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Terms in this set (47)
The acquisition of title to real property through open occupation, without the consent of the owner, for a period of time specified by a state statute. The occupation must be actual, exclusive, open, continuous, and in opposition to all others, including the owner.
The final step in the sale of real estate, in which ownership is transferred to the buyer in exchange for payment of the purchase price.
Use of land for business activities only; sometimes called business use.
A form of concurrent property ownership in which each spouse owns an undivided one-half interest in property acquired during the marriage.
The judicial procedure by which the government exercises its power of eminent domain. It generally involves two phases: a taking and a determination of fair value.
The transfer of title to real property from one person to another by deed or other document.
A document by which title to real property is passed.
A nonpossessory right, established by express or implied agreement, to make limited use of another's property without removing anything from the property.
The power of a government to take land from private citizens for public use on the payment of just compensation.
An account generally held in the name of the depositor and escrow agent. The funds in the account are paid to a third person on fulfillment of the escrow condition.
fee simple absolute
An ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power. The owner can use, possess, or dispose of the property as he or she chooses during his or her lifetime. On death, the interest in the property passes to the owner's heirs.
A type of tenancy under which property is leased for a specified period of time, such as a month, a year, or a period of years; also called a tenancy for years.
An item of personal property that has become so closely associated with real property that it is legally regarded as part of that real property.
A deed that simply states that property is being conveyed from the grantor to another. Under statute, a grant deed may impliedly warrant that the grantor has at least not conveyed the property's title to someone else.
A way of creating an easement or profit in real property when it is reasonable to imply its existence from the circumstances surrounding the division of the property.
implied warranty of habitability
An implied promise by a seller of a new house that the house is fit for human habitation. Also, the implied promise by a landlord that rented residential premises are habitable.
Land use for light or heavy manufacturing, shipping, or heavy transportation.
The taking of private property by the government without payment of just compensation as required by the U.S. Constitution. The owner must sue the government to recover just compensation.
Joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenant(s).
An interest in real property that gives a tenant a qualified right to possess and/or use the property for a limited time under a lease.
In the context of intellectual property, a contract permitting the use of a trademark, copyright, patent, or trade secret of certain purposes. In the context of real property, a revocable right or privilege of a person to come on another person's land.
An interest in land that exists only for the duration of the life of a specified individual, usually the holder of the estate.
Title to real estate that is reasonably free from encumbrances, defects in the chain of title, and other matters that affect title, such as adverse possession.
metes and bounds
A way of describing the boundary lines of land according to the distance between two points, often using physical features of the local geography.
In criminal law, a defense against liability. Under Section 3.02 of the Model Penal Code, this defense is justifiable if "the harm or evil sought to be avoided" by a given action "is greater than that sought to be prevented by the law defining the offense charged." In real property law, a way of creating an easement when one party must have the easement in order to have access to his or her property.
In the context of real property, an interest that involves the right to use land but not the right to possess it.
A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year.
A way of creating an easement or profit in real property by openly using the property, without the owner's consent, for the required period of time (similar to adverse possession).
In the context of real property, the right to enter onto another's property and remove something of value from that property.
A deed that conveys only whatever interest the grantor had in the property and therefore offers the least amount of protection against defects of title.
A statute that allow deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
Use of land for construction of buildings for human habitation only.
A private restriction on the use of land. If its benefit or obligation passes with the land's ownership, it is said to "run with the land."
A permit granted by local zoning authorities that allows for a specific exemption to zoning regulations for a particular piece of land.
special warranty deed
A deed that warrants only that the grantor held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.
The government's taking of private property for public use through the power of eminent domain.
tenancy at sufferance
A tenancy that arises when a tenant wrongfully continues to occupy leased property after the lease has terminated.
tenancy at will
A type of tenancy that either the landlord or the tenant can terminate without notice.
tenancy by the entirety
Joint ownership of property by a married couple in which neither spouse can transfer his or her interest in the property without the consent of the other.
tenancy in common
Joint ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
Insurance commonly purchased by a purchaser of real property to protect against loss in the event that the title to the property is not free from liens or superior ownership claims.
The personal property of a commercial tenant that has been installed or affixed to real property for a business purpose. When the lease ends, the tenant can remove the fixture but must repair any damage to the real property caused by the fixture's removal.
An exception from zoning rules granted to a property owner by local zoning authorities.
A deed in which the grantor promises that she or he has title to the property conveyed in the deed, that there are no undisclosed encumbrances on the property, and that the grantee will enjoy quiet possession of the property; provides the greatest amount of protection for the grantee.
The use of real property in a manner that damages or destroys its value.
Rules and regulations that collectively manage the development and use of land.
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