Chapter 2 Georgia Real Estate Dynamics - Georgia Edition 2014

Front 1

Allodial System

Back 1

A system of land ownership which recognizes the right of individuals to own land independently of political superiors, but allows the government to retain the rights of eminent domain, police power, taxation and escheat

Front 2

Attachment Lein

Back 2

An encumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suite for damages is being decided. By attaching the property the person seeking damages is assured that the property will be available to satisfy a judgement if it is awarded by the court.

Front 3

Bundle of Rights

Back 3

All of the rights a person can have in real property. Included in the bundle are the rights of possession, control, enjoyment, and disposition

Front 4

Commercial Easement in Gross

Back 4

A right to use the land of another. It does not benefit any particular property. The right is transferable and freely inheritable. Typical examples include utility easements, railroad right-of-ways and billboard easements.

Front 5

Condition

Back 5

A provision in a deed which subjects the ownership of land to certain restrictions. The party creating the condition (the grantor) reserves a future right in the property. Upon the occurrence or nonoccurrence of a stated condition, either the title automatically reverts to the grantor, or the grantor has the right to sue for possession and terminate the estate.

Front 6

Consummate Dower

Back 6

A wife's right to her husband's estate after his death.

Front 7

Covenant

Back 7

A restriction in a lease or deed which specifies that the property will or will not be used in a certain manner. An example of a covenant is a subdivision restriction. Covenants must be enforced by seeking an injunction or damages. Covenants have a time limit after which they are no longer effective.

Front 8

Dominant Estate

Back 8

The land parcel which benefits from an easement appurtenant. When title to the land is conveyed, the easement is automatically transferred to the new owner

Front 9

Dower

Back 9

A wife's life estate in the real property owned by her husband and conveyed to her by law upon his death

Front 10

Easement Appurenant

Back 10

An easement which grants a right of use to one parcel of land in and on another parcel. The land over which the easement runs is the servient estate. The land benefiting from the easement is the dominant estate.

Front 11

Easement in Gross

Back 11

A legal right to use the land of another. It involves only parcel of land and does not benefit any particular property There are two types: commercial and personal.

Front 12

Easement

Back 12

A legal right to use the land of another for a specific purpose and in a specific manner. The right only constitutes an interest in the land. it does not give the easement owner an estate.

Front 13

Egress

Back 13

An exit leading from the parcel of land

Front 14

Eminent Domain

Back 14

The Government's right to take private property for public use with or without the consenting of the owner upon payment of a just compensation to the owner. The right may be with or delegated to quasi-public corporations, such as utility companies. the court suit for taking the property is called condemnation

Front 15

Encroachment

Back 15

The illegal intrusion of an improvement, building or other attachment onto a neighboring land or into its airspace

Front 16

Encumberance

Back 16

Anything which affects the fee simple title or the use of land such as liens, easements, restrictions and encroachments.

Front 17

Equitable Title

Back 17

See Voluntary Lien

Front 18

Escheat

Back 18

A government right for land to go back to the state when the owner dies without leaving a will and without heirs.

Front 19

Estate at Sufferance

Back 19

An interest in real property held by a tenant who holds over without the consent of the landlord after the tenant's right of possession has terminated.

Front 20

Estate for years

Back 20

A tenant's interest in real property (leasehold estate) for a fixed period of time.

Front 21

Estate from Period to Period

Back 21

A tenant's interest in real property (leasehold estate) for a certain period of time. Without proper notice the period is automatically renewed.

Front 22

Estate

Back 22

the quality, quantity, nature and extent of ownership interest or rights a person holds in real property. Estates are either possessory or nonpossessory.

Front 23

Fee Simple Absolute

Back 23

An inheritable estate of indefinite duration, without restrictions or conditions to satisfy in order to retain ownership. It is the most complete ownership of rights in land that one can hold. It is said to be potentially perpetual.

Front 24

Fee Simple Determinable

Back 24

A fee simple estate that automatically ends and goes back to the person who granted the estate, to their heirs or to a remainderman if names, upon the occurrence or nonoccurrence of a stated condition