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30 terms

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