Рабочая тетрадь с текстами и грамматическим сопровождением к ним по специальности "Земельно-имущественные отношения"
методическая разработка по английскому языку (11 класс) на тему

Land and Property relations

         ( Texts for students)

                   « Career Paths»

-Electronic resources:

www.Land-professor.com

-Support of the texts (Questions, Lexics, Definitions) by Rudenko S.N. College «Tsarisino»

-1-

Ready to buy Land? 
Consider the following.

     When you buy Land you are making a big decision and a big investment. Go slow, ask questions, and learn everything you can about the land before you buy it. Below there are some of important questions you should   ask.

1. Should I use a realtor?

I believe in most cases you should use a realtor when you buy land. The realtor is paid a commission from the seller so there is no charge to you. Why not use an expert for free?

2. Am I paying a fair price?

Land prices vary and it is hard to calculate an exact value for a piece of land. Be careful, look at similar parcels of the  land  sold recently and you will  get an idea of the value.

3. Are there land use limits?

There are many possible limits or restrictions on using a parcel of land. Many restrictions are government regulations. These could include Zoning restrictions and Building Permit Requirements.

4. Can I connect to Public Utilities?

If the land is not connected to electricity, water and sewer there can be significant costs in connecting. You may need to drill a well and install a septic system instead of connecting to water and sewer.

5. Does the land have Title problems?

You should use a title company to handle the closing and insist on an Owners Title Insurance Policy when you buy land. This will insure you against any title problems, including liens, judgments, forged deeds etc. Have the title company explain the policy and any exceptions to coverage at closing.

6. Do I have legal access to the land?

Legal access means you have the right to use the roads leading to your land, crossing any property between your land and the nearest public road. The title company should insure access as part of the Owners Title Insurance Policy.

7. Who owns the mineral rights?

The Mineral Rights are often owned by a different person than the surface rights owner (commonly we don’t mean this problem in the landowning). If the mineral rights are owned separately the owners of the mineral rights may have the right to enter your property and set up equipment to extract their minerals.

8. Do I like the neighbors?

                                                                  -2-

     Before you buy land, meet the neighbors. While you are getting to know them ask them what they know about the land. They may have information that the realtor doesn’t.

9. Do I like the area?

If you find a parcel of land that you like but dislike the area you will end up liking the land too. Investigate the local schools, the stores, the community and the roads you will travel.

Don’t forget to find out what the area is like in the winter and the summer. Of course this doesn’t cover everything you should look into when buying land, but it gives you a place to start. Keep in mind a caveat emptor ( buyer beware) when buying land.

                                                  Vocabulary:

  2. Answer the following questions to the text:

What questions should you ask before buying land?

Why should one use a realtor when buying land?

How to calculate an exact value for a parcel of land?

What are the land using limits?

Why is it important for the land to be connected to Public Utilities?

What will insure you against any title problems?

Is legal access to the land really important?

Who will insure access to the land?

Are Mineral Rights and Surface Rights just the same?

What may happen if Mineral Rights are separated from Surface Rights?

Why is it useful to meet neighbors before buying a parcel?

Why is it necessary to find out what the area is like?

What does a caveat emptor mean for the buyer?

                                                                -4-

3. Match the words (1-14   ) with the definitions ( A-P  ).

1. to consider                                                                  2. a decision

3 .an  investment                                                            4. a charge

5 .a  fair price                                                                 6. to vary

7. exact                                                                           8. to connect

 9. significant                                                                  10. to insist on

11. to insure                                                                    12. lien

13 .a  restriction                                                              14. surface rights

15. caveat emptor

A - to be different or to be not just the same         B- to join two or more subjects together

C- a law or rule that limits or controls something  D- strictly accurate or correct

E- landowners right to the upper boundery of land except minerals

F- an amount of money for a service or activity      

 G- just and honest price

H- to think about something carefully in order to make choice or decision

I- money commited or properly  acquired for a future income

J- the result or choice of deciding                          

 K- very large or very important

M- to be firm about something required                

 N- to make somebody sure , certain  or safe

O- money taken for a satisfaction on some debt

P- when a sale is a subject of risk to be either defective or unsuitable for needs

                                               -5-

                        Understanding foreclosure process

You must understand the foreclosure process to be successful at trustees sales or foreclosure auctions. Understanding the process will help you to determine the property in foreclosure, when the auction is held and there is a possibility of buying at a reasonable price.

                                Finding foreclosure property

 Buying at Trustees Sales you must find properties before the Trustees Sale. Trustees Sales are advertised in the paper before the sale, using a Notice of Trustees Sale. If you see the Notice the first week published you will have several weeks to research the property.

If you want more time to research you can review the Notices of Default recorded in the county recorder office. These are filed at least 3 months before a possible sale. The downside of using the Notices of Default is that many of these properties will be paid and not go to Trustees Sale.

                                           Vocabulary:

1. foreclosure process- процесс потери права выкупа
2. trustee-доверенность
3. auction- аукцион
4. possibility-возможность
5. reasonable price-разумная цена
6. to advertise- рекламировать
7. to research-изучать, исследовать
8. to review обозревать, просматривать
9. county recorder- сотрудник окружного регистрационного бюро
10. downside - недостаток

2. Answer the following questions:

What makes you a success at trustees sale?

What should you do before the trustees sale?

Where can you review the Notices of Defaults?

How long are the Notices of Default kept in the county?

What is the downside of using the Notices of Default?

 3. Match the words (1-9  ) with the definitions (A-I )

 1.foreclosure process- процесс потери права выкупа      2. trustee-доверенность

3.reasonable price-разумная цена                                 4.to review обозревать, просматривать

5.county recorder- сотрудник окружного

 регистрационного бюро                                               6. downside – недостаток

                                                       -6

                                     Know a property value

     You should know the approximate property value. The amount owed on foreclosure property is often higher than the properties value. If the amount owed is more than the property value - STOP! Don’t spend anymore time on this property.

                              Know amount owed

    Before attending you should know the amount owed on the land. The first bid is made in behalf of the lender and will usually be for the total amount owed. If the amount owed is more than the property value there is no need to attend the sale. You don’t want to pay a premium for foreclosure proper, do you?

In a market of declining property values many of the properties at foreclosure auctions will be worth less than the amount owed. Be careful and don’t pay more that the property is worth. You may have to search many foreclosure notices to find an auction worth attending.

To find the amount owed you can call the individual or company handling the Trustees Sale. Their contact information will be in the Notice of Trustees sale published in the paper. If they refuse to give you the amount you can get a copy of the Trust Deed from the courthouse. You can estimate the amount by looking at the age and amount on the Trust Deed.

                                             Vocabulary:

1. amount owed- сумма задолженности
2. a bid- ставка
3. to attend- посещать, принимать участие
4. to decline- снижать, уменьшать
5. to refuse-отказывать
6. an estimate-оценка, смета
7. trust deed-доверенность
8. approximate property value – приблизительная стоимость собственности

2. Answer the following questions:

Why is it necessary to know the approximate property value?

When must you stop to research the foreclosure property?

What is the first bid?

When is there no need to attend the sale?

What auction is worth attending?

Must the amount owed be more than the property value?

How can you find the amount owed?

What is the best way to estimate the amount owed?

                                                         -7-

3. Match the words (1-7 ) with the definitions ( A-F  ).

1. amount owed

 2. a bid

3. to attend

4. to decline

            5. an estimate

            6. trust deed

A-to become smaller

B- to give an idea about the value, size, cost.

C- money to be in debt

D- to offer to pay for something that is being sold at an auction

E- a common way to structure real estate purchases

F- to go and to be present at (an event, meeting, etc.)

                                  -8-

                      Research the property

  After you have found promising foreclosure candidates you should have a title search performed on the property. Unlike a standard purchase there is no title insurance on trustees sales so it is possible to buy land with title problems, or unpaid liens and mortgages.

                                    Vocabulary:

1. insurance- страховка

2. unpaid liens- неоплаченное залоговое удержание

3. mortgage- ипотека, заклад

4 .trustees sales- продажа доверенными лицами, попечителями

  2. Answer the following questions:

Is there any title insurance in a foreclosure sale?

What problems is it possible to find in land in trustees sales?

3. Match the words ( 1-4  ) with the definitions ( A-D  ).

A-serving (bill, debt, etc.) without payment.

B- a legal agreement in which a person borrows money to buy property (such as a house) fnd pays  back  the money over a period of years.

C- agreement in which a person makes regular payments to a company and the company promises to pay money if the person is injured or dies.

D- it is a sale due to default in the loan made from the lender

                                                      -9-

                            Attending the auction

   If you find a property, at a good price, with neither title problems nor outstanding liens, attend the auction prepared in compliance with the instructions in the Notice of Trustee’s Sale. This often includes certified funds at the time of auction for part or all of the bid price. Usually you must have a set amount at the auction and the remainder within 24 hours.

The auction is handled like any other auction. Bids will be taken and the high bid will win the property, subject to meeting the conditions in the Notice of Trustees Sale.

Buying property at foreclosure auctions is more difficult than many other methods. Because of this most people avoid them. This makes it possible to find excellent deals. It just takes work and preparation.

Vocabulary:

1. outstanding-спорный, неоплаченный
2. to prepare-подготавливать
3. to comply-соответствовать
4. certified funds- гарантированные фонды
5. remainder-остаток
6. to avoid- избегать

2. Answer the following questions:

When should you attend the auction?

What does the compliance with the instructions mean at the auction?

What kind of bid may win the property?

Why do people avoid buying property at auctions?

Match the words (1-4  ) with the definitions (A-D   ).

7. to comply-соответствовать
8. certified funds- гарантированные фонды
9. remainder-остаток
10. to avoid- избегать

A -to keep yourself from doing  smth.  or participating in smth.

B -the quantity that remains after substructing

C- money that are guaranteed by the bank , that money will be available upon the check

D-accordance with wishes, conditions, etc.

                                                       -10-

                        How to buy Land cheap

. Cheap is not always the best, but in this case we are discussing getting a good deal on land.

                    Delinquent tax property

     This method is for regions that have tax sales rather than tax certificates. In a Tax Sale the delinquent tax property is sold at public auction. The county keeps the amount owed for delinquent taxes, plus penalties and interest, any remaining money is forwarded to the owner.

You can attend the tax sale auction to buy property. You need to research the property ahead of time, to find out the approximate value, any title problems that the property might have (that aren’t extinguished by the tax sale), and other details such as legal access, water rights, etc.

Many people get an excellent deal on property at tax sales. Others pay several times what the property is worth, so do your research to get the best price possible.

Another option is to contact the owner before the tax sale and make them an offer on the property. You will avoid the auction itself and often pay less than you would at the auction. A county waits until there are several years of delinquent taxes before selling the property. You can contact the owner before this time and often get a good deal.

                                         Vocabulary:

1. tax sales- налоговые продажи
2. tax certificate- налоговое свидетельство
3. ahead of time-заранее
4. penalties-штрафы
5. to extinguish-погашать
6. an option-вариант
7. an offer-оферта

2. Answer the following questions:

What kind of tax property is sold in public auction?

Why do you need to research the property ahead of time?

Why is it better to contact the owner before the tax sale?

3. Match the words ( 1-4  ) with the definitions (A-D ).

      1.taxs  sales- налоговые продажи

      2.tax certificate- налоговое свидетельство

3. penalties-штрафы

4. to extinguish-погашать

1. money,  set by the government, that is added to the price of goods and services
2. punishment for breaking a rule or law
3. official prove of payment
4. debt is replaced by money upon judgment

                        Foreclosure property

   Foreclosures may be the best way for buying a cheap land . There are three basic stages in a foreclosure.

1. Default

During the default stage the property has not been foreclosed, but the seller has been notified that a foreclosure is in progress. During the early part of this stage the foreclosure can be automatically stopped by paying the overdue amount or a negotiated amount. You can contact the owner and offer to buy the property. Owners in foreclosure can be very motivated to sell.

Vocabulary:

1. to notify-уведомлять, регистрировать
2. overdue amount-просроченная сумма
3. negotiated amount-договорная сумма

 Answer the following questions:

What main stages are there in a foreclosure?

What does the default stage mean?

What  is the way to stop the default stage?

Match the words ( 1-3  ) with the definitions (A-C)

1. not paid at an expected or required time
2. to give a formal notice
3. reached in a formal discussion

                                                   -12-

                               2. Foreclosure Sale

  If the delinquent amounts are not resolved during the default phase the property goes to a foreclosure sale. Anyone can bid on the property at the sale. Contact the company handling the foreclosure and ask what their requirements are.

Similar to tax sales, you need to do your research before the foreclosure sale. Know what the property is worth before bidding.

                                                  Vocabulary:

1. delinquent amount-неоплаченная сумма
2. to resolve-решать
3. requirements- требования
4. foreclosure sale-продажа заложенной недвижимости

2. Answer the following questions:

-When does the property go to a foreclosure sale?

-Who may bid on the property at the sale?

-You should know what the property is worth after bidding, shouldn.t you?

3. Match the words ( 1-4  ) with the definitions (A-D   ).

A- a process by which a homeowner/s rights to a property are taken away

B - failing to pay an amount of money owed

C-demands

D-to find an answer or solution

                                               -13-

                                      3. Foreclosed property

   The lender usually receives the property after the foreclosure sale for a variety of reasons. Few people show up at foreclosures and often the minimum bid is more than the property is worth.

The Lender is motivated to sell the property quickly and will entertain any reasonable offer. Contact them and make an offer.

                          Vocabulary:

1. reasonable offer-разумное предложение
2. foreclosed property-исключенная собственность
3. variety of reasons-разнообразие, множество причин

2. Answer the following questions:

-Why is the lender motivated to sell the property quicly?

                                               -13-

-May the minimum bid be more than the property is worth?

-Is it possible to make any offer to the lender?

3. Match the words (1-3   ) with the definitions (A-C   ).

A- a collection of different reasonable things or people

B- a piece of real estate that a mortage lender sells to pay off a defaulted mortage loan

C-a commercial decision reached between a buyer and a seller

                                                          -14-

                                Assume the existing loan

      Although this is more difficult to do, it can be an excellent way to buy land. The current owner may be tired of the property and willing to sell it for little or no money, if you will assume the payments. This only works if the property is financed by an individual. Banks don’t usually allow anyone to assume their loans.

This method can be combined with the tax sale or foreclosure methods above. You can contact the owner, pay the delinquent amounts, and take over the payments. Use an attorney or title company so the proper paperwork is filed, and the land is properly transferred to you.

                                   Vocabulary:

1. an existing loan-существующая ссуда
2. a current owner-действующий владелец
3. payments-платежи
4. to allow- позволять, разрешать
5. to take over-вступать во владение
6. an attorney-юрист
7. a proper paperwork-надлежащие документы
8. to transfer-переводить

2. Answer the following questions:

Why is it useful to assume the existing loan ?

Does this way of buying the property work when the property is financed by banks?

What methods can be combined with assuming the loan?

Is it necessary to use an attorney while making the proper paperwork?

3. Match the words (1-8   ) with the definitions ( A-E).

A- an amount of money that is given to someone for a period of time with a promise that it will be paid

B- the official documents

C- to move from person , place to another

D-an individual who owns a piece of estate property and lives in it

E-an act of giving money for something

F-to assume controle or possesion

                                                -15-

                                   Bankruptcies

     Bankruptcies are public. You can contact the court or attorney handling it and offer to buy property involved in the bankruptcy. You will need to research what property is owned by the person filing bankruptcy. This method is more difficult to use than the others, but can be an excellent way to buy property below market value. There are many methods to learn about how to buy land cheap. The above are just a few.

Vocabulary:

1. to involve-вовлекать 
2. market value- рыночная стоимость
3. bankruptcies-банкротство

Answer the following questions:

Who should you contact to buy property involved in the bankruptcy?

What moments do you need to research ?

This method is easier than the others, isn.t it?

Is it an excellent way to buy the property below market value?

3. Match the words ( 1-3  ) with the definitions (A-C   ).

A-the highest estimated price that a buyer would pay and a seller would accept

B-to include something as a party of something

C-a condition of completely lacking a good or desired quality