California Real Estate Principles Chapter 3

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Abstract of Judgment

a recorded document of essential provisions of a court judgment

Attachment

process by which real or personal property is seized by the court for the purpose of assuring payment

Blanket Encumbrance

a lien, usually a trust deed in CA, covering more than one property of the borrower

Conditions

a limiting restriction stating that upon the happening or non-happening of some stated event, the estate shall be changed in some manner

Covenant

a promise to do or not to do a particular thing

Declaration of Abandonment

statement declaring the intent to give up a homestead, usually to declare a homestead on a new residence

Declaration of Homestead

formal statement that protects the head of household from losing the property to the claim of creditors, usually up to a set maximum amount

Defendent

a person against whom a civil or criminal action is taken

Dominant Tenement

real property that benefits from an easement

Easement

a right, limited to a specific use, that one party has in the land of another

Easement of Appurtenant

an easement for the benefit of an owner of an adjacent parcel of land

Easement in Gross

easement for the benefit of a person or utility company rather than for the benefit of an adjacent landowner

Enroachment

construction of improvements on the property of another

Encumbrance

anything that affects or limits the fee simple title to, or value of, property, eg mortgages or easements

General Lien

lien such as a tax lien or judgment lien that attaches to all property of the debtor rather than a specific property

Homestead

statutory protection of a home from the claims of certain creditors and judgments up to a certain amount

Lien

a form of embumbrance that usually makes specific property security for the payment of a debt

Lis Pendens

notice filed or recorded for the purpose of warning all persons that the title to certain real property is in litigation

Mechanic's Lien

a lien, created by statute, which exists against real or personal property in favor of persons who have performed work or furnished materials for the improvement of real property

Mortgage

an instrument, recognized by law, by which property is hypothecated to secure the payment of a debt. This instrument is not commonly used in CA, but popular on East Coast.

Notice of Non-Responsibility

a notice, recorded and posted by the property owner to relieve then of responsibility for the cost of unauthorized work done on property or materials furnished (carpet in a rented apartment)

Plaintiff

in a court action, the one who sues; the complainant

Preliminary Notice

a notice that informs or warns owners, lenders, and general contractors that subcontractors have been hired, or materials have been supplied to a particular job site

Restrictions

a limitationon the use of real property. Two general classifications: public and private. Zoning ordinances are public. A clause in the deed requiring the roof be made of Spanish tile would be private limitation

Satisfaction

discharge of a mortgage or trust deed from the records upon payment of the debt. Make sure you receive a Deed of Reconveyance to prove that yo paid off the deed of trust.

Servient Tenement

proprety that is burdened by an easement

Sheriff's Sale

court ordered sale of real or personal property by the sheriff pursuant to the execution of a judgment

Specific Lien

a lien that attaches to a specific property rather than all the property of a debtor

Trust Deed

legal document by which a borrower pledges certain real property as collateral for the repayment of a loan. In addition to the buyer and seller, there is a third party to the trasaction known as a trustee.

Writ of Execution

a writ to carry out a court order, usually arising out of a judgment

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