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248 Cards in this Set
- Front
- Back
- 3rd side (hint)
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ACCRETION:
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An addition to land from natural causes. The slow buildup of lands caused by natural forces such as the ocean, rivers, wind or flow of water.
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ACRE:
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A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet
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(7 11 on every conrner)
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Action To Quiet Title
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A lawsuit to remove a cloud on title or clear the claims of others filed against a parcel of property..
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ADVERSE POSSESSION:
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Possession of real property which is actual, hostile, open, notorious, exclusive, uninterrupted and continuous for the prescriptive period stipulated by state law.
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NACHOE
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AIR RIGHTS:
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The rights of an owner of a real property to use the air space above the physical surface of the land.
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ALIENATION:
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The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.
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ALIENATION CLAUSE:
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A term of a mortgage which allows the creditor to demand payment in full of principal and interest due upon the sale of the property.
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ALLODIAL TENURE:
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A real property ownership system where ownership may be complete except for those rights held by government. Allodial is in opposite to feudal tenure.
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ALLUVION (ALLUVIUM):
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Soil deposited by accretion. Increase of earth on a shore or bank of a river
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AIR RIGHTS:
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The rights of an owner of a real property to use the air space above the physical surface of the land.
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Avulsion
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A sudden loss or gain of land as the result of action of water or a shift in a bed of a river which has been used as a boundary by property owners.
If land is lost as a result of avulsion the riparian owner does not lose title to the land that has been lost; the boundary lines remain the same. This is not true when land is lost by erosion. |
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APPURTENANCE:
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Improvements, rights and privileges which are not necessarily a part of actual real property, but which are normally conveyed with the real property, i.e., buildings, rights of way, easements
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Accession
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The right of an owner to an increase in his property by natural means
i.e. mudslide, earthquake, landslide |
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ASSIGNMENT:
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A transfer of some right, title or interest by one person or entity (assignor) to another (assignee). Assignments of Deed of Trust, leases, options, contracts, and other items are seen in a chain of title.
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ASSIGNOR
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One who assigns or transfers property, real or personal
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ATTACHMENT:
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A type of lien, permitted only under special circumstances, which is placed against the real estate of a defendant in a pending law suit for money damages. Legal seizure of property to force payment of a debt.
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ATTEST:
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To affirm that a fact of document is true or genuine; an official act establishing authenticity.
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Bargain And Sale Deed
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conveys title but contains no warranties about the conditions of title, either expressed or implied
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BASELINE:
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Imaginary east-west lines that intersect meridians to form a starting point for the measurement of land.
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BASIS:
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The original cost of a property, plus capital expenditures for improvements, minus depreciation. Basis is the means by which the Internal Revenue Service determines taxable gains, losses and annual depreciation.
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BENCH MARK:
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A mark on a permanent object indicating elevation and serving as a reference in land surveys.
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BENEFICIARY:
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The person who receives or is to receive the benefits resulting from certain acts; one receiving benefits, profits or advantage; one for whose benefit a trust is created, the title of which is vested in a trustee.
(The lender on the security of a note and deed of trust.) |
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BUNDLE OF RIGHTS:
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The legal rights or interests that an owner holds in a property. The right to control, use, possess, enjoy and dispose of real or personal property.
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CCR'S:
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Abbreviation for covenants, conditions and restrictions.
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CHAIN OF TITLE:
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A term applied to the past series of transactions and documents affecting the title to a particular parcel of land. A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available.
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CHAIN OF TITLE:
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A term applied to the past series of transactions and documents affecting the title to a particular parcel of land. A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available.
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CHATTEL:
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Any item of property other than real estate, usually referred to as personal property; an item of movable property.
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CHATTEL REAL:
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An estate related to real estate, such as a lease on real property.
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COLOR OF TITLE:
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That which appears to be good title but which is not title in fact. Example: A deed from a party, which was not entitled to convey the property.
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Community Property
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A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage .
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CONDOMINIUM:
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A system of individual fee ownership of units in a multi-unit structure, combined with joint ownership of common areas of the structure and the land.
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CONSIDERATION:
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One of the essential elements of a contract; a promise or an act of legal value bargained for and received in return for a promise.
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CONTRACT:
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An agreement, enforceable by law, between two or more competent persons, to do a specific thing
written contract supersedes an oral contract |
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CONTRACTS TYPES
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EXPRESSED – in writing
IMPLIED - oral UNILATERAL – obligates one party to a promise BILATERAL – obligation two parties to a promise ( if u do this, I’ll do that) |
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EXCUTED
Executory |
A contract in which one or both of the parties has not yet performed.
Executed Contract A contract where both parties have completely performed. (signed but not necessarily fulfilled promise) |
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CONVEYANCE:
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CONVEYANCE: An instrument in writing by which some estate, interest or title in real estate is transferred for one person to another such as a deed or mortgage or deed of trust.
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CORPOREAL RIGHTS:
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Possessory rights in real property.
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COVENANTS:
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COVENANTS: An agreement written into deeds and other instruments promising performance or non-performance of certain acts, or stipulating certain uses or non-uses of the property.
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Covenant Against Encumbrances
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The grantor warrants that the property is free from liens or encumbrances, except for any specifically stated in the deed. Encumbrances generally include mortgages, mechanics' liens and easements. If this covenant is breached, the grantee may sue for the cost of removing the encumbrances
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CONDOMINIUM:
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A system of individual fee ownership of units in a multi-unit structure, combined with joint ownership of common areas of the structure and the land.
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CONSIDERATION:
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One of the essential elements of a contract; a promise or something recieved (i.e. $$$$)
for and received in return for a promise. |
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CONTRACT:
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An agreement, enforceable bu law, between two or more competent persons, to do a specific thing
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Executory Contract
Executed Contract |
Executory Contract
A contract in which one or both of the parties has not yet performed. Executed Contract A contract where both parties have completely performed. (signed but not necessarily fulfilled promise) |
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VALID CONTRACT
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Valid Binding and enforcable on both parties
(Void if missing an essential element) |
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CONSTRUCTIVE EVICTION:
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Breach of a covenant of warranty or quiet enjoyment, i.e., the inability of a lessee to obtain possession because of a defect in title, or a condition making occupancy hazardous
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CONVEYANCE:
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An instrument in writing by which some estate, interest or title in real estate is transferred for one person to another such as a deed or mortgage or deed of trust.
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CORPOREAL RIGHTS:
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Possession rights in real property.
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Covenant Against Encumbrances
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The grantor warrants that the property is free from liens or encumbrances, except for any specifically stated in the deed.
Encumbrances generally include mortgages, mechanics' liens and easements. If this covenant is breached, the grantee may sue for the cost of removing the encumbrances |
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Covenant Of Further Assurance
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The grantor promises to obtain and deliver any instrument needed to make the title good.
For example, if the grantor's spouse has failed to sign away dower rights, the grantor must deliver a quitclaim deed (discussed later) to clear the title |
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Covenant Of Quiet Enjoyment
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Usually inserted in leases or conveyances whereby grantor promises that the tenant or grantee shall enjoy possession of the premises in peace and without disturbance caused by defective title
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Covenant Of Seisin
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The grantor warrants that he or she owns the property and has the right to convey title to it ("seisen" simply means "possession").
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Covenant Of Warranty Forever
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The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future. These covenants in a general warranty deed are not limited to matters that occurred during the time the grantor owned the property: they extend back to its origins.
The grantor defends the title even against himself/herself and all those who previously held title |
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DEDICATION
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The application of privately owned land to the public for no consideration, with the intent that the land will be used for public purposes.
i.e. developer – roads, streets, sidewalks |
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DEED:
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A written document by which the ownership of land is transferred for one person to another.
A legal instrument in writing, duly executed, and delivered, whereby the owner of real property (grantor) conveys to another (grantee) some right, title or interest in or to real estate. |
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DEED RESTRICTION:
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A provision in a deed controlling or limiting the use of the land
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DEFEASIBLE FEE:
Sometimes called a base fee or qualified fee; |
a fee simple absolute interest in land that is capable of being defeated or terminated upon the happening of a specified event.
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DELIVERY:
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The final and absolute transfer of a deed from seller to buyer in such a manner that the seller cannot recall it.
A necessary requisite to the transfer of title. |
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Demise
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A conveyance of an estate to someone for life, for a certain number of years, or at will by means of a lease.
The word demise is synonymous with "lease" or 'let' and use of the word in a lease implies a covenant for quiet enjoyment which means the landlord (lessor) guarantees that the tenant (lessee) will not be disturbed by someone having superior claims against the property |
don't confuse with devise
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DELIVERY & ACCEPTANCE
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grantor(seller) voluntarily delivers to grantee(buyer) and grantee willingly accepts
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Descent
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The acquisition of an estate by inheritance, where an heir gets the property by law
from an ancestor who dies intestate. (no will) |
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DEVISE:
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A gift of real property by the last will and testament of the donor.
The disposition of land by will. A term used for land alone and never for personal property. |
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Demise
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Transfer of an estate by lease.
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DEVISEE:
DEVISOR: |
DEVISEE: One who receives a bequest made by will.
DEVISOR: One who bequeaths by will |
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Relation Back Doctrine
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when using an escrowee(Title Company), title passes when the deed is delivered into escrow,
under RBD – death of grantor does not terminate the escrow or affect the escrowee’s authority to deliver a valid deed. |
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EASEMENT:
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The right to use another's land for a specific purpose i.e. utilities or as a right of way.(crossing the property)
Created by grant or agreement for a specific purpose. |
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EGRESS:
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The right to leave a tract of land. Often used interchangeable with access (see access).
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EMINENT DOMAIN:
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The power of the state to take private property for public use upon payment of just compensation.
The legal proceeding by which the government exercises this right is called "condemnation proceedings |
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ENCROACHMENT:
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The intrusion of a structure, part of a building, or obstruction over or upon a highway, sidewalk, easement or the property of another
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ENCUMBRANCE:
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A claim, lien, charge or liability attached to and binding upon real property,
such as a judgment, mortgage, deed of trust, mechanics lien, lien for unpaid taxes, right-of-way |
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ESCHEAT:
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A reversion of property to the state in those cases where an individual dies without heirs (without a will.)
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ESCROW:
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In real estate, a deed, monies, or other documents which are conditionally held by a third party, called the escrow agent (title company), pending the performance or fulfillment of some act of condition
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ESSENTIAL ELEMENTS
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Grantor/grantee – giver/getter
consideration - $ words of conveyance - Granting Clause) Words in a deed of conveyance that state the grantor's intention to convey the property at the present time. legal description – metes & bounds, rectangular survey, plat, vertical land descriptions signature of grantor (seal) |
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ESTATE:
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A person's possessions. In real estate, it refers to the degree, quantity, nature and extent of interest, which a person has in real property; such as a fee simple absolute estate, or an estate for years.
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Estate (Tenancy) At Sufferance
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The tenancy of a lessee who lawfully comes into possession of a landlord's real estate but who continues to occupy the premises after lease has expired.
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Estate (Tenancy) At Will
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An estate (or tenancy ) in which a person occupies real estate with the permission of the owner, for a term of unspecified or uncertain duration
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Estate (Tenancy) For Years
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An interest for a certain, exact period of time in property leased for a specified consideration
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Estate (Tenancy) From Period To Period,
Periodic Estate Periodic Tenancy |
An interest in leased property that continues from period to period week to week, month to month or year to year
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Estate For Life
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An interest in Property that terminates upon the death of a specified person
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Estate In Fee
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A fee estate. The greatest degree of ownership of real property.
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Estate Of Will
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The occupation of lands and tenements by a tenant for an indefinite period,
TERMINABLE BY 1 OR BOTH PARTIES |
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Freehold Estate
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An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
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Indefeasible Estate
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An estate that cannot be changed under any circumstances.
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Qualified Fee Estate
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A legal interest in land which is subject to a limitation(s) placed on the estate by the owner.
For example, a qualified fee could be created 'to First Church so long as the land is used exclusively for religious purposes." The two most important kinds of qualified fees are: 1) fee simple determinable 2) fee simple subject to a condition subsequen |
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Real Estate Trust
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A special arrangement under federal and state law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes.
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Servient Estate
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The property or parcel of land which is burdened by an easement.
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Exception
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Withholding part of a property when title is transfered
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CONVEY:
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To transfer ownership of or title to
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EXECUTION or
A WRIT OF EXECUTION |
A writ issued by a court to the sheriff directing him to seize and sell property to satisfy a debt
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EXECUTOR:
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A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.
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EXECUTOR DEED
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appointed by the court for decendant whos has died leaving a will
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FEE SIMPLE ABSOLUTE: Often called a fee or fee simple;
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the largest bundle of ownership rights possible in real estate.
it expressly establishes the title of real property in the owner, without limitation or end. He may dispose of it by sale, or trade or will, as he/she chooses |
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FEE SIMPLE SUBJECT TO A CONDITION SUBSEQUENT
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A qualified fee estate that requires the holder of the future interest to act promptly to terminate the present interest, in order for that interest to be terminated.
The termination is not automatic, since the party with the future interest called the right of reentry(GO TO COURT TO GET PROPERTY BACK) |
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Formal Will
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is in writing or typed, witnessed by 2 people (RECIPIENT CAN’T BE WITNESS)
procedure is called attestation |
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GENERAL LIEN:
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A lien on all the property of a debtor.
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GIFT DEED
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A deed which the consideration is love and affection and where there is not material consideration.
(no $$$$$) |
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GRADUATED LEASE:
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Lease which provides for a varying rental rate, often based upon future determination;
used largely in long-term lease |
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Grant Deed
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A type of deed in which the grantor warrants to the grantee, that he has not previously conveyed the estate, that he has not encumbered the property (except as noted in the deed) and that he will convey any title to the property he may later acquire
(DOESN’T SAY NO MATTER WHAT) |
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GUARDIAN DEED
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deed that is executed on behalf of a person who lacks legal capacity to convey title
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HABENDUM CLAUSE
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The "to have and to hold" clause in a deed, following the granting clause (contains easemnets)
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HEIRS AND ASSIGNS:
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Terminology used in deed and wills to provide that the recipient receives a "fee simple estate" in lands, rather that a lesser interest.
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HOLDOVER TENANT:
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Tenant who remains in possession of leased property after the expiration of the lease term.
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Homestead Protection
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laws that give legal protection from certain debts to avoid foreclosure
i.e. widow or widower (done on indivual basis) |
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Holographic Will
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An entirely handwritten will which is not properly witnessed. (easy to void)
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INGRESS:
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The right to enter a tract of land. Often used interchangeably with "access" (see access).
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INJUNCTION:
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A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding for doing an act which is deemed to be inequitable or unjust or which may cause irreparable harm to the rights of some other party or parties in the suit or proceeding. (often called “cease and desist order”)
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INTESTATE
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A person who dies having made no will, or a will which is defective then his estate goes to his heirs or next of kin.
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Involuntary Alienation
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A transfer of title without the owner's permission
i.e. condemnation, foreclosure, accession, accretion, avulsion, reliction |
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INVOLUNTARY LIEN:
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A lien against property without the consent of an owner.
Examples: Taxes, special assessments, federal income tax liens, judgments, and mechanics liens. |
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JOINT TENANCY:
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Co-ownership of real property by two or more persons who share equally the right to use, possess and enjoy all of the property, and the right of survivorship. Upon the death of any joint tenant, the rights of title goes equally to any remaining joint tenants, and wholly in the sole surviving joint tenant.
Joint tenancy must be specifically designated in an instrument of conveyance and is never presumed without such a designation |
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Joint tenancy is distinguished by the "four unities":
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possession,
interest, title and time. |
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JOINT VENTURE:
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Two or more individual or firms joining together on a single project. Similar to a partnership, with some variations.
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JUDGEMENT:
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A decree of a court. Upon recording, the judgment becomes a lien or charge upon the property of the judgment debtor. Money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc
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JUDGMENT LIEN:
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A legal claim on all of the property of a judgment debtor that enables the judgment creditor to have the property sold for payment of the amount of the judgment.
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Land Patent
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is the right of ownership granted by the federal or state government to an individual or private company.
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Last Will and Testament
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is a written instrument executed to give someones property at death, Real estate must be described with sufficient certainty, but it is not required that a complete legal description be included
must be of sound mind, of leagal age and not under duress. If voided goes to heirs by intestate succesion While living the testator may change or modify through Codicil (new docoument w/same requirements) while living can gift property, but not to defraud. |
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Life Tenant
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One who is allowed to use property for life or the lifetime of another designated person
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LATCHES
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Undue delay or negligence in asserting one's legal rights
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Life Estate Pur Autre Vie
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During the life of another. A life estate is an estate in real property that ends at death.
Since it ends at death, and the owner of the life estate cannot leave it to his heirs Life estates are measured either by the life of the owner of the estate, or by the life of some other person; For example if Joey conveys Blackacre to Rachel during the life of Monica, then Rachel owns the land for as long as Monica lives; if Rachel dies before Monica, Rachel's heirs will inherit the land, and will continue to own it for as long as Monica lives |
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Graduated Rental Lease
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A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.
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Gross Lease Gross Lease or Straight Lease
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A lease of property under which the lessee pays a fixed rent, and the lessor (owner) pays the taxes, insurance, and other charges regularly incurred through ownership. RESIDENTIAL
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Ground Lease
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A lease of land alone, sometimes secured by improvements placed on the land. (usually 50 yrs. or more) Also called a land lease, the ground lease is a means used to separate the ownership of the land from the ownership of the buildings and improvements constructed on the land.
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Index Lease
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A rental agreement that requires changes in rent based on a published record of cost changes. i.e. Consumer Price Index (CPI).
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Net Lease
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usually paid per sq. feet
A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor. commonly commercial |
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Percentage Lease
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A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises
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Reappraisal Lease
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A lease where the rental level is periodically reviewed by independent appraisers. Often, the lessor and lessee will each select an appraiser; if they do not agree on a value, they will choose a third appraiser
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LEGACY OR BEQUEST
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Personal property received by will recipient is called the Legatee. with personal property the testator (writer of will) is legator
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LEGAL DESCRIPTION:
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A description recognized by law, which is sufficient to locate and identify the property
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JUDGMENT LIEN:
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A legal claim on all of the property of a judgment debtor that enables the judgment creditor to have the property sold for payment of the amount of the judgment.
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Life Tenant
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One who is allowed to use property for life or the lifetime of another designated person
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LATCHES
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Undue delay or negligence in asserting one's legal rights
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Graduated Rental Lease
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A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.
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Gross Lease Gross Lease or Straight Lease
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A lease of property under which the lessee pays a fixed rent, and the lessor (owner) pays the taxes, insurance, and other charges regularly incurred through ownership. RESIDENTIAL
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Ground Lease
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A lease of land alone, sometimes secured by improvements placed on the land. (usually 50 yrs. or more) Also called a land lease, the ground lease is a means used to separate the ownership of the land from the ownership of the buildings and improvements constructed on the land.
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Index Lease
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A rental agreement that requires changes in rent based on a published record of cost changes. i.e. Consumer Price Index (CPI).
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Net Lease
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usually paid per sq. feet
A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor. commonly commercial |
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Percentage Lease
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A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises
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Reappraisal Lease
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A lease where the rental level is periodically reviewed by independent appraisers. Often, the lessor and lessee will each select an appraiser; if they do not agree on a value, they will choose a third appraiser
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LEGACY OR BEQUEST
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Personal property received by will recipient is called the Legatee. with personal property the testator (writer of will) is legator
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LEGAL DESCRIPTION:
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A description recognized by law, which is sufficient to locate and identify the property
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JUDGMENT LIEN:
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A legal claim on all of the property of a judgment debtor that enables the judgment creditor to have the property sold for payment of the amount of the judgment.
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Life Tenant
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One who is allowed to use property for life or the lifetime of another designated person
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LATCHES
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Undue delay or negligence in asserting one's legal rights
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Graduated Rental Lease
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A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.
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Gross Lease Gross Lease or Straight Lease
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A lease of property under which the lessee pays a fixed rent, and the lessor (owner) pays the taxes, insurance, and other charges regularly incurred through ownership. RESIDENTIAL
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Ground Lease
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A lease of land alone, sometimes secured by improvements placed on the land. (usually 50 yrs. or more) Also called a land lease, the ground lease is a means used to separate the ownership of the land from the ownership of the buildings and improvements constructed on the land.
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Index Lease
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A rental agreement that requires changes in rent based on a published record of cost changes. i.e. Consumer Price Index (CPI).
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Net Lease
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usually paid per sq. feet
A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor. commonly commercial |
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Percentage Lease
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A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises
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Reappraisal Lease
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A lease where the rental level is periodically reviewed by independent appraisers. Often, the lessor and lessee will each select an appraiser; if they do not agree on a value, they will choose a third appraiser
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LEGACY OR BEQUEST
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Personal property received by will recipient is called the Legatee. with personal property the testator (writer of will) is legator
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LEGAL DESCRIPTION:
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A description recognized by law, which is sufficient to locate and identify the property
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LESSEE
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The party who holds an estate by virtue of a lease; the tenant of a landlord.
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LIS PENDENS
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~A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court. (encumbers all property, wherevere it is)
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Littoral Rights
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rights to land bordering large body of water lakes, sea or bay (own to high water mark)
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Management Agreement
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should contain statement of purpose, reporting, management fee, managers responsibilities, allocation of cost
property manager - is general agent’ broker - is special agent in va.must have license to show properties) |
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MECHANICS LIEN:
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A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real estate. A lien allowed by statute to contractors, laborers, and materialmen on buildings, or other structures upon which work has been performed or material supplied.
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MERIDIANS:
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Imaginary north-south lines, which intersect base lines to form a starting point for the measurement of land.
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METES AND BONDS:
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A method of describing or locating real property; metes are measures of length and bonds are boundaries. This description starts with a well-marked point of beginning and follows the boundaries of the land until it returns once more to the point of beginning.
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MONUMENT OF SURVEY:
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A fixed object and point established by surveys to establish land locations. Visible marks or indications left on natural or other objects, indicating the lines and boundaries of a survey. May be posts, pillars, stones, cairns and other such objects, but may also be fixed natural objects, blazed trees, roads or even a watercourse.
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Mortgage Lien
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A legal claim against a mortgaged property, which must be paid when the property is sold
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Nuncupative Will
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An oral will, usually in a deathbed situation, before witnesses who later testify to its authenticity
(only good for personal roperty) |
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PARTITION ACTION:
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Court proceedings by which co-owners seek to sever their joint ownership.
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PARTITION DEED
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issued by court when property is sold at a partition sale for the purpose of dividing a joint tenancy or tenancy in common ownership
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PARTNERSHIP:
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An association of two or more persons to carry on, as co-owners, a business for profit. Each partner is responsible for liabilities of the partnership, which is a separate entity from the individual interests of each partner.
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Protective Covenant
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not allow other of same type store or competitor rent in same complex
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Property Manager
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Someone who manages real estate for owner, to generate income and done for $$$
Duties include: property maintenance collecting rents secure suitable tenants budgeting & control expenses hiring and supervise employees accounting. |
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QUIET TITLE:
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An action in court to remove a defect, cloud or suspicion regarding the legal rights of the owner to the parcel of real estate.
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QUIT CLAIM DEED:
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A deed in which the grantor warrants nothing. It conveys only the grantor's present interest in the real estate, if any. It is often used to correct technical defects in a title. (no protection or warranties
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RANGE:
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A component of the U.S. Government survey system for determining the location of real property, being a strip of land 6 miles wide numbered east or west of the principle meridian.
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REALTY:
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A brief term for real property.
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REFERENCE TO PLAT:
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A method of describing or locating real property by means of referring to a map of a subdivision, usually recorded in the office of the County Clerk and Recorder.
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RELEASE:
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The relinquishment or surrender of a right, claim or interest.
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RELEASE CLAUSE:
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This is a stipulation upon the payment of a specific sum of money to the holder of a Deed of Trust or mortgage, the lien of the instrument as to a specific described lot or area shall be removed for the blanket lien on the whole area involved.
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RELEASE OF LIEN:
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The discharge or release of specific property from the charge or lien of a mortgage, note or mechanics liens.
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Reliction
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Gradual subsidence of waters, leaving dry land
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RIGHT OF FIRST REFUSAL:
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The right to have the first opportunity either to purchase or lease real property. The holder of a right of first refusal cannot exercise the right until the owner actually offers the property for sale
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REMAINDER orRemainder Interest
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The future interest in an estate, such as when an owner conveys a life estate to one party and the remainder to another.
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RESTRICTIVE COVENANT:
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contained in a lease, which restricts the use and occupancy of real property. (if not specific long as use is legal)
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REVERSION: also REVERSIONARY INTEREST
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The right to future possession or enjoyment by the person who created the present estate, or by his heirs.
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RIGHT OF SURVIVORSHIP:
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A right of a joint tenancy; upon the death of one of the joint tenants, his rights in the property pass automatically to the surviving tenant or tenants.
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RIPARIAN RIGHTS.
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Those rights to ownership of land adjacent to watercourses (moving water)
R test (all have letter r) -rivers, streams, creek ,brook to high water mark on navigable river, and to middle on non-navigable river |
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Sandwich Lease
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A lease agreement in which the lessee (tenant) transfers some of the interest in the leased property to a third party (sublessee) but retains some reversionary interest for himself or herself. In a sublease the sublessor has a sandwich lease and no direct legal relationship is created between the landlord and the sublessee
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SALE-LEASEBACK:
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A sale of real property where the seller retains occupancy by leasing the property from the buyer.
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SEPARATE PROPERTY:
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property which is owned by a husband or wife but which is not community property; property acquired by either spouse prior to marriage or by gift or devise after marriage.
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SEVERALTY OWNERSHIP also called Several Tenancy or Sole Tenancy
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Owned by one person only. Sole ownership.
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SHERIFF'S DEED:
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Deed given by court order in connection with sale of property to satisfy a judgment.
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SPECIAL WARRANTY DEED:
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A deed in which the grantor warrants or guarantees the title only against defects arising during his ownership of the property and not against defects existing before the time of his ownership. A deed wherein the grantor warrants that he is conveying the title to the property "as good as he got it." (used in foreclosure)
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Statute Of Frauds
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That law which requires all contracts over one year to be in writing and signed by the parties to be legally enforceable.
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SPECIFIC LIENS:
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Liens, which attach to only a certain specific parcel of land or piece of property.
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SUB-SURFACE RIGHT:
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The ownership or right of use of some portion of the ground underlying the surface of a parcel of land.
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SURRENDER:
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In leases, it is the cancellation of a lease by mutual consent of lessor or lessee.
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SURVEY or Spot Survey:
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The process of measuring land to determine its size, location, and physical description. also called an improvement Survey the drawing done by a registered land surveyor showing the dimensions of a particular piece or real property, which shows the improvements
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SYNDICATE:
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A partnership organized for participation in a real estate venture. Partners may be limited or unlimited in their liability.
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TERMINATION OF EASEMENT
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Release – easement terminated by written release from the owner
Merger- If the dominant and servient estates come under common ownership |
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TENANCY IN COMMON
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TENANCY IN COMMON: Ownership by two or more persons who hold undivided interests, without right of survivorship (contrary to joint tenacy); interests need to not be equal.
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Taxation
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The process by which a government or municipal quasi-public body (i.e. utility company) raises monies to fund its operation.
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TENANT:
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Any person in possession of real property with the owner's permission.
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TENANT BY THE ENTIRETIES:
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Under certain state laws ownership of property acquired by husband and wife during marriage which is jointly owned. Upon death of one spouse, it becomes the property of the survivor.
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TESTATE:
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When a person dies leaving a will. The estate or condition of leaving a will at death; "To die testate."
TESTATOR: will writer |
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TITLE or often called a deed
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The evidence of rights, which a person has to the ownership and possession of land. Commonly considered as a bundle or history of rights. Evidence that owner of land is in lawful possession thereof, and instrument evidencing such ownership
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TITLE DEFECT:
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Any legal or asserted right held by others to claim property or to make demands upon the owner.
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TRUST:
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A property right held by one for the benefit of another. The concept of transferring title to a fiduciary or entrusted person to administer property for the benefit of another.
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UCC – Uniform Commercial Code
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A body of law which codifies, all law relating to commercial transactions . UCC covers primarily personal property transactions and oral contract enforceable under UCC.
if over 500.00 must be in writing |
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WARRANTY:
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An agreement and assurance by the grantor of real property which is binding upon himself and his heirs, to the effect that he is the owner and will defend the title granted to another.
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WARRANTY DEED:
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A deed in which the grantor fully warrants good clear title to the premises; also called a general warranty deed. (no matter what)
i.e. protects while you were owner, not before seller owned property The usual covenants of title are covenant of seisin (possession), covenant of quiet enjoyment, covenant against encumbrances, covenant of warranty forever and covenant of further assurance. A warranty deed warrants the title, not the quality of construction of the real property. A warranty deed is used in most real estate deed transfers and offers the greatest protection of any deed. |
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Legally Valid Contract must have 5 essentials
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Legally competent (sober, sane)
Mutual Agreement (meeting of minds) Lawful Consideration or cause Contract in writing when required by law |
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Majority
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of legal age
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Lucid
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not been judged leagally incompetent but appears incapable of understanding transaction in question, may be void contract (if at time of contract capable,then may be an enforceable contract)
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Equal Diginities Rule
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stipulates that when a contract is in writing, authority of the agent (who signs must also be in writing) i.e. Paul Jones, principal by Samuel Smith, his attorney-in-fact
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Requirements of Mutual Agreement also called
Mutual consent, mutual assent or Meeting of the Minds |
Requirements of Mutual Agreement
must be mutual willingnes to enter in contract reality of consent no fraud,misrepresentation or mistake, must be genuine and freely give |
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Offer and Acceptance
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requires that one party (offeror or buyer) make an offer to offeree (seller)
Notification of acceptance is called delivery |
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Termination Of Offer
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1 if not acted upon, court rules in what is reasonable time
2 death of either party (until moment of acceptance) 3 not considered accpted until the offeror (buyer) is notified |
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BASE AND MERIDIAN:
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Imaginary lines used by surveyors to find and describe the location of private or public lands.
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Performance
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In contract law, the completion of duties and obligations specified in a contract.
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Assign
Assignment |
To transfer to another. (a contract within itself)
The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others. all assingns must be know upfront |
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Novation
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assumbable contract
substitution of a new contract |
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Death in contracts
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unenforceable if only dead person can carry out contract,
estate must carrie out contract if already under contract |
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Oral contracts (enforcement)
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if carried out, can not be challenged in court
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6 Alternatives to Breach Of Contract
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accept partial pref (let to incompleted)
rescind unilaterally (not do because other party hasn't) sue for pref (make carry out) sue for damages $$$ accept liquidated $$$ damages (pay for time & effort) mutually rescind the contract (parties release each other from contract) |
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DISCHARGE OF CONTRACTS
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full preformance (carry out)
assignment(transfer title) novation (assumable title) supervening illeaglity (legally impossible) mutual agreement (agree to cancel) Death of a party Destruction of property |
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Destruction Of Premises
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In many states, once the sales contract is signed by both parties, the buyer bears the risk of any damage to the property that may occur before closing. Not in Va.
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Breach of contract
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Violation of term or condition of a contract without legal excuse; default; nonperformance
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Statute Of Limitations
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time within must be brought to court to be enforcable
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Purchase Agreement
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contract
bilateral executory merges with title at closing |
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vendor
vendee |
seller
buyer |
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Equitable title
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once both parties sign purchase agreement
means buyer has right to receive leagal title |
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Survival clause
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provision that prevents contract or specific covenant in contract from merging with deed
(work undone or obligation not ye fulfilled) |
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Legal Title
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legal title is conveyed at closing when seller deliveres properly executed deed to buyer
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Typical Provisions
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Date
Parties Mutual Agreement legal Description Price and terms Earnest Money Type of Deed marketable title Destruction of Premises Possession Closing Date Broker's Commission Signatures |
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Marketable Title
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insurable by title company
free from defects leaving no doubt of who owner is |
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The Uniform Vendor and Purchaser Risk Act
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provides for risk of loss to shift only if either legal title or possession has been transferred.
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Option
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An unilateral contract to keep open, over a set period, an offer to sell or purchase property.
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Optionor
Optionee |
Owner or lessor
buyer or lesse |
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Land Contract
or contract for deed installment contract |
A contract where the seller keeps the title to the property until the sales price has been paid.
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Lease
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A lease is a unilateral contract between lessor (landlord)and lessee (tenant) for conveyance or demise of the premises
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First Right Of Refusal or FRR
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The right of a person to have the first opportunity either to purchase or lease real property
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Agency
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A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions
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Universal Agent
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principal gives agent power to make transactions of all type. (POA)
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General Agent
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principal gives agent power to perorm a specific transaction (employing broker -RE agent Property owner - property manager)
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Special Agent
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principal gives agent power to perorm a specific transaction 1 time only (POA to sign for a closing or a listing real estate listing)
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Obtensible agency
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assuption to belive is acting as agent of a princle, but unware of appointment
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Agency by ratification
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after the fact
act and later inform principal |
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Agency coupled with an interest
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agent holds an interst
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Dual Agency
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when 2 pricipals are represented by the same agent
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Sub Agent
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saleagent
salesagent is an agent of the broker |
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3rd Party
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represented by another agent
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TEMINATION OF AGENCY
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death on incapacity
Destruction or Condemnation Bankruptacy or Foreclsure seldom teminated by law usually by completion, expiration, mutual agreement or revocation |
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FIDUCIARY OBLIGATIONS
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P personal preformance
O obedience (lawfulfully) L loyality A accountability N notice D due or reasonable care |
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