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Terms in this set (40)
Tangible and intangible items that are not real property.
Land, including soil and water, buildings, trees, crops, improvements, and the rights to the air above, and minerals below, the land.
An addition to real estate that ordinarily enhances its value.
Personal property, movable or immovable, which is not considered real property.
An article which was once a chattel but that has become a part of the real property because the article is permanently attached to the soil or to something attached to the soil.
Personal property that has physical substance and can be held or touched. Examples include furniture, equipment, or inventories of goods.
Personal property that cannot be held or touched. Examples include patent rights, copyrights, and concept rights.
The sum total of all legally recognized rights to the possession and ownership of property.
A written document for the transfer of land or other real property from one person to another.
A deed that provides that the person granting the deed agrees to defend the title from claims of others. In general, the seller is representing that he or she fully owns the property and will stand behind this promise
This type of deed transfers the owner's interest to a buyer, but does not guarantee that there are no other claims against the property, or that the property is indeed legally owned by the seller.
A review of land records to determine the ownership and description of a piece of real property.
Bill of Sale
A document under which personal property is transferred from a seller to a buyer.
A promise about a product made by either a manufacturer or a seller that is part of the sales contract.
An unwritten expectation that a product purchased is free of defects.
A claim against property that gives the creditor (lienholder) the right to repossess and/or sell that property if the debtor does not repay his or her debt in a timely manner.
Property that is pledged to secure the repayment of a debt.
Perfect a Lien
To make a public record of a lien; or to take possession of the collateral.
The pledging of real property by a debtor to a creditor to secure payment of a debt.
Deed of Trust
Used in some states instead of a mortgage, places legal title to real property in the hands of a trustee until the debtor has completed paying for the property.
A legal ownership right to property
A contract between a lender and borrower that states the lender can repossess the personal property a person has offered as collateral if the loan is not paid as agreed.
A formal notice of a lien being held on personal property, required under the Uniform Commercial Code in most cases.
A contract that establishes the rights and obligations of each party with respect to property owned by one entity but occupied or used by another
The entity that owns the property covered in a lease.
The entity that occupies or uses the property covered in a lease.
The lessee in a real property lease
The lessor in a real property lease.
To rent property one possesses by a lease, to another.
The procedure that a lessor uses to remove a lessee from physical possession of leased real property, usually for violation of a significant lease provision, such as nonpayment of rent.
The purchase or upgrade of real or personal property that results in an increased depreciable asset base.
The decrease in value of a piece of property due to age and/or wear and tear.
A lease that applies to business property.
Personal property that has been created through the intellectual efforts of its original owner
A word, name, symbol, or combination of these that indicates the source or producer of an item
A grant issued by a governmental entity ensuring an inventor the right to exclusive production and sale of his or her invention for a fixed period of time
The legal and exclusive right to copy or reproduce intellectual property.
A person or entity that legally holds a right to intellectual property under the copyright laws
A distinct visual image created for and identified with a specific product.
Property that is owned by all citizens, not an individual.
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