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Unit 12 Real property and landlord/Tenant
Terms in this set (126)
Abstract of title
A short account of the state of the title to real estate, reflecting all past ownership and any interests or rights, such as a mortgage or other liens, which any person might currently have with respect to the property. An abstract of title is necessary to verify title before purchasing real property.
The act of occupying real property in an open, continuous, and notorious manner, under a claim of right, hostile to the interests of the true owner for a period of years. In this manner, the occupier might claim ownership of the property.
A person whose business is to bring buyer and seller together; an agent who, for a commission, negotiates on behalf of his principal in connection with entering into contracts or buying and selling any kind of property. A broker does not generally take possession of the property with respect to which he deals. There are both buyer and seller brokers.
Chain of title
The succession of transactions through which title to a given piece of land was passed from person to person from its origin to the present day.
Color of title
That which gives the appearance of title, but is not title in fact; that which, on its face, appears to pass title but fails to do so. EXAMPLE: a deed to land executed by a person who does not own the land.
in a contract, a condition that occurs after the contract comes into existence
A multi-unit dwelling, each of whose residents owns her individual apartment absolutely while holding a tenancy in common in the areas of the building and grounds used by all the residents.
Contract for sale of land
A contract in which one party agrees to sell and the other to purchase real estate.
1. To transfer title to property from one person to another by deed, bill of sale, or other conveyance
2. To transfer, to transmit
1. The transferring of title to real property from one person to another
2. Any document that creates a lien on real property or a debt or duty arising out of real estate.
Example: A lease; a mortgage; an assignment
3. Any transfer of title to either real property or personal property.
The act of transferring title to or creating a lien on real estate by deed, mortgage, or other instrument.
Cooperative apartment house
A multi-unit dwelling in which each tenant has an interest in the cooperation or other entity which owns the building as well as a lease entitling her to occupy a particular apartment within the building.
Ownership of property by more than one person.
In a deed, a promise to do or not to do a particular thing, or an assurance that a particular fact or circumstance exists or does not exist. To pledge, binding promise
Covenant for quiet enjoyment
A covenant that title is good and that therefore the grantee will be undisturbed in her possession and use of the property.
Covenant running with the land
A covenant that passes with the land when the land is conveyed. Such a covenant imposes upon the next purchaser, and all subsequent purchasers, both the liability for performance and the right to demand performance.
1. Document by which real property, or an interest in real property, is conveyed from one person to another
2. An act or action; something done or completed. To transfer, convey, grant
Deed of gift
A deed conveying property without consideration.
Deed of quitlam
Deed of release
Deed of trust
A deed that creates a trust in real estate and is given as security for a debt. A deed of trust is in the nature of a mortgage, but differs from a mortgage in that it is executed in favor of a disinterested third person as trustee, where a mortgage is executed in favor of a disinterested third person as a trustee, where a mortgage is executed directly to the creditor to be secured.
Deed of warranty / Deed of convenant
1. A deed that contains title covenant
2. A deed that contains covenants concerning the property conveyed and is a separate document from the deed that actually conveys the property.
1. A deed
2. The transfer of property by will
To convey; to pass on by will or inheritance
The relationship the law creates, between a person and a particular locality or country. A person's permanent home or permanent abode.
Real property that benefits from an easement that burdens another piece of property...
The legal right or interest that a wife acquires by marriage in the property of her husband. Was very important under common law, ensured that a widow was able to live upon and make use of a portion of her husband's land, usually a third, as long as she lived. No longer exists or has been substantially modified in most states, but every state retains the aspects of the concept for the protection of both spouses.
1. A right to use the land of another for a specific purpose.
Example: A right of way given by a landowner to a utility company to erect and maintain power lines
2. A right to use water, light, or air
Easement in gross
An easement in gross does not exist so that the owner of adjorning property may better enjoy his property; rather, it is a personal interest in the use of another's land, unrelated to his own (Example: a right to take water from the property of another).
Easement of access
The right of an owner of real property bordering a public road to come from and go to the highway without being obstructed
Easement of light and air
An easement for the enjoyment of light and air unobstructed by structures on the adjoining premises. This is particularly important to land owners in large cities where there are many multi-story building that are next to each other.
The power of the government to take private property for a public use or public purpose without the owner's consent, if it pays just compensation. The process by which this is done is called condemnation.
1. The property left by a decedent
The act of putting a tenant out of possession of premises that she has leased.
Fair housing act
Another name for the civil rights act of 1968, which prohibits practices that deny housing to anyone because of race, color, religion, or national origin.
Fair market value
Actual value; value in money. The amount a buyer will pay and a seller will accept when neither is under pressure to buy or sell and both have a reasonable degree of knowledge of the relevant facts. Fair market value is virtually synonymous with actual cash value, fair cash value, and fair value.
From the initials FNMA, federal national mortgage association, it is the agency that supplies a market for mortgages insured by the federal housing administration.
Federal Housing Administration
An agency of the US that supports the availability of housing and of a sound mortgage market by insuring bank mortgages granted to borrowers who meet its standards.
An estate in real property that may be inherited.
A fee in land; an estate in fee.
Also know as a fee simple absolute; the most complete estate in land known to the law. It signifies total ownership and control. It may be sold or inherited free of any condition, limitation, or restriction by particular heirs.
Fee simple absolute
Fee simple estate
An estate in land that is given to a person and her lineal descendants only, the heirs in general being deprived of any interest in the estate. In the absence of lineal descendants, the estate reverts to the donor.
A fee tail estate given only to the donor's female lineal descendants is called a fee tail female; a fee tail estate limited to the donor's male lineal descendants is called a fee tail male.
An, article previously personal property, that, by being physically affixed to real estate, has become part of the real property; something so connected to a structure for use in connection with it that it cannot be removed without doing injury to the structure.
Am illegal "flip" the value of the property is inflates (through high comparable sales and exaggerated appraisals,etc) to induce the mortgage lender to fund more than the property's true value. Usually a deal is worked with the seller to recoup the difference between the real (lower) selling price and the amount of the buyer's mortgage money.
The near opposite of flipping, it occurs in a softening or down real estate market.
1. A legal action by which a mortgagee terminates a mortgagor's interest in mortgage premises.
2. The enforcement of a lien, deed of trust, or mortgage on real estate,or security interest in personal property, by any method provided by law.
A decree that orders the sale of mortgaged real estate, the proceeds to be applied in satisfaction of the debt.
To avoid foreclosure on technical grounds, attorneys representing foreclosed clients take probing depositions from lenders employees to find lapse in judgment, flaws in the process, or wrongdoing.
A sale of mortgaged premises in accordance with a foreclosure decree.
An estate or interest in land or personal property, including money, whether vested or contingent, that is to come into existence at a future time.
Example: A remainder; a reversion; payments or income to be receives in the future.
1. A word used in conveying real property; a term of conveyance
2. The conveyance or transfer itself
3. That which is conveyed, conferred, or given
The person to whom a grant is made; the party in a deed to whom the conveyance is made.
Grantor -grantee indexes
The person who makes a grant; the party in a deed who makes the conveyance
Grantor- grantee indexes
Volumes maintained in most county courthouses that list every deed, mortgage, secured transaction, and lien of every type ever recorded in the country. All transactions are alphabetically indexed
A word whose legal significance may be either "house", "residence", or "domicile" depending upon the context in which it appears.
The right to own real property free and clear of the claims of creditors, provided the owner occupies the property as her home
An estate inland (EXAMPLE: a fee simple estate; a life estate; an estate for years) or in personal property held by two or more persons jointly, with equal rights to share in its enjoyment.
The soil and everything attached to it, whether naturally or by man, extending by from the surface downward to the center of the earth and upward endlessly to the skies. "land" is property used interchangeably with "real estate","realty": etc...
A contract for sale of land; installment land contract.
Land sale contract
A contract for sale of land; installment land contract. Same as land contract.
Land use regulation
Government regulation of the way in which land is used(i.e. zoning statutes and ordinances)
An owner or real property who leases all or a portion of the premises to a tenant
A lien for rent that is in arrears, that a landlord has on a tenant's personal property located on the leased premises.
A person who owns real property.
lands, tenements and hereditaments
A term found in deeds and other documents relating to land,w which expresses the most inclusive interest a person can own in real property, and all rights arising out of it.
1. A contract for the possession of real estate in consideration of payment of rent, ordinarily for a term of years or months, but sometimes at will. The person making the conveyance is the landlord or lessor; the person receiving the right of possession is the tenant or lessee
Lease with option to purchase
A lease that provides the lessee with the option, at the end of the term or at any time during the term, to purchase the property for a specified sum.
In deeds and mortgages, a description of the real estate that is the subject of the conveyance, by boundaries, distances, and size, or by reference to maps, surveys, or plats.
The seizure of property by the sheriff under writ to ensure payment of a judgement debt or to pay it. Such a levy is called levy of execution.
An estate that exist as long as the person who owns or holds it is alive. Its duration may also be the lifetime of another person (EXAMPLE: "to Sarah so long as Sam shall live")
A contract between an owner of real property and a real estate agent under which the agent is retained to secure a purchaser for the property at a specified price, for a commission.
A tract or parcel into which lands has been divided.
A lien created by law for the purpose of securing payment for work performed or materials furnished in constructing or repairing a building or other structure.
Metes and bounds
A property descriptions, commonly in a deed or mortgage, that is based upon the property's boundaries and the natural objects and other markers on the land.
A written pledge of real property to secure a debt, usually to a bank
1. Insurance purchased by a mortgagor that pays the mortgage if the mortgagor is unable to because of death or disability
2. Insurance purchased by a mortgage insuring him against loss resulting from the mortgagor's inability to make payment
A loan secured by a a mortgage
A note that evidences a loan for which real estate has been mortgaged.
A deed that achieves a partition or splitting of real estate.
A limitation of a contingent future interest in violation of the rule against perpetuities.
A map of a tract of land, showing the boundaries of the streets, blocks,and numbered lots.
public record of recorded plans or maps
Same as plat
Possibility of reverter
A type of future interest that remains in a grantor when, by grant or devise, he has created an estate in fee simple determinable or fee simple conditional, the fee automatically reverting to him or his successors upon occurrence of the event by which the estate is limited.
1. The right of a person to possess, use, enjoy, and dispose of a thing without restriction
A deed that conveys whatever interest the grantor has in a piece of real property, as distinguished from the more usual deed, which conveys a fee and contains various covenants including title covenants.
Land, including things located on it or attached to it directly or indirectly
A copy or a record of a transaction for the sale of land
All states have statutory rules to resolve the Priority of Claims relating to Real Property and to give the public Constructive Notice of recorded items.
1. An estate in land to take effect immediately after the expiration of a prior estate (known as the particular estate), created at the same time and by the same instrument. EXAMPLE (in a will): "I will leave my land to joe jones for life, and after his death to sarah green and her heirs". The interest or estate...
One entitled to receive a remainder interest in some estate sometime in the future.
1. A covenant in a deed prohibiting or restricting the use of the property (Example: the type, location, or size of buildings that can be constructed on it). A covenant prohibiting the sale of real property to persons of a particular race is unenforceable because it is an unconstitutional restraint on alienations.
2. A covenant not to sue.
1. A transfer of title from a life estate tenant back to the grantor. 2. Proceeds from the sale of a property at the end of a holding period in a cash flow analysis.
A future interest a person has in property after present possession is terminated.
1. With respect to an interest in land, to come back to a former owner of her heirs at a future time.
Land along the bank of a river or stream
Document processors for mortgage lenders who rapidly sign papers in robotic fashion, without being familiar with the details of the loan or even reading the mortgage documents.
A title search or examination of all mortgages, liens, debts, etc., that affect ownership of land in order to verify title.
Real property that is subject to an easement that benefits another piece of property, known as the dominant tenement.
In real estate transactions, a sale in which the lender accepts less than what is owed on the mortgage, usually, to avoid the time, trouble, and costs of foreclosing.
1. The method by which the boundaries of land are determined
2. A map, plat, or other document reflecting a surveyor's determination of the boundary or boundaries of land.
With respect to acquiring title to land by adverse possession, a doctrine allowing an adverse possessor to add her period of possession to that of a previous possessor to establish continuous possession.
1. The right to hold and occupy realty or personalty by virtue of owning an interest in it
2. Possessions of a realty under a lease
Tenancy by the Entirety
A form joint tenancy in an estate in land or in personal property that exist between husband and wife by virtue of the fact that they are husband and wife.
Tenancy for life
Tenancy for years
A tenancy under a lease brother contract for the period of a year or for a stated number of years
Tenancy from month to month
1. A tenancy in which no definite term is agreed upon and the rate is so much per month
Tenancy from year to year
A tenancy in which no definite term is agreed upon and the rate is so much per year.
Tenancy in common
A tenancy in which two or more persons own an undivided interest in an estate in land
1. a person who holds or possesses realty or personalty by virtue of owning an interest in it.
Premises that are habitable or ready to live in because plumbing, electricity, heat, and water are all in working condition.
Tenants in common
Two or more owners of property under a tenancy in common.
Interval ownership of a single condominium unit by multiple owners in weekly shares.
an unauthorized intrusion upon the property rights of another.
Variable rate mortgage
Another term for an adjustable rate mortgage, one in which the percentage rate changes annually, or in some stipulated period.
In zoning law, an exception from the strict application of a zoning ordinance, granted to relieve a property owner of unnecessary hardship. Variance allow the land owner to use the land in a matter that the law would not otherwise permit.
A deed that contains title covenants.
Warranty of Habitability
A warranty implied by law that leased premises are fit to occupy.
1. The destruction, misuse, alteration, or neglect of premises by the person in possession, to the detriment of another's interest in the property.
1. An area or district created by a zoning board in accordance with zoning regulations
2. A district area that is unlike the surrounding areas.
To engage in zoning
The creation and application of structural, size, and use restrictions imposed upon the owners of real estate within districts or zones in accordance with zoning regulations or ordinances.
An administrative agency of a municipality that administers zoning regulations or ordinances.
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