40 terms

Real Estate Paralegal-NC

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Administrator's deed
Deed used by court appointed administrator to convey title of the deceased person's property
Bundle of Rights
(1) Possession (2) Enjoyment (3) Control (4)Disposition (5) Exclusion
Condition precedent
Requires that a specific condition be met to keep the estate. Automatic when condition ends
Condition subsequent
Maintains the estate ownership unless an event or situation occurs. Not automatic
Control
Right to determine how the property is to be used
Curtesy
Life estate in the land granted to a husband. Created by state law
Disposition
Right to give, sell or transfer the property
Dominant estate
Land benefiting from an easement
Dower
Life estate in the land granted to a wife. Created by state law
Easement
Interest in land owned by another person, consisting of the right to use or control the land, above or below, for a specific limited purpose
Easement appurtenant
Easement created to benefit another tract of land
Easement by estoppel
Court-ordered easement
Easement by necessity
Easement is indispensible to the reasonable use of nearby property, i.e. parcel of land connected to road
Encroachment
Improvements that extend over the property owner's legal boundaries
Encumbrance
A claim or liability attached to the property. Remains after the property is transferred
Enjoyment
Right to possess the property without interference
Exclusion
Right to restrict others from accessing or using the property
Estate of sufferance
Tenant continues to possess and occupy even after tenancy has ended
Fee simple absolute
Estate owner has no limits on his/her ownership rights
Fee simple defeasible
Estate owner has restricted ownership rights, either condition precedent or condition subsequent
Fixtures
Personal property that has been attached to real estate, making them real property
Five covenants of a General Warranty Deed
(1) Covenant against encumbrances (2) Covenant of further assurance (3) Covenant of quiet enjoyment (4) Covenant of seisin (5) Covenant of warranty forever
Grant deed
Makes no promises of previous owners. Only warrants the current owner
Granting clause
The words of conveyance
Grantor capacity
Legal age and legal competence
Habendum clause
Defines the extent of the interest being granted and any conditions that alter the grant
Homestead
Life estate protecting homeowners from creditors by reserving a portion of the home's value against creditor demands and judgments for debt. Life estate in the land granted to a husband. Created by state law
Land
The ground surface and the natural elements below and above it
Leasehold estate
Created by a lease agreement
Lessee
Tenant
Lessor
Landlord or property owner
Possession
Right to occupy the property
Quitclaim deed
Conveys any interests the grantor may have only
Real Estate
Land and any improvements
Real Property
Real estate and the different rights involved with it
Seisen
Ownership of land
Servient Estate
Land burdened by an easement
Special warranty deed
Limited warranty deed
Valid deed requirements
(1) written (2) identify parties (3) grantor capacity (4) consideration (5) granting clause (6) habendum clause (7) legal description (8) grantor's signature (9) delivery
Waste
Injury or damage to the property