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