Real Estate Paralegal-NC
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40 terms
Terms | Definitions |
|---|---|
 Administrator's deed | Deed used by court appointed administrator to convey title of the deceased person's property |
| Bundle of Rights | (1) Possession (2) Enjoyment (3) Control (4)Disposition (5) Exclusion |
| Condition precedent | Requires that a specific condition be met to keep the estate. Automatic when condition ends |
| Condition subsequent | Maintains the estate ownership unless an event or situation occurs. Not automatic |
| Control | Right to determine how the property is to be used |
| Curtesy | Life estate in the land granted to a husband. Created by state law |
| Disposition | Right to give, sell or transfer the property |
| Dominant estate | Land benefiting from an easement |
| Dower | Life estate in the land granted to a wife. Created by state law |
| Easement | Interest in land owned by another person, consisting of the right to use or control the land, above or below, for a specific limited purpose |
| Easement appurtenant | Easement created to benefit another tract of land |
| Easement by estoppel | Court-ordered easement |
| Easement by necessity | Easement is indispensible to the reasonable use of nearby property, i.e. parcel of land connected to road |
| Encroachment | Improvements that extend over the property owner's legal boundaries |
| Encumbrance | A claim or liability attached to the property. Remains after the property is transferred |
| Enjoyment | Right to possess the property without interference |
| Exclusion | Right to restrict others from accessing or using the property |
| Estate of sufferance | Tenant continues to possess and occupy even after tenancy has ended |
| Fee simple absolute | Estate owner has no limits on his/her ownership rights |
| Fee simple defeasible | Estate owner has restricted ownership rights, either condition precedent or condition subsequent |
| Fixtures | Personal property that has been attached to real estate, making them real property |
| Five covenants of a General Warranty Deed | (1) Covenant against encumbrances (2) Covenant of further assurance (3) Covenant of quiet enjoyment (4) Covenant of seisin (5) Covenant of warranty forever |
| Grant deed | Makes no promises of previous owners. Only warrants the current owner |
| Granting clause | The words of conveyance |
| Grantor capacity | Legal age and legal competence |
| Habendum clause | Defines the extent of the interest being granted and any conditions that alter the grant |
| Homestead | Life estate protecting homeowners from creditors by reserving a portion of the home's value against creditor demands and judgments for debt. Life estate in the land granted to a husband. Created by state law |
| Land | The ground surface and the natural elements below and above it |
| Leasehold estate | Created by a lease agreement |
| Lessee | Tenant |
| Lessor | Landlord or property owner |
| Possession | Right to occupy the property |
| Quitclaim deed | Conveys any interests the grantor may have only |
| Real Estate | Land and any improvements |
| Real Property | Real estate and the different rights involved with it |
| Seisen | Ownership of land |
| Servient Estate | Land burdened by an easement |
| Special warranty deed | Limited warranty deed |
| Valid deed requirements | (1) written (2) identify parties (3) grantor capacity (4) consideration (5) granting clause (6) habendum clause (7) legal description (8) grantor's signature (9) delivery |
| Waste | Injury or damage to the property |
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