RES420 Assignment 2

(b) Lucy says, 'I have an idea of what a mortgage is, but can you please explain this and the other interests on these titles? Some of these things sound as if they might impact on what we can or can't do if we bought one of these properties. We really don't want to make a mistake!" Identify and explain the interests registered on each certificate of title listed in (a) above. Note: If you've already explained an interest in a previous title, you don't need to provide a further explanation of the same type of interest in subsequent titles. However, you must identify all interests on each title. (The explanation of each interest should be up to 200 words.) (c) Tom says, "I've been talking to our lawyer, and she says there's also something called limited as to parcels. She doesn't think we need to worry about that. Can you please give us a brief explanation?' The Open Polytechnic of New Zealand 2 R ES4 2 0 F undamentals of Real E state /A 2 Explain this term and describe to Tom and Lucy how such a limitation, if present on a title, would affect them as potential buyers (Write 100-150 words per answer.)