgagor, trustee, trustor, grantee, grantor, recording of documents (what needs to be recorded and what doesn’t), etc.
Unfortunately, most of the courses out there don’t make a good job of covering a basic lingo of real estate.
When I got started in 1991 I bought a great audio course by Carrey and Klein which covered all those basic concepts for beginners. They didn’t talk about how to make money with real estate, rather just focus on all the fundamentals: contract law, estates, life estates, leases, options, mortgages, wrap-arounds, unilateral/bilateral contracts, title system/recording, owner financing, due on sale, conventional financing, points, notes, money supply regulated by FED and much much more. It was done in a conversational, easy to listen to and understand manner.
Having zero background in real estate forced me to listen to that course again and again and, boy, did it help me tremendously. I was pretty quickly able to do research at the courthouse, read real estate legal docs, understand misc. clauses in the contracts, and could understand pretty much any professional real estate and mortgage talk. I’ll check and see if I can find a way to get hold of it.
Yes, an attorney can help you to put together a transaction, but at some point you want to pick up all that real estate terminology and make it a part of your vocabulary.