Writ of Execution
A court order directing the sheriff to seize and sell enough of a debtor's property to satisfy a judgment and to pay expenses for the sale. Also referred to as a levying upon the debtor's property.
A NonPossessory Estate created when a Fee Simple owner grants a lesser Estate and designates another person to take possession of the Fee Simple estate upon termination of the Lesser Estate.
Involuntary Lien (Statutory Lien)
A lien permitted by law and recorded without the landowner's consent. This may affect only one particular property, such as a mechanic's lien, or it may affect all the debtor's property such as a judgment lien.
Court ordered requiring a person to whom it is directed to do or refrain from doing a particular thing. A legal recourse that may be taken against one who violates a restrictive Covenant in a Lease or Deed.
Monthly payments of taxes and insurance collected by the lender to assure payment of these items when they become due.
Undue delay or failure to exercise one's legal right, resulting in the loss of the ability to to exercise the right.
A court's official decision regarding the rights and claims of the parties in a lawsuit. A ......... in a suit for damages is the amount of indebteness set by the court.
Legal Life Estates
A Life Estate created by state law, the holder of which has a nonpossessory interest in real property. Those Estates include dower, curtesy and homestead protection.
An owner's permission for another to use the land for a specific purpose. The permission does not grant a right in the land but a personal privilege, which is neither transferable nor inheritable and may be terminated by either party.
Life Estates (Conventional Life Estate)
A Freehold Estate (i.e. ownership interest in real property). The indefinite duration of the estate is measured by the life of some person.
Legal notice that a lawsuit is pending, and the outcome could affect the Title to certain Real Estate.
Also know as material man's lien, a Lien created by statue against real property. It exists for the purpose of securing payment to those persons who have performed work and/or furnished materials for the improvement, maintenace or repair of Real Property against which the Lien is recorded.
A monetary claim against a specific property pledged by its owner as security for the repayment of a lowan or other debt.
An Estate in which the right of possession comes into being, upon the termination of a lesser estate, such as a Life Estate. The right of future possession is vested in the grantor of the Lesser Estate or the grantor of the Lesser Estate or the grantor's heir if the grantor is deceased.
A limitation placed on the use of Real Property, either by the goverment or by other persons who have an interest in the property. They are either in the form of covenants or conditions.
One who holds a right of future possession. The person named by the grantor to receive the Fee Simple estate upon termination of a Lesser Estate.
An Estate in which the right of possession comes into being upon the termination of a Lesser Estate, such as a Life Estate. The right of future possession is vested in someone other than the grantor of the lesser estate.
The act of relinguishing(verzichten, aufgeben) a right or claim to real estate.This is often accomplished by use of a quit-claim deed.
A method of acquiring an easement through continous, open, visible and notorious use of another person's property. The use must be without the owner's permission and for a period of time as prescribed by law.
Possibility of Reverter
A possibility that Title to Land will revert back to the grantor if the grantee breaches a condition placed on the Title by the grantor.
An Estate whose owner has the right of present possession or control. Those Estates are either Freehold or Leasehold.
The goverment's right to enact and enforce legislation which regulates the use of Real Estate to provide for the public safety, health, morals and general welfare of the community.
A fence or wall of a building that straddles the boundary line of two adjoining lots and exists for the use of both owners.
Notice of Completion
A legal notice required in some states in order to perfect a mechanic's lien. The notice lets the property owner know that certain contracted work has been completed and/or materials ordered have been supplied.
An Estate in Real Property, the possession of which is postponed until a preceding Possessory Estate is terminated.
A deed provision which causes a Fee Simple defensible estate to automatically terminate and revert to the grantor or a remainderman upon the occurrence of a stated condition.
Run with the Land
The automatic transfer of certain Rights or Encumbrances in Real Property when title is conveyed.
Right of Entry
The Right to resume Fee Simple ownership through court action, or to terminate a Fee Simple estate on a condition subsequent, upon the occurrence of a stated condition.
Evidence from a creditor that a judgment, mortgage, or other Lien has been paid in full. This should be recorded to remove the cloud on the Title created by the Lien.
A tax levied against Real Estate to pay for improvements which benefit only the property taxed. Assessments are generally made for such improments as street lights, sewers, sidewalks or curbs.
A Right which protects a portion of a family's primary residence in the event a creditor forces a sale to satisfy an outstanding debt. The amount of protection is determinable state law.
A Tenant who remains in possession of Leased premises after their Right of possession has ended. Possession may be WITH or WITHOUT the landlord's consent.
An ownership interst in land, the duration of which is uncertain. The Estate may last forever (i.e. be inheritable), or its duration may be measured by one person's Life.
Fee Simple Estate
An ownership interest in land which is freely inheritable. The Estate may be absolute, determinable or conditional.
Fee Simple Determinable
A Fee Simple Estate that automatically ends and goes back to the person who granted the Estate, to their heirs or to a Remainderman if named, upon the occurrance or nonoccurrence of a Stated Condition.
Fee Simple Absolute
An inheritable Estate of indefinite duration, without Restrictions or Conditions to satisfy in order to retain Ownership. It is the MOST COMPLETE ownership of Rights in land that one can hold. It is said to be potentially perpetual.
Estate from Period-to-Period
A tenant's interest in Real Property for a certain period of time. Without proper notice the period is AUTOMATICALLY renewed.
The quality, quantity, nature and extent of ownership interest or Rights a person hold in real propery. They are either Possessory of Nonpossessory.
Estate for Years
A tenant's interest in real property (Leasehold Estate) for a fixed period of time.
Estate at Sufferance
An interst in Real Property held by a tenant who HOLDS OVER WITHOUT the consent of the landlord after the tenant's right of possession has terminated.
A goverment Right for land to go back to the state when the owner dies without leaving a will and without heirs.
Anything which affects the Fee Simple title or the use of land such as liens, easements, restrictions and encroachments.
The illegal intrusion of an improvement, building or other attachment onto a neighboring land or into its airspace.
The goverment's right to take private property for puplic use with or without the consenting of the owner upon payment of a just compensation to the owner. The right may be with or delegated to quasi-public corporations, such as utility companies. The court suit for taking the property is called condemnation.
A legal right to use the land of another for a specific purpose and in a specitic manner. Tge RIGHT ONLY constitues an INTEREST in the land. It DOES NOT give the easement owner an Estate.
Easements in Gross
A legal right to use the land of another. It involvs only one parcel of land and does not benefit any particular property. There are two types: commercial and personal.
An Easement which grants a right of use to one parcel of land in and on another parcel. The land over which the easement runs is the servient estate. The land benefiting from the easement is the dominant estate.
A wife's life estate in the real property owned hy her husband and conveyed to her by law UPON his death.
The land parcel which benefits from an Easement Appurtenant. When title to the land is conveyed, the easement is automatically transferred to the new owner.
A restriction in a Lease or Deed which specifies that the property will or will not be used in a certain manner. An example of a one is a subdivision restriction. This must be enforced by seeking an injunction or damages. They have a time limit after which they are no longer effective.
A NonPossessory estate created when a fee simple owner grants a Lesser Estate and designates another person to take possession of the Fee Simple Estate upon termination of the Lesser Estate and the occurrence of a stated condition.
A provision in a deed which subjects the ownership of land to certain restrictions. The party creating the condition (the grantor) reserves a future right in the property. Upon the occurrence or nonoccurrence of a stated condition, either the title automatically reverts to the grantor, or the grantor has the Right to sue for possession and terminate the Estate.
Commercial Easements in Gross
A right to use the land of another. It does not benefit any particular property. The right is transferable and freely inheritable. Typical examples include utility esements, reail road right-of-ways and billboard easements.
Bundle of Rights
ALL of the Rights a person can have in real property. Included in the bundle are the rights of Possession, Control, Enjoyment and Dispostion.
An Encrumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suit for damages is being decided. By ...... the property the person seeking damages is assured that the property will be available to satisfy a judgment it it is awarded by the court.
A system of land ownership which recognizes the right of individuals to own land independently of political superiors. But allow the goverment to retain the rights of eminent domain, police power, taxation and escheat.
The Freehold Estates are
1. Fee Simple
c. Condition Subsequent
2. Conventioanl Life Estate
a. Ordinary Life Estate
b. Life Estate Pur Autre Vie
The Leasehold Estates are
1. Estates for Years
2. Estate from Period-Period
3. Estate at Will
4. Estate at Suffferance
The Property Rights or Other Person's Private Encumbrances
a. Specific Liens
b. General Liens
Specific Liens are
1. Attachment Liens
2. Mechanic's Liens
3. Mortgage Liens
4. Property Tax Liens
5. Vendee's Liens
5. Vendor's Liens
General Liens are
1. Deceden'ts Debts
2. Estate and Inheritance Tax
3. Federal & State Income Taxes
Affecting Use of Property Fights of Other Person's Private Encumbrances are
3. Private Restrictions
The Rights and Interest in Real Estate are
1. Private Ownership
the Private Ownership Rights include:
a. Bundle of Rights
b. Estates in Land
Other Person's Rights and Influence on Private Ownership are