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33 Cards in this Set
- Front
- Back
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Title |
the collection of rights that a person has in the ownership of real property. |
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Equitable title |
The Interest held in a property by one who has agreed to purchase property that has not yet closed. |
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Alienation |
means transfer when used as a real estate term. |
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Probate |
a formal court hearing to establish the validity of a will after the death of the individual. |
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Intestate |
Person who died without a will |
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Escheat |
If property owners die without a Will and with no heirs their property "Escheats" or belongs to the state.
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Powers of the government are? |
P.E.T.E -Police Power -Eminent Domain -Taxation -Escheat |
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Lien |
a debt or charge against the property
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Voluntary Lien |
one that the owner was willing to place on the property such as a mortgage lien or to secure building upon a property.
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Mechanics Lien |
a *Statutory Lien that governs construction liens, more commonly referred to as mechanic’s liens |
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What is the purpose of a Mechanics Lien? |
to provide a method to assure full payment to a contractor who builds on a property. |
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Statutory Lien |
a lien that cannot be automatically discharged through bankruptcy. |
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General Lien |
result of losing a judgment case. A general lien is against all the assets of the person who lost the law suit and effects all real and personal property. (car, boat, house, or business) |
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Equitable Lien |
always either a judgment lien or a mortgage lien and is based on a doctrine of fairness and a written contract. |
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Income tax lien |
when a person does not pay his taxes, the IRS sues to get a judgment; then the court awards a judgment against all the assets of the individual including his property. |
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Testator |
Makes a will |
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Grantor gives to the |
Grantee a Deed |
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abstract |
history of the title, found by abstractors. |
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The three parts of a deed are |
the Premises, Habendum and Testimonium. |
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General warranty deed |
The highest and best deed. This is the type most often used in residential transactions |
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Special warranty deed |
limits the time frame of the covenants to the time that the seller actually owned the property. |
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Bargain and sale deed |
indicates the grantor has ownership of the property - and that's all. |
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A quit claim deed sats |
that the grantor "quits" or releases any interest that he may have had in the property, if he had an interest. There are no covenants made in this deed. |
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Police power |
the right of the local, state and federal government to make laws for the good of all.
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Special assessment taxes |
are used for a "one-time" fee for something that affects one piece of property at a time. (costs for adding a new sidewalk) |
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Ad Valorem or added value taxes |
Taxes you have to pay based on actual and assessed value on your home. (used to pay for city/county services) |
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Deed restrictions |
When a grantor makes certain restrictions on the property |
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Easments |
give someone else (dominant estate) the right to USE a part of the property while the owner (servient estate) retains the ownership rights. |
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The 4 types of easements |
1. Appurtenant 2. In gross 3. Necessity 4. Prescription |
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Appurtenant easement |
easements for adjacent properties |
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Gross easements |
owned by a person or company (not tied to any land) |
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Easement by necessity |
ex: Easement for a landlocked farm owner to get animals from main road to his farm |
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Easement by prescription |
easement by adverse posession |
