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43 Cards in this Set

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Real property
Fixedband immovable. Land, houses,buildings, barns and fences.
Growing trees, minerals still in the earth. Realty
Personal property
Personalty, is movable. All property that is not real property. Tangible things automobiles, harvested grain, furniture, clothing, and jewelry. Intangible Items such as stocks and bonds.
Chose
French - meaning "thing"
An item of personal property. Personal chattel, an article of personalty. A personal right, not reduced to possession, but removable by a lawsuit
Chose in action
A right of action for which there is a monetary value/damages
Chose in possession
All personal chattles that are not chooses in action
Chattels
An item of personal property
Furniture, automobiles, livestock, cut trees and clothing.
Moveable property
Chattel mortgage
An instrument in writing that transfers title of personal property as security for a debt.
Title
Evidence of legal ownership of property, especially real property. Title is a valid claim or right of ownership. A deed is a document of title.
Premises
Refers to piece of real estate , place and territory, a distinct and definite locality
Fixtures
Items permanently affixed to real property. If an article would be destroyed by removing it from the building it is considered a fixture.
Lien
A charge imposed on property by which the property is made security for a debt.
Deed
A written instrument, signed, sealed and delivered, transferring title to real property from one person, called the grantor, to another person, called the grantee.
Quitclaim deed
Conveys whatever interest a grantor has in the property. It does not guarantee possession of any title.
Warranty deed
Gives assurance of the title to real estate, and by giving it the seller bids himself or herself to defend the security of the title. A full covenant deed. Guarntees property is free of all ecumberences.
Recording
Deeds, mortgages, liens and other instruments are recorded by filing the instrument with the county clerk of the county in which the land is situated.
Fee
Land allotted to another by the lord who owned it for military service of some extraordinary aid to the noble. An inheritance in land.
Fee simple
The greatest possible interest in real estate. A person and their heirs own land absolutely, without limitations. Complete absolute ownership of land.
Fee tail
An estate by way of inheritance to an individual only and to heirs of his or her body only. Greatly restricts the transference of real estate.
Habendum clause
Latin phrase "Habendum et tenendum" which means to have and to hold. Used to define the extent of the interest conveyed.
Testimonium clause
The closing clause of a legal instrument immediately preceding the signature lines. Declaration by the parties to a legal paper that their signatures are attached in testimony of the preceeding part of the instrument .
Defeasible title
A title that may be revoked or undone upon a later condition or the happening of a future event. A title that is liable to be made void
Defective title
A defective title is incomplete or deficient in some respect that is required by law such as title obtained by duress or fraud
Homestead
A place where a family makes its home, including the land, house and outbuildings. The permanent residence of the head of the family .
Abstract
Comes from "abs" meaning from, and "trahere" meaning from.
A condensed or abridged version of a treatise or writing
Plat
A map or representation on paper of a piece of land subdivided into lots showing streets alleys and other features. Usually drawn to scale.
Accretion
Growth in size by addition or accumulation
Accession
A natural increase or addition to property, such as growth of crops or the brith of livestock.
Land description
A detailed identification of a tract or parcel of land. Contained in legal instruments such as a lease, deed, or mortgage.
Metes and bounds
Boundary lines of land with their terminal points and angles. Established by survey.
Eminent domain
The government may take a person's real property for public purposes upon just compensation.
Condemnation
The taking of private property for public use in return for fair compensation.
Public domain
Property owned by the government
Easement
Easement is expressly granted in a deed transferring a piece of real property
Riparian
Ripa - Latin for bank
Refers to the bank of a river. Rights to own any waterway adjoining the real property.
Littoral
Littus - Latin - seashore
Littoral land lies along a shore such as lakes, as opposed to running water.
Mortgage
A debt secured by chattels or land.
Land is pledged as security for a loan.
Escrow
Conditional delivery of something to a third party to be held until the happening of some event or the performance of some act
Hypothecated
To pledge the property to another as security. Stocks, bonds, insurance policies, and other negotiable securities may be hypothecated.
Assessment
The process of apportioning an amount to be paid as taxes or damages. The valuation of a person's property for taxation .
Acceleration clause
Provides that if the interest or any installment is not paid when due, the entire debt becomes payable at once.
Ad valorem
Valorem means to value.
To tax a thing with accordance to its value. To express in proportion to the value.
Moieties
Half of something
One of two equal parts
Egress
A going out, emergence, the right to go out.
An exit from a property.