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64 Cards in this Set

  • Front
  • Back
abstract of title
a complete summary of all recorded documents affecting title to a given parcel of land
formal declaration by a person signing a document that he or she in fact did sign the document
actual notice
a knowledge of what one has actually seen, heard or observed
chain of title
the linkage of property ownership that connects the present owner to the original source of title
constructive notice
notice given by the public records and by visible possession coupled with the legal presumption that all persons are thereby notified
grantor-grantee indexes
alphabetical list used to locate documents in the public records
inquiry notice
information the law presumes one would have where circumstances appearances or rumors warrant further inquiry
lenders policy
a title insurance policy designed to protect a lender
lis pendens index
ligitation is pending
marketable title
title that is free from reasonable doubt as to whom is the reasonable owner
marketable title act
state law aimed at cutting off rights and interest that has been inactive for long periods
notary public
a person authorized by the state to administer oaths attest and certify documents and take acknowledments
opinion of title
an attorney's opinion as to the status of the title
owner's policy
a title insurance policy designed to protect the fee owner
public records office
a government operated facility wherein documents are entered in the public records
quiet title suit
court ordered hearings held to determine land ownership
title cloud
a title defect
title insurance
an insurance policy against defects in title not listed in the title report or abstract
torrens system
a state sponsored method of registering land titles
title searcher
a person who searches the public records
owned by
to transfer to another one's rights under a contract
attorney in fact
one who is authorized by another to act in his or her place
breach of contract
failure without legal excuse to perform as required by a contract
competent party
persons considered legally capable of entering into a binding contract
an act or promise given in exchange for something
a legally enforcable agreement to do or not to do a particular thing
an offer made in response to another offer
the application of force to obtain an agreement
the process of completing performing or carrying something out
not to act
an act intended to decieve for the purpose of another to give up something of value
liquidated damages
an amount of money specified in a contract as compensation to be paid in the contract is not satisfactorly completed
a person under the legal age of competence
money damages
compensation paid in lieu of contract performance
mutual agreement
means that there must be agreement between all parties envolved
the substitution of a new contract or new party for an old one
the party who makes an offer
a legal term that refers to a person or a group involoved in a legal proceeding
specific performance
contract performance according to the precise terms agreed upon
statute of frauds
a law requiring that certain types of contracts be written in order to be enforcable in a court of law
statute of limitations
a legal limit on the amount of time one has to seek the aid of a court in obtaining justice
unilateral contract
results when a promise is exchanged for performance
void contract
a contract that has no binding effect on the parties that made it
voidable contract
a contract that is able to be voided by one of its parties
"as is"
said of property offered for sale in present condition with no guarantee or warranty of quality provided by the seller
bill of sale
a document that shows the transfer of personal property
a short purchase contract used to secure a real estate transaction
closing date
the day on which the title closing is completed
delayed exchange
a nonsimultaneous tax deferred trade
dry rot
a decay in wood that usually results from alternate soaking and drying over a long period of time
earnest money deposit
money that acompanies an offer to purchase as evidence of good faith
equitable title
the right to demand the title be conveyed upon payment of the purchase price
installment contract
a method of selling and financing property whereby the seller retains title but the buyer takes position while making the payments
lease option
allows the tenant to by the property a preset price in terms for a given period of time
letter of intent
a document that expresses mutual intent but without liability or obligation
loan commitment letter
a written agreement that a lender will make a loan
the party recieving the option
qualified intermediary
the third party escrow agent used in tax deferred exchange
right of first refusal
the right to match or better an offer before the property is sold to someone else
"time is of the essence"
a phrase that means that the time limits of a contract must be faithfully observed or the contract is voidable