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Terms in this set (52)
Land and everything that is built or growing on the land, such as buildings and trees. Also referred to as real estate
Generally means land that has a building on it.
The ownership of real property. Also, the proof of the right to ownership in land or real property.
Absolute and unconditional ownership in land
A title that can be voided or made invalid
A title that is deficient or incomplete in some aspect required by law
A right to ownership to land for life.
Guarantees that a person has title to property. In case of a dispute in the title, the purchaser will be reimbursed for any loss up to the amount of the policy.
Actual possession of real property with the intention of claiming title to said property
a document or an instrument that is used to convey a title to real property from one person to another.
A deed guaranteeing that the person transferring real property has a good and complete title to said property.
A deed that conveys only the person's interest in the property if any such interest exists. It does not warrant or guarantee the title, but it does give up any right or interest one might have in the property
A clause in a deed that clarifies the amount of ownership in the real property being transferred. Usually begins with the words, "to have and to hold."
A map or plot showing how a certain peace of land is divided into lots
A history of the title to realty that includes previous owners and any liens or encumbrances that may affect the title to the land.
A description or an identification of a specific parcel of land that may be the subject of a conveyance. Also known as a legal description or a property description
Metes and bounds
A measurement of land indicating the boundary lines, points, and angles
To transfer the title to property from one person to another.
The instrument by which the title to property is transferred from one person to another
Tenancy in common
Title to land held by two or more persons who own the same land or property together, with each being entitled to a distinct but undivided interest.
Title to land held by two or more persons who have the same interest in the land with undivided pop session. In case of death of one of the owners, the other owner or owners have full ownership of the property. Also called right to survivorship
Tenancy by the entirety
A husband and wife who own land together. Full ownership of the property will go to the survivor if one dies.
The dividing of land held by joint tenants or tenants in common into distinct portions so that each may hold separate title to his or her portion
A dwelling place and the land surrounding it that is occupied by a family and protected by law from the claims of creditors.
A right that an owner of property has in an adjoining property. For example, the owner of an adjoining property could not construct something on the property that would detract from or infringe on the neighbor's rightful use or enjoyment of their property
A right to use the land of another for a specified purpose. For example, a utility company may have a right to cross the property with electric wires and water or gas lines.
The control or ownership of property for one's own use.
The ownership of real property.
The right or power of the government to purchase private property for public use such as the purchasing of private property for the building of a road
The forced sale of private property to the government for public use. The government has the right to condemn private property that is needed for public use, such as the building of a road, and force the owner to sell the property to the government.
Property that is owned by the government
The possession of another's land for a certain period of time, after which time the one in possession claims title to the land.
The right or title to the use of another's property.
Rights acquired by prescription
The future interest one has in property that is presently in the possession of another. For example, the owner of property that is rented to another has in the property
One who owns property adjoining a water way and who has the right to use the water way. The riparian owner's rights to the water way are referred to as riparian rights.
An action for the recovery of land that was unlawfully taken away
Chattel, or personal property, that is attached to land or a building
Something that is permanently attached to land
A contract for the purchase of real property whereby the purchaser makes a down payment and specified payments thereafter, but the title to the property remains in the seller's name until the payments are made in full.
The pledging of property as security for a loan. In some states, a mortgage is a lien on the property; in others, it is a conditional conveyance of land.
A legal claim on property for the payment of a debt, such as a mortgage. All ____ on a property must be satisfied or released before the owner can transfer title to another party unless that party the ____holder agree to the _____being assumed by the buyer.
A lien. For example, if you mortgage property, the mortgage may be an _____or a lien in some states
to pledge property as security for a loan or mortgage without conveying the title or possession. If property is mortgaged but the title and possession stay with the person obtaining the mortgage, then the property is _____. The creditor can force the sale of the property to satisfy the loan or mortgage.
Some security pledged in addition to the personal obligation of the borrower to insure repayment of a loan. When a person obtains a mortgage on real estate, the real estate is collateral for the mortgage.
The filing of a lien, mortgage, title, or other documents in the public records.
A clause in a contract that requires immediate payment of the baa lance of the contract in the event that certain terms or conditions are not met, such as the failure to make payments when due
Taking away the rights a mortgagor has in property that is mortgaged. Usually occurs when payments are not made or some other condition of the mortgage is not met.
Something that is delivered to a third party to be held by that party until certain conditions are met. Thus, a mortgagee may collect money and hold it in escrow for the payment of future taxes or insurance.
Latin. Taxes based upon the value of the thing being taxed. Also called a value added tax.
The valuation, or appraisal, of property for the purpose of taxation.
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