The Business Savvy Student (i.e., you) and a Business Entrepreneur friend has approached you about a...

Transcribed Image Text:

The Business Savvy Student (i.e., you) and a Business Entrepreneur friend has approached you about a business opportunity. Business Entrepreneur has found a niche market in manufacturing and selling widgets. In fact, Business Entrepreneur has identified a burgeoning market not yet realized by others in the industry. You and Business Entrepreneur have agreed to invest $50,000 each in the purchase of a warehouse building located next to the Fresno Yosemite International Airport to manufacture, store and sell the widgets. After all relevant contracts to purchase the warehouse building located next to the Fresno Yosemite International Airport have been signed., and financing to purchase the warehouse building has been secured, all contracts go to escrow. The escrow officer asks you and Business Entrepreneur how title in the warehouse building is to be held in the pending Grant Deed. 1. Do you desire title in the warehouse building to be held as Joint Tenancy or Tenants In Common? Why? 2. Later, you decide to transfer your interest in the title to the warehouse building (whatever that interest may be) to Mr. McComas. What type of document will you use for this transfer? Why. 3. If the manufacturing widget business fails to make payments to the bank that financed the purchase of the warehouse building, what process may the bank use to pursue the return of the money it lent for the purchase of the warehouse building? The Business Savvy Student (i.e., you) and a Business Entrepreneur friend has approached you about a business opportunity. Business Entrepreneur has found a niche market in manufacturing and selling widgets. In fact, Business Entrepreneur has identified a burgeoning market not yet realized by others in the industry. You and Business Entrepreneur have agreed to invest $50,000 each in the purchase of a warehouse building located next to the Fresno Yosemite International Airport to manufacture, store and sell the widgets. After all relevant contracts to purchase the warehouse building located next to the Fresno Yosemite International Airport have been signed., and financing to purchase the warehouse building has been secured, all contracts go to escrow. The escrow officer asks you and Business Entrepreneur how title in the warehouse building is to be held in the pending Grant Deed. 1. Do you desire title in the warehouse building to be held as Joint Tenancy or Tenants In Common? Why? 2. Later, you decide to transfer your interest in the title to the warehouse building (whatever that interest may be) to Mr. McComas. What type of document will you use for this transfer? Why. 3. If the manufacturing widget business fails to make payments to the bank that financed the purchase of the warehouse building, what process may the bank use to pursue the return of the money it lent for the purchase of the warehouse building?