Florida Real Estate Principles - Chapter 9 - Key Terms

Front 1

Abstract of Title

Back 1

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.

Front 2

Acknowledgment

Back 2

Formal declaration before an authorized official, by the person who executed the instrument, that it is a free act.

Front 3

Actual Notice

Back 3

Information a person has actually learned by reading, seeing, or hearing.

Front 4

Adverse Possession

Back 4

A method of obtaining title to real property by occupying it an open and hostile manner contrary to the interests of the owner.

Front 5

Alienation

Back 5

The act of transferring ownership, title, or an interest or estate in real property.

Front 6

Chain of Title

Back 6

A successive listing of all previous holders of title (owners) back to an acceptable starting point.

Front 7

Condemnation

Back 7

The taking of private real property for public purpose under the right of eminent domain for a fair price.

Front 8

Construction Lien

Back 8

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.

Front 9

Constructive Notice

Back 9

The recording of a document or any instrument in the public records designed to give adequate notice to all.

Front 10

Deed

Back 10

A type of conveyance; a written instrument to transfer title to real property from one party to another.

Front 11

Deed Restriction

Back 11

Provision placed in deeds to control future uses of the property.

Front 12

Easement

Back 12

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.

Front 13

Eminent Domain

Back 13

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.

Front 14

Encroachment

Back 14

Unauthorized use of another person's property.

Front 15

Escheat

Back 15

Reversion of property to the state when an owner dies without leaving a will or any known heirs.

Front 16

Further Assurance

Back 16

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.

Front 17

General Lien

Back 17

A claim that may affect all the properties of a debtor.

Front 18

General Warranty Deed

Back 18

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).

Front 19

Grantee

Back 19

Party who receives a deed or grant; buyer.

Front 20

Granting Clause

Back 20

The provision in a deed that specifies the names of the parties involved, the words of conveyance, and a description of the property.

Front 21

Grantor

Back 21

Party who signs and gives a deed; seller.

Front 22

Gross Lease

Back 22

An agreement for the tenant to pay a fixed (base) rent and the landlord pays all of the expenses associated with the property.

Front 23

Ground Lease

Back 23

An agreement for the tenant to lease the land only and erect a building on the land.

Front 24

Habendum Clause

Back 24

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.

Front 25

Intestate

Back 25

Without a will.

Front 26

Lender's Policy

Back 26

Title insurance issued for the unpaid mortgage amount to protect the lender against title defects.

Front 27

Lien

Back 27

A claim on property for payment of some obligation or debt.

Front 28

Lis Pendens

Back 28

A pending legal action.

Front 29

Net Lease

Back 29

An agreement for the tenant to pay fixed rent plus property costs such as taxes, insurance, and utilities.

Front 30

Opinion of Title

Back 30

A formal statement by an attorney regarding the status of the title after examination of the chain of title.

Front 31

Owner's Policy

Back 31

Title insurance issued for the total purchase price of the property to protect the new owner against unexpected risks.

Front 32

Percentage Lease

Back 32

An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property.

Front 33

Police Power

Back 33

The authority of government to protect the property, life, health, and welfare of the citizens.

Front 34

Quiet Enjoyment

Back 34

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.

Front 35

Quitclaim Deed

Back 35

A type of deed that will effectively convey any present interest, claim, or title to real property that the seller (grantor) may own.

Front 36

Restrictive Covenants

Back 36

Conditions placed by developers that affect how the land can be used in an entire subdivision.

Front 37

Seisin (seizin)

Back 37

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.

Front 38

Specific Liens

Back 38

Claims that affect only the property designated in the lien instruments or agreements.

Front 39

Testate

Back 39

Having left a will.

Front 40

Title Insurance

Back 40

A policy of insurance that protects the holder from any loss resulting from defects in the title.

Front 41

Title Search

Back 41

Examination of all of the public records to determine whether any defects exist in the chain of title.

Front 42

Variable Lease

Back 42

An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates.

Front 43

Warranty Forever

Back 43

A provision in a deed guaranteeing that the seller will for all time defend the title and position for the buyer.