Real Estate 15

Front 1

Testate

Back 1

Refers to someone who has died & left a will.

Front 2

Special Warranty Deed

Back 2

A deed in which the grantor warrants title only against defects arising during the time he/she owned the property, & not against defects arising before his or her time of ownership. Also called Limited Warranty Deed.

Front 3

Testator

Back 3

A man who makes a will

Front 4

Voluntary Alienation

Back 4

When an owner voluntarily transfers an interest to someone else.

Front 5

Estate of Inheritance

Back 5

An estate that can be willed or descend to heirs, such as fee simple estate.

Front 6

Tenancy by the Entirities

Back 6

A form of co- ownership of property by husband & Wife, in which each spouse has an undivided 1/2 Interest & the right of survivorship ,with neither spouse able to convey or encumbered his/her interest w/o the other Spouse's consent. In Ohio, ____ _____ _____ has been replaced by statutory survivorship tenancy; tenancies by the entirities from before 1985 still exist, but no new ones may be created.

Front 7

Fee Simple A

Back 7

The greatest estate one can have in real property; Freely transferable & inheritable, & of indefinite duration, with no conditions on the title. Often called ,_____ ______ _____ or fee title.

Front 8

Fre Simple Defeasible

Back 8

A fee estate in real property that may be defeated or undone if certain events occur or conditions aren't met.

Front 9

Joint Tenancy

Back 9

A form of co-ownership in which the co-owners have equal undivided interests & the right of survivorship. In ohio, joint tenancy has been replaced by the statutory survivorship tenancy; joint tenancies established before 1985 still exist, but no new ones may be created. It must have the 4 unities present.

Front 10

Littoral Rights

Back 10

The water rights of a landowner whose property is adjacent to a lake or contains a lake; often called riparian rights (although that term really refers only to the water rights of a landowner on a river).