Real Estate Law
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50 terms
Terms | Definitions |
|---|---|
 Real Property | Interests, benefits, and rights associated with real estate ownership |
| Counter Offer | A new offer made as a reply to an offer recieved. It has the effect of rejecting the original offer, which cannot be accepted thereafter unless revived by the offeror. |
| Improvement | Any valuable addition made to real property that goes beyond mere repair or replacements. |
| Tenancy in Common | A form of joint ownership of property by 2 or more persons with undevided shares; ownership passes by devise or decent instead of by survivorship. |
| Small Claims Court | a court in which a civil action for a small a amount, typically up to $3,000, can be filed |
| Tenant's Fixture | Fixture to remain personal property of a tenant upon lease termination. |
| Recorder of Deeds | the county office in which matters relating to the real estate located within that county are filed. |
| Limited Warrenty | Favors the grantor. |
| Transfer on Death Affidavit | Beneficiary only owns if the grantor hasn't sold the property before the grantor dies. |
| Civil Court | disagreement or dispute between two people that doesn't violate the law |
| Criminal Court | When someone breaks or violates the law |
| Easement by Perscription | when someone has made use of anothers land and that person knows or should have known, but the use happens for 10-21 years then that person gets the land. |
| Sued by State | 28 days to answer or you've lost the case. |
| Estate by Survivorship Deed | No longer exists unless it was created before 1974. |
| Novation | the substitution of a new contract in place of the original |
| Ohio Revised Code | Series of books that constitude our system of law. |
| Fee Simple Absolute | Ownership of land by a person, subject only to private and public controls. Least restricted and most desirable form of ownership. |
| Fixture | Once personal property, but has become part of the real property according to the fixture tests, that is attachment, adaptation to use, and intent of landowner. |
| Statutory Survivorship Tenancy | A way under state statute for two or more persons to hold title to real estate with one another; upon the death of any one of the tenants, the decedent's interest passes to the survivor. |
| Certificate of Judgement | Legal instrument enabling judgement holder to file lien against debtor's realty. |
| Inchoate Dower Rights | Marriage, and title or interest in real property subject to dower rights. |
| Choate Dower | Beyond the marriage, the owner of the freehold real estate has to sell the realty without the spouse's consent, then die and be survived by the other spouse. |
| Precedent | (civil law) a law established by following earlier judicial decisions |
| When Grantors sign Deeds | No witness needed; just a notary. |
| Voidable Contract | A contract that may be legally avoided (canceled, or annulled) at the option of one of the parties. |
| Easement Appurtenant | An easement created for the benefit of a particular parcel of property. There is both a dominant and a servient estate. The easement is annexed to and part of the dominant property. |
| Liquidated Damages | Represents an amount of moneystipulated by the parties within a contract as an amount a breaching party forfeits to the non-breaching party. |
| Statute of Frauds | a state law that requires that certain contracts be in writing. |
| Discovery | A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial. |
| Easement in Gross | A personal right given to an individual or company and is usually irrevocable. |
| Only witness needed in the signing of a deed. | Notary |
| Legal Description | A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it. 8:144 Not the building. |
| Reformation | Correction of a legal instrument when by fraud or mutual mistake, it fails to reflect the intent of the parties. |
| Private Controls | Deed restrictions, life estates |
| Public Controls | Zoning, building codes |
| Life Estate | (law) an estate whose duration is limited to the life of the person holding it |
| Zoning | local rules that divide a community into areas and tell how the land in each area can be used |
| Mutual Recission | agreement by both parties to cancel/terminate and return to the position they occupied prior to forming it |
| Complaint | The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that, when filed with a court, initiates a lawsuit. |
| Encroachment | the unauthorized intrusion of a building, tree, or other improvements onto a neighbor's property. |
| Exclusive Jurisdiction | when only one court has the power to hear a case |
| Concurrent Jurisdiction | when more than one court has jurisdiction to hear a case |
| General Warrenty Deed | deed offers the greatest protection |
| Arbitration Clause | a clause in a contract providing for arbitration of disputes arising under the contract |
| Eminent Domain | Allows the govt to take property for public use but also requires the govt to provide just compensation for that property |
| Estate for Years | Leasehold estate that has a specific starting and ending date. |
| Escheat | a reversion to the state (as the ultimate owner of property) in the absence of legal heirs |
| Conversion Condominium | Real property formally used and operated in a different way, which is submitted by declaration and other documents to county recorder's office as a condominium property instead. |
| Compensory Damages | Damages that return to victum to his or her status quo ante. |
| Exception | Clause in purchase contract and deed that specifies parts of estate in land that are not being sold or transferred. |
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