Hi, this is Joe with Prep Agent and I'm here today with Amber, my best friend for the day. Right Amber? That's right, okay. So Amber's getting ready to take her test and before she takes her test, you want to review some concepts with me, which is awesome. I'm happy to do it. The first one you want to go over is trustees mortgages and promissory notes. Yes, so Amber emailed me about knowing the difference between trustees mortgages and promissory notes. I love that you asked me about this because people often get this wrong or confused all the time, including yourself. Right, you got a little confused with this. Yes, I mean I've read the definitions a hundred times and I still cannot understand it. Well, when we're done, you're magically going to understand and everything's going to be ok. Perfect, it's going to be great. Okay, so let's start with the promissory note. Start there. Now, what's the thing I tell everybody in the webinars all the time? Keep it simple. Don't make it more complex. It needs to be simple. So, I have this thing, the first promissory note in the world. Are you excited to see it? I'm excited, okay. Here we go, the very first promissory note. Boom! What are you looking at right now? A caveman sketching a note in stone. What does that note say? "I owe you stuff." Okay, now that goes to my point. Let's keep it as simple as possible. Because, simply said, this is a promissory note. This is a promissory note. Why is this a promissory note? I mean, it's just a stone with a guy writing it like a caveman. Stone writing "IOU stuff." Why is that a promissory note? Kind of like an IOU, promising...
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Indiana Real Estate Contract law Form: What You Should Know
Property Transfer Law or the Uniform Transferee Transaction Act. This affidavit will be referred to as an affidavit. In addition, a person will not acquire title to real property by the instrumentality of another unless the instrumentality of the person is in substantial compliance with the instrumentality of Seller hereunder. 4.1.7 Seller's Warranty of Condition. Seller delivers to Buyer all property of Seller that Seller has sold in good state of repair and is in Seller's usual and customary condition, and Seller delivers to Buyer any property Seller is expecting to sell at any time. Buyer may inspect and test the property, but is not required to do so. To the extent reasonably practicable, Buyer shall keep the property in good repair and in Seller's usual and customary condition. 4.1.7.1 Seller's Warranties. Except as provided in Section 4.1.7.2 and except as provided otherwise by Seller, each contract for the sale of real property, whether oral or written, is a contract by and between Seller and Buyer. 4.1.7.1.1 Liability. In the case of any deficiency or defect in, or any defect in the condition of, any property, including an express warranty of “as is,” “as found” or “as stated,” the contract is void and of no effect unless otherwise expressly set forth in the agreement to which it pertains. However, Seller's warranties do not extend to any material defect in materials or workmanship in and about the real property, whether such defects are specifically named. This includes but is not limited to any defect in construction. 4.1.7.1.2 No Liability for Damage or Loss. This clause is applicable exclusively to Seller. 4.1.7.1.3 No Liability by Seller for Damage or Loss Due to Permitted Use. Subject to Seller's express and implied warranties of such property or any implied warranties of fitness, condition and merchantability, Buyer's exclusive remedy under Seller's warranties with regard to any part of any real property is the exclusion of such property from their use and disposal by Buyer. 4.1.7.2 Seller's Warranty of Condition.
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