Legal Terminology 2 Section 4

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real property

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refers to soil and every attached to it including elements such as rocks trees bodies of water and man made structures

aka real estate

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home

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man made structure where 1 or more people live

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fixtures

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items of personal property such as furnace outdoor antenna which have become part of real property

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real property law

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branch of law dealing with ownershare transfer and rental actual land and various structures or natural elements attached

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property

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right to use real property rather then real property itself

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estate

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ownership share or interest in real property and to property itself

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two categories of estates

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1. freehold
2. leasehold

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freehold estate

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an interest in land that's owned for life or forever

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leasehold estate

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signifies that a piece of real property isn't actually owned but rented from land owner for certain period oftime

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lease

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legal contract that spells out time period, rights responsibilities

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fee simple

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fee or fee simple absolute most complete type of freehold interest under law

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different kinds of estates

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1. fee simple
2. fee tail
3. determinable fee
4. life

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landowner

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person who owns interest in land

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co-ownership

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an estate owned by one or more persons

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joint

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owners share property equally

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tenancy from year to year

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estabilishes a yearly rental rate but no definite term of lease

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tenancy from month to month

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estabilishes a monthly rental rate but no definite term of lease

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tenancy for years

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granted for a period of 1 year or stated in number of years

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lease allowing various periods of tenancy

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1. tenancy for years
2. tenancy from month to month
3. tenancy from year to year

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tenant or lessee

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party to whom the property is granted

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landlord or lessor

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landowner

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variance

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zoning board may grant an exception to a zoning law

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zoning board

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agency that oversees zoning and compliance with zoning regulations

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zones

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zoning process involves dividing a large tract of land into smaller areas

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land use regulation of zoning

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formal determination os use of land

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servient tenement

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party upon whom easement is imposed

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dominant tenemant

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party that enjoys easement

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easement or right of way

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right to use another owners real property for a specified purpose

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riparian owners

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people own land along banks of river

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air rights

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real property owners own air space rights above property area

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foreclosure sale

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proceeds of sale must then be applied directly to satisfy debt

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foreclosure decree

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a legal order demanding the sale of mortgaged property

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mortgage loan

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a loan secured by a mortgage

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mortgage

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institution that lends money and holds mortgage as security

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mortgagor

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person who borrows money using a mortgage as pledge

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mortgage

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in return for a loan lender requires security in form of a pledge of property

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kinds of mortgages

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1. fixed rate mortgage
2. variable rate mortgage

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covenant for quiet enjoyment

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title to property is valid and grantee may therfore possess the property undisturbed

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covenants

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promises including promises to perform certain items

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restrictive covenants

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prohibits or restricts use of property

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partition deed

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co-owners split or partition joint property into seperate pieces

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deeds of gifts

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grantor tranfers property with out consideration

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land contract, a land sale contract or contract sale of land

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contract for sale of real property

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listing agreement

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agreement between broker and seller

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record or recording

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each official registration

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grantee-grantor indexes

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lists names of anyone to whom an interest in real property was granted

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title search or search

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examination of all records pertaining to real property in question

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title may also be transferred in other ways thru special deeds

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1. deeds of gift
2. deeds of trust
3. partition deed
4. demise

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plat book or lot book

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eah plot is given an identifying name and number and recorded in this official register

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plat, plat map or plot

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map of each lot drawn from survey

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lot

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large piece of land divided into smaller parcels

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legal description

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precise description of real property

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legal description lmay be expressed in several systems

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1. metes and bounds
2. survey
3. tract

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grantee

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person whom title is transferred

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grant

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in a deed property to which title is transferred

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deed

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title is legally conveyed by means of this document

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grantor

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person who transfers title by deed

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conveyance or conveyancing

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to indicate the act of transference itself

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convey

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verb used by lawyers to discuss transfer of title from one owner to another

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title

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ownership of property

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reversionary interest

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original landowner chooses to have the property revert after death of life tenant

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remainder interest

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original landowner names 3rd party to inherit property after death of life tenant

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future interest categories

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remainder interest

revisionary interest

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life tenant

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owner of a life real estate

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live estate

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or tenancy of life
is an ownership interest that continues as long as the person holding the interest lives

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determined

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terminated

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original owner

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or donor

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fee

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an interest in real property that may be inherited

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lands, tenements, hereditaements

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this term used in legal documents refers land held fee simple absolute estate

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types of tenancy

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- joint tenancy
- rights of survivorshp
- tenancy in common
- dower
- tenancy in entirely

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dower

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ownership interest acquired thru marriage and retained after death of a spouse

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tenancy in common

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or tenants in common

ownership interest shared by 2 or more persons without right of survivorship

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right of survivorship

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right of any surviving tenant to inherit the estate of deceased tenants

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tenancy

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right to enjoy use or occupy property of owning an interest

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seperate

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each owner owns a portion of property

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eviction

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if tenant fails to pay rent for an extended period or fails to perform other aspects of lease
- action to expel tenant and terminate lease

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landlord's lien

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if tenant fails to pay rent landlord may seek a lien - which consists of claim on tents personal property located on leased premises

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Fair Housing Act

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federal act - 1968 landlords are prohibited from denying housing based on race, color, religion or national origin

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warranty of habitability

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an assurance applied by law

the leased premises must be clean, sound, equipped with functioning electricity and heat, plumbing and air

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tenantable

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landlords property described in lease must be fit to live

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lease with option to purchase

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depending on circumstance a lanlord may offer a lease granting the leasee an option to purchase the property for a specific sum at the end of the lease

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lease

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a leasehold estate is a type of ownership thta derives from contract between a landowner and another party

- grants tenant right to occupy property in exchange for payment and terms

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easement of light and air

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right to enjoy light and air unobstructed by structures ereted on adjoining real properties

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easement of access

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right of an owner of real property bordering a public road to freely pass to and from the highway

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easement in gross

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right to use any parcel of land for personal use typically granted to utility companies, so telephone wires or gas or water pipes can be installed across several pieces of property

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riparian rights doctrine

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all riparian owners are allowed equal access to reasonable use of water flows past their borders

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variable rate mortgage

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mortgage loan where by the interest changes every year or according to some other clearly stated period

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fixed rate mortgage

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money loaned at an interest rate that doesn't change through out entire period of mortgage

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Federal Housing Administration or FHA

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federal government agency that encourages a sound mortgage market by insuring mortgagor who meet its standards

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variety of easements which affect property owners either beneficially or adversely

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1. easement of access
2. easement in gross
3. easement of light or air

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deed of covenant or deed of warranty or warranty deed

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various covenants are typically specified in this document - seperate from deed

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demise

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deed thru which property is conveyed by deceased landowner to his or her hiers

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deeds of trust

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title held in trust by 3rd party as security for a debt between 2 other parties

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colors of title

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refers to conditins that only give the appearance of a valid title but don't actually constitute title

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chain of title

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chronological history of all the varous transactions thru which title passed from owner to owner up to the present

determines whether a sellers title to land is valid

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broker

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a seller typically engages a real estate agent or broker to find a buyer and negotiate a contract

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grantor-grantee indexes

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which list the names of anyone who granted an interest in real property

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recording acts

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statutes governing the steps in registering all transaction (changes) affecting title real property

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tract

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method of description involves referring to records of survey made a large piece of land divided into lots

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survey

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method uses specialized equiment to measure the lines and angles of property boundaries aagainst a grid intersecting lines running north south and east west

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metes and bounds

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describes real property according to it's boundaries and the natural objects and other visible markers or monuments on land

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future interest

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ownership interest that passes in a specific manner to specific heirs after death of life tenant

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waste

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the destruction misuse alternation or neglect of property owned by another

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possibility of reverter

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the possibility of return of estate to grantor (owner_) should a specificied event occur or to be performed in the future

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reverts

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an interest in real property that refers to former owner or the owners heirs at some future time

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determinable fee estate

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known as fee simple determinable estate is interest in real property that may be terminated automatically as a result of a particular event

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fee tail

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estate is an interest belonging to the owners and inheritable by direct lineal descendants only ie children grandchildren and great grandchildren

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tenancy by the entirety

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joint tenancy shared by husband and wife simply by being married - includes rights of survivorship

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joint tenancy

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ownership interest shared by 2 or more persons with equal rights to use and enjoy property - joint tenants

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tenant

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person who has right to occupy the property either thru ownership interest or under a lease

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cooperative apartment house

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multi-unit dwelling in which each tenant has an interest in corporation or other entity that owns building

tenants hold alease entitling tehme to occupy a particular appartment from the corporation or owning entity

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condominium

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multiunit dwelling in which residents own their individual apartments

common areas are building enterance, basement, grounds, own jointly by all tenants

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foreclosure

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event nin which mortgagor fails to make appropriate payment of mortgage loan or fails to meet condition of the mortgagee may take leagal action to assume title of property - this is the legal action

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mechanics lien

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a lien created by law in order to secure payment for work performed on land or materials supplied for the construction or repair of structures on land

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lien

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mortgages that are claims on property rather than claims to property. a lien requires that all claims must be satisfied or released by property owner can transfer title unless new owner and holder of lien agree, new owner assume lien with property

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mortgage insurance

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paysoff mortgage loan if the mortgagor dies or disabled. the mortgagee may also purchase insurance to cover any loss that result from mortgagor's inability to pay back loan

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mortgage note

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legal document that serves as proof of a loan for which real property has been pledged as security

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eminent domain

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governbment agencies may take possession of private property with or without consent of owner

but must pay fair market value of property

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tracking

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an adverse possessor may acquire the property in less than 7 years

can claim continuous possession adding all periods of uninterrupted continuous use by previous non-owner occupants

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adverse possession

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hostle means which allows a person to take possession of a real property by openly and continuous occupying it under claim of legal right for a statuatory period - most states 7-21 yrs

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covenant appurtenant or covenant running with land

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covenant that must be passed with property when property conveyed

makes all grantees liable for performing all covenants specified in deed

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abstract of titlee\

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in order to purchase real property and interested buyer must 1st obtain a short account of all records affecting title property
account obtained by reviewing records from registry of deeds

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fair market value

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consideration offered and accepted usually fiar market value of property that coulld be gotten by selling it in an open market rather than an amount distorted by the need of either party to buy or sell