California Real Estate Principals C-2
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Created by:
isaulr on April 9, 2012
Subjects:
California Real Estate Principals
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31 terms
Terms | Definitions |
|---|---|
 Abandonment | The intentional & voluntary relinquishment of any ownership interest (such as an easement) or possession of real property. |
| Accession | The acquiring of additional property. |
| Actual Notice | Notice that is actually and expressly given or implied. |
| Adverse Possession | A method of acquiring title to real property, through possession of property for a statutory period under certain conditions, by a person other than owner. |
| Affirmation, Affidavit, Verification | Many different types of statements made before a professional witness. |
| Community Property | Property acquired by husband and/or wife during marriage that is not acquired as separate property. Each spouse has equal rights of management, alienation, and disposition. |
| Condition Precedent | An event that must happen before title is passed. |
| Condition Subsequent | A condition attached to an estate whereby the estate is defeated or changed through the failure of non-performance of the condition. |
| Constructive Notice | Documents filed with the County Recorder in such a way as are considered open notice to the world. |
| Corporation | A legal entity, sanctioned by the state, with rights and liabilities, distinct and apart from those of the persons composing it. |
| Dedication | The giving of private land by its owner for a public use; mostly commonly, the developer who gives it to city. |
| Delivery | The act of receiving a deed. |
| Encroachment | An unlawful instrusion onto another's property by making improvements to real property, example given; a swimming pool built across property line. |
| Escheat | The reverting of private property to the state when there are no valid heirs. |
| Freehold Estate | An estate of indeterminable duration, example given; fee simple or life estate |
| General and Limited Partnerships | A voluntary association between two or more people to carry on a business with general and limited partners. |
| Grant Deed | A deed using the word "grant", or like words, containing warranties against prior conveyances and encumbrances. This is the most commonly-used deed in California. |
| Holographic Will | A handwritten expression of a person's desire as to the disposition of their property after death. |
| Instate Succession | A process of law by which the state lays out the correct succession of inheritance when a person dies without leaving a valid will. |
| Joint Tenancy | Undivided ownership of a property interest by two or more persons, each of whom has a right to an equal share in the interest and right of survivorship. |
| Life Estate | An estate or interest in real property that is held for the duration of the life of some certain person. It may be the person holding title to the estate or some other person. |
| Notary Public | A person authorized by the state to witness the signatures of persons executing documents, sign the certificate and affix the official seal. |
| Prescription | The means of acquiring interests in land, usually an easement, by continued use. |
| Probate | The court procedure of proving that a will is valid. |
| Quitclaim Deed | A deed to relinquish any interest in property. |
| Recording | Placing a document in the official records of the county. |
| Remainder | An estate that is transferred to a third party (anyone other than grantor) upon the death of the life estate holder. |
| Reversion | An estate that reverts back to the grantor after the life of the tenant expires. |
| Severalty | An estate of a single entity held by a single person alone. |
| Tenancy in Common | Co-ownership of property by two or more persons who hold undivided interest, without right of survivorship. The interests need not be equal. |
| Witnessed Will | A former expression of a person's desires, witnessed by others, as to the disposition of his or her property after death |
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