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75 Cards in this Set
- Front
- Back
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Encumbrance |
Anything that has an effect on the owners fee simple title to real estate or use of the property |
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Marketable title |
Title that a reasonably prudent purchaser, acting with full knowledge of the facts and their legal significance, would be willing and ought to except |
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Cloud on title |
Any claim, condition, or encumbrance that impairs title to real property, owners interest is less than perfect. Property may not be marketable or marketable at a reduced price Buyer can request cloud to be removed using quit claim deed |
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Lien |
Encumbrance that makes property security for the payment of a debt or discharge of an obligation. One of the most important impediments to good title to real estate |
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General lien |
Applies to all property of the debtor |
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Specific lean |
Applies only to identified property |
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Voluntary lien |
Agreed to buy property owner , I.e. Mortgage or deed of trust used to obtain financing |
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Voluntary lien |
Agreed to buy property owner , I.e. Mortgage or deed of trust used to obtain financing |
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Involuntary lien |
Imposed without agreement a property owner, I.e. Tax lien |
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Mechanics lien |
Used to help secure payment for labor, service, equipment, or materials used in construction of improvements to real estate Filed with the county recorder |
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Payment bond |
Compensates owner if contractor defaults in the performance of contract obligations, I.e. Payment of workers and supplies |
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Mechanics lien timeline |
Must be enforced within 90 days after the filing of the lien claim. If credit is extended, notice of the extension must be filed within 90 days after filing the lien, and extension cannot be from more than one year after completion of the work |
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Preliminary notice of mechanics lien |
Must be made within 20 days of the time the work begins or the materials are furnished. A direct contract with property owner serve this purpose. Otherwise preliminary notice is hand delivered or sent by first class registered or certified mail to the property owner, general contractor, construction lender. |
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Mechanics lien starting time |
The date the construction project begins this determines when preliminary notice must be given |
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Mechanics lien starting time |
The date the construction project begins this determines when preliminary notice must be given |
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Mechanics lien completion time |
The project is completed when 1. Work stops and the owner uses the improvement 2.The owner accepts the work 3. Work has been stopped for 60 continuous days 4.The owner has filed a notice of cessation after work has been stopped for 30 continuous days |
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Notice of completion |
Filed by the owner with the County recorder within 10 days after the work is completed
If notice of completion is not filed by the owner all claimants have 90 days after completion to file a mechanics lien.
If notice of completion is filed, contractor must file a mechanics lien within 60 days from filing date. Everyone else has 30 days |
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Lien release |
Claimants voluntary release of the lien filed with the county recorder |
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Notice of nonresponsibility |
Notice that must be filed by a property owner and posted in a conspicuous place on the property within 10 days of learning of construction, repair, or other work that hasn't been authorized Must include; Property description, name and address and property interest of the person giving the notice, brief statement that the person giving notice is not responsible for any claims arising from the work. Must be filed at county recorders office |
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Lien release bond |
Filed with county recorder by owner who disbutes mechanics lien and to stop foreclosure of the property. Must be amount equal to 150% of entire claim on portion of the claim allocated to the parcel thought to be released. Anyone with interest in property can file |
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Attachment |
Process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court |
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Judgment |
Courts determination of the rights of the parties to legal action. Final judgment becomes lien on property. Only California courts and federal courts can make judgment granting money damages. |
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Judgment |
Courts determination of the rights of the parties to legal action. Final judgment becomes lien on property. Only California courts and federal courts can make judgment granting money damages. |
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Abstract of judgment |
Document stipulating the outcome of a legal action, which can be filed in any county debtor has property |
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Chapter 11 bankruptcy, re-organization |
Court approves plan to repay creditors |
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Chapter 11 bankruptcy, re-organization |
Court approves plan to repay creditors |
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Chapter 7 bankruptcy, liquidation |
Court takes possession of assets of debtor and sell the assets to pay off creditors |
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Chapter 13 bankruptcy |
Debts of individual who earns regular income or reduced |
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Liquidation |
Trustee in bankruptcy hold title to debtors assets, sells assets as necessary and gives trustee deed to buyer of real property |
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Easement |
Right to use the land of another for a particular purpose |
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Easement |
Right to use the land of another for a particular purpose |
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Servient tenement |
The land being used or traveled over |
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Easement |
Right to use the land of another for a particular purpose |
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Servient tenement |
The land being used or traveled over |
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Dominant tenement |
The land that is benefited by use |
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Easement appurtenant |
Easement right that is transferred along with the title to the land that benefits from easement |
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Easement in gross |
Personal right to use land, right belongs to a person or corporation. Is not appurtenant to any ownership interest in land. Can be made binding on future owners of the land in which case it will run with the land. Examples are railroads, pipeline and powerlines. |
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Easement created by express grant or express |
The wording of the deed will depend on whether the grantor is to be the holder of the dominant or the servient tenement |
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How to create an easement |
1. Contract 2. Express grant from the owner of the easement property 3. Reserving an easement over land that is sold 4. Implication of law 5. Long use 6.condemnation for a public purpose |
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Easement by implication of law |
Created by law to provide access to a parcel of land that is otherwise landlocked |
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Easement by necessity |
Easement right over the land of the grantor of adjacent property that would otherwise be landlocked |
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Easement by prescription |
Acquired similar to land acquired by adverse possession, only difference is no property taxes need to be paid. Must be open and notorious.Continue for five years. Hostile to interests of owner. Under some claim of right or color of title |
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Easement by prescription |
Acquired similar to land acquired by adverse possession, only difference is no property taxes need to be paid. Must be open and notorious.Continue for five years. Hostile to interests of owner. Under some claim of right or color of title |
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Easement by condemnation |
Taking of an easement right by public entity through the power of eminent domain . Some easements benefit property owners |
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Ways to terminate easement |
ADAM E LEE Abandonment Destruction Adverse possession Merger
Express agreement
Lawsuit Estoppel Excessive use |
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Easement termination by express agreement |
Express agreement of the parties, quit claim deed from the owner of dominant tenement to owner of servient tenement or from owner of easement in gross to land owner of which easement runs |
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Easement termination by express agreement |
Express agreement of the parties, quit claim deed from the owner of dominant tenement to owner of servient tenement or from owner of easement in gross to land owner of which easement runs |
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Easement termination by lawsuit |
Actions to quiet title brought against anyone claiming an easement |
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Easement termination by abandonment a prescriptive easement |
If easement is unused for five years |
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Easement termination by estoppel |
Can be terminated it easement is not used, and owner of dominant tenant indicates that no further use is intended, and owner of servient tenant makes use of the land based on representations of the owner of dominant tenant |
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Easement termination by estoppel |
Can be terminated it easement is not used, and owner of dominant tenant indicates that no further use is intended, and owner of servient tenant makes use of the land based on representations of the owner of dominant tenant |
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Easement terminated by merger of dominant and servient tenement |
When owner of dominant or servient tenements become owner of both properties the easement is extinguished |
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Easement terminated by distraction of servient tenement |
If buildings demolished or walls destroyed easement terminates |
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Easement terminated by distraction of servient tenement |
If buildings demolished or walls destroyed easement terminates |
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Easement terminated by Adverse possession |
If owner of servient tenement performs conditions for adverse possession to easement land easement right of dominant tenement will terminate |
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Easement terminated by excessive |
If uses improper or much greater than originally intended |
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License |
Permission given to another to come onto ones land |
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License |
Permission given to another to come onto ones land |
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Restriction |
Limitation on use of the land. Most common our CCRs , covenants, conditions, and restrictions. Found in a deed. Most common public restriction is zoning ordinance |
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CC&Rs |
Commonly found in declaration of restrictions filed by developer when subdivision plan is recorded. Runs with the land |
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Covenants |
A promise to do something or to refrain from doing something. If covenant breached, property owners can seek injunction and money damages. Can also be found in a lease |
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Conditions |
A qualification of an estate granted that can be imposed only in a Vance. Can be a condition precedent or subsequent. Remedy for breach of condition is forfeiture of land |
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Condition subsequent |
Stipulation in the contract or transfer of property that already has taken effect that will extinguish the contract or defeat the property transfer |
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Restraint of alienation |
Illegal condition that prohibits a property owner from transferring title to real estate |
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Deed restrictions |
Prohibition against a property use that is imposed in the grantees deed. Also punishable by injunction or money damages. |
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Expunging illegal covenant |
Submit a restrictive covenant modification form with copy of original with the illegal language crossed out to the county recorders. County recorder then records restrictive covenant modification |
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Termination of CC&Rs |
1. Expiration of the terms of restriction 2. Voluntary cancellation 3. Merger of ownership 4. Government act 5. Change in condition that prompts court action 6.vote of homeowners association |
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Zoning |
An act of city or county governments specifying the possible uses of property in a particular area |
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Encroachment |
Occurs when part of an improvement extends over the boundary line between properties without permission. I.e. Fences and buildings Kennick her on land, airspace, underground |
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Encroachment |
Occurs when part of an improvement extends over the boundary line between properties without permission. I.e. Fences and buildings Kennick her on land, airspace, underground If encroaching party fulfills conditions for easement by prescription or ownership by adverse possession can earn a legal right to use |
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Homestead exemption |
Statutory exemption of real property used as a home from the claims of certain creditors and judgments up to a specified amount |
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Homestead exemption |
Statutory exemption of real property used as a home from the claims of certain creditors and judgments up to a specified amount |
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If homeowner sells homestead property |
Homeowner must file a declaration of Homestead and reinvest into new homestead within six months |
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Homeowner exemption status |
Back (Definition) |
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Priority of claims |
1.Holder of liens and encumbrances on Homestead, tax lien paid first 2. Homeowner in the amount of homestead exemption only 3. Levying officer for reimbursement of costs 4. Judgment creditors 5. The homeowner |
