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43 Cards in this Set

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Abstract of Title
Condensed history of title to real property consisting of a summary of the links in the "chain up title" extracted from documents bearing on the title status.
Acknowledgment
Formal declaration before an authorized official, by the person who executed the instrument, that it is a free act.
Actual Notice
Information a person has actually learned by reading, seeing, or hearing.
Adverse Possession
A method of obtaining title to real property by occupying it an open and hostile manner contrary to the interests of the owner.
Alienation
The act of transferring ownership, title, or an interest or estate in real property.
Chain of Title
A successive listing of all previous holders of title (owners) back to an acceptable starting point.
Condemnation
The taking of private real property for public purpose under the right of eminent domain for a fair price.
Construction Lien
A claim based on the principle of "unjust enrichment"; favors parties who have performed labor or delivered materials or supplies for the repair or building of an improvement to real property.
Constructive Notice
The recording of a document or any instrument in the public records designed to give adequate notice to all.
Deed
A type of conveyance; a written instrument to transfer title to real property from one party to another.
Deed Restriction
Provision placed in deeds to control future uses of the property.
Easement
A right, privilege, or interest in real property that one individual has it lands belonging to another; a legal right to trespass; right-of-way authorizing access to or overland.
Eminent Domain
The constitutional right given to a unit of government to take a private property involuntarily if taken for public use and a fair prices paid to the owner.
Encroachment
Unauthorized use of another person's property.
Escheat
Reversion of property to the state when an owner dies without leaving a will or any known heirs.
Further Assurance
A provision in a deed containing a covenant or warranty to perform any further acts the grantee (buyer) might require to perfect title to the property.
General Lien
A claim that may affect all the properties of a debtor.
General Warranty Deed
An instrument of conveyance containing the strongest and most comprehensive promises of further assurance possible for a grantor (seller) to convey to a grantee (buyer).
Grantee
Party who receives a deed or grant; buyer.
Granting Clause
The provision in a deed that specifies the names of the parties involved, the words of conveyance, and a description of the property.
Grantor
Party who signs and gives a deed; seller.
Gross Lease
An agreement for the tenant to pay a fixed (base) rent and the landlord pays all of the expenses associated with the property.
Ground Lease
An agreement for the tenant to lease the land only and erect a building on the land.
Habendum Clause
A provision in a deed to real property that stipulates the a state or interest the grantee is to receive and the type of title conveyed.
Intestate
Without a will.
Lender's Policy
Title insurance issued for the unpaid mortgage amount to protect the lender against title defects.
Lien
A claim on property for payment of some obligation or debt.
Lis Pendens
A pending legal action.
Net Lease
An agreement for the tenant to pay fixed rent plus property costs such as taxes, insurance, and utilities.
Opinion of Title
A formal statement by an attorney regarding the status of the title after examination of the chain of title.
Owner's Policy
Title insurance issued for the total purchase price of the property to protect the new owner against unexpected risks.
Percentage Lease
An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property.
Police Power
The authority of government to protect the property, life, health, and welfare of the citizens.
Quiet Enjoyment
Provision in the deed guaranteeing that the buyer may enjoy possession of the property in peace and without disturbance by reason of other claims on the title by the seller or anyone else.
Quitclaim Deed
A type of deed that will effectively convey any present interest, claim, or title to real property that the seller (grantor) may own.
Restrictive Covenants
Conditions placed by developers that affect how the land can be used in an entire subdivision.
Seisin (seizin)
A covenant in a deed that warrants that the grantor (seller) holds the property by virtue of fee simple title and has complete right to dispose of same. Also known as seizin clause.
Specific Liens
Claims that affect only the property designated in the lien instruments or agreements.
Testate
Having left a will.
Title Insurance
A policy of insurance that protects the holder from any loss resulting from defects in the title.
Title Search
Examination of all of the public records to determine whether any defects exist in the chain of title.
Variable Lease
An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates.
Warranty Forever
A provision in a deed guaranteeing that the seller will for all time defend the title and position for the buyer.