Real Estate Chpt 9

Front 1

__ Means ownership

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Title

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The right to gain ownership interest in the future

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Equitable Title

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Ownership by physical possession

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Actual notice

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Legal notice achieved by recording documents in public records

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Constructive notice

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Title in fee simple that is free from litigation and defects enabling the owner to sell to a reasonable prudent person for fair market value

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Marketable, merchantable or clear title

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Created by a search of the public records that results in a timeline of recorded documents linking past owners of a parcel of land from root of title to present day

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Chain of title

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An abstract made by title insurance companies that compiles copies of the documents from public records

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Title plant

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When a attorney conducts a review of an abstract of title and renders an written opinion it's called

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An opinion of title

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Title defects is referred to as a

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Cloud on title

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Provides financial protection against losses sustained as the result of defective title

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Title insurance

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A mortgagee lender's title insurance policy is ___ if the loan is sold

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Transferable

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Transference of ownership from one party to another is called

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Alienation of title

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Document that conveys title from one party to another when sold or conveyed as a gift

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Deed

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Document that provides transfer of title upon death

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Will

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Created by law this system provides for the transfer of title to legal descendants upon the death of an individual that died intestate

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Descent and Distribution

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the reversion of property to the state if someone dies intestate and has no known heirs

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Escheat

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The governments right to take private property through a process called condemnation for public benefit

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Eminent Domain

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when an owner loses title to another person who has taken control of the property through open hostile possession for a period of 7 years

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Adverse possession

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The only legally necessary clause required in a deed

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Premises (granting) clause

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called the have and to hold clause, it specifies the legal rights being convyed

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Habendum clause

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This clause names the parties, contains words of conveyance, includes date of transfer and provides legal description of property

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Premises/Granting Clause

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A claim of ownership by the grantor. Assures the grantee that the grantor has legal right to convey the property

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Seisin Warrant

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Assures the grantee they will not suffer hostile claims against the ownership of the property

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Quiet enjoyment warrant

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Promise by the grantor to take whatever action is necessary to protect and defend the title now and in the future

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Further Assurance warrant

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Deed that contains no warrants of any kind and is considered the best type of deed from the grantor's standpoint

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Quit Claim Deed

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The grantor grants sells, bargains the property to the grantee but makes no promise to defend the title if problems arise later. Contains a warrant of seisin only

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Bargain Sale Deed

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Grantor sells, bargains the property but promises to defend the title against any and all claims

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General Warranty Deed

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Deed that is used to cure defects in title

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Quitclaim Deed

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Deed used to convey the property of a minor

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Guardian's deed

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Used to convey the property of a mentally ill/ incompetent person

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Committee's deed

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Deed used to convey the property of person who died intestate

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Personal Representative Deed

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used to show ownership in the event of foreclosure

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Certificate of Title

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3 Ways of Curing Defects in tilte are

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Quitclaim, Suit to Quiet Title and Marketable Record Title to Real Property

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Cure of title that entails court filing with all potential claimants appearing, and the court decides

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Suit to Quiet Title

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MARTA or Marketable Record Title To Real Property cures title due to

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Old claims over 30 years

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The four governmental limitations on private property rights are

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Police Power, Escheat, Taxation, Eminant Domain- PETE

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Allows the government to restrict the use of land to protect the health, safety, and welfare of citizens- Zoning is an example

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Police Power

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Eminent Domain or taking power must only be used for

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Public Use

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The porcess to enforce the sale of an eminent domain property is called

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Condemnation Proceeding

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There is no __ to the property owner when taking the eminent domain issue to court.

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Cost

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Ristrictions placed by an owner that affect the use of the porperty by subsequent owners such as party wall agreements

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Private limitations

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Limited right given to the holder to use a portion of another party's land for a specific purpose

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An Easement

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Easement __ involves two or more parcels of property and runs with the land, which means the right attaches to the land not to a person or entity

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Easement Appurtenant

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Easement in __ involves right of access by one party onto a parcel of real estate owned by another party

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Easment in Gross. Example: Utility Company- Cable

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Unauthorized physical instrusion onto property owned by another such as a fence built over property line

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Encroachment

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Lease agreements are terminated by

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Destruction of property, lien foreclosure, eminent domain condemnation, expiration of lease, bankruptcy, agreement of parties and breach

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The statute of frauds requires a lease for a period of more than ___ be in writing and signed in order to be enforceable

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One Year

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Licensees are __ to modify the fill in the blank residential lease approved by the FL Supreme court

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Not allowed

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Lease where tenant agrees to pay a fixed rental amount and the landlord pays all expenses related to the property

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Gross Lease

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Lease where the tenant pays a fixed rent plus all or portion of operating costs such as real estate taxes, insurance and maintenance

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Net Lease-Usually Commercial

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A lease in which the tenant pays a monthly base rent plus a percentage of the annual or monthly gross sales

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Percentage Lease- Retail and malls

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a lease with option to buy

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Lease option

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When a property owner sells the property to an investor and immediately leases the property and becomes a tenant of the investor

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Sale-Leaseback

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Occurs when a lessee transfers all of the leased space for the remaining time to an assignee, the assignee pays the landlord directly

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Assignment

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__ liens take precendence over all other types of liens

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Superior

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Superior liens are

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Property Taxes, Special Assessment Lien and Federal Estate Tax Lien

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Federal Estate taxes become a lien at the

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Time of Death

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Junior liens are

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Mortgage, Vendor and construction liens

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Junior lein where an owner who sells a property is entitled to a lien against the property that is being sold to secure any unpaid balance of the purchase price

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Vendor lien

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Notice of pending lawsuit against a property owner to a potential purchaser

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Lis Pendens Notice

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A broker can attempt to collect for unpaid commission with a lien in two exceptions

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1. Owner approved this in listing contract

2. A judgment by a FL court

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The enforcement of a lien through legal proceedings, terminates the right of the owner and results in public sale of the property

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Foreclosure

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Occurs if a lessee rents less than 100% of the space that has been leased or makes a transfer for a shorter period of time taen the entire remaining lease and becomes the 2nd landlord

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Sublease

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Leases over one year must be in _ blank and witnessed by _ to be valid

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Writing and witnessed by 2 persons

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Which type of deed warrants the title only against claims made by the grantor their heirs, assignors, executors or administrators

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Special warranty deed

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A owner's title insurance policy guarantees against all __and incumbrances to which no exception has been taken

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Defects

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A __deed is the instrument used by developer to convey land to a condominium association in anticipation of development

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Master deed

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A__ deed used to Grant ownership to a government body when the property owner did not pay their property taxes

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Tax deed

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20 years or more of continuous and uninterrupted use of a portion of another person's property creates a ___

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Easement by prescription

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One requirement for the deed to be valid Involves signature by the __ and 2 witnesses

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Grantor