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Ohio Real Estate Law
Terms in this set (43)
When someone acquires title to real property by openly occupying it without the owner's permission for more than 21 years.
In Ohio (and other states), the interest held by a married person in the real property his or her spouse owns in fee simple during their marriage. (At common law, dower referred only to the wife's interest in her husband's property, while the husband's interest in his wife's property was called courtesy. Now, dower refers to either spouse's interest in the other's property.
A right to use part of another person's real property for a particular purpose. This is irrevocable and creates an interest in the property.
A nonpossessory interest in property such as easement, lien or restrictive covenant, which burdens the proeprty owner's title
1. A possessory interest in real property; either a freehold estate or leasehold estate. 2. The real and personal property left by someone who has died
An inheritable, transferable, perpetual ownership interest.
When a lienholder causes property to be sold so unpaid debt secured by the lien can be satisfied from the sale proceeds.
An ownership estate in real property either a fee simple or life estate. The holder of a freehold estate has title.
An interest that gives the holder, the tenant, a temporary right to exclusive possession of the estate, without title.
A nonpossessory interest in a property, giving a lienholder the right to foreclose if the owner does not pay a debt owed the lienholder; a financial encumbrance on the owner's title.
A freehold estate (ownership interest) that lasts only as long as a specified person (the measuring life) lives.
An interest in property that includes the right to possess and occupy the property, either now or in the future
Liens placed against property with consent of the owner. The most common are mortgages and derivatives, such as home equity credit lines.
Written instruments, signed by the owner (the mortgagor) and given to the lender (the mortgagee), that use real property to secure payment of a debt. Without the existence of debt, there can be no ___.
The debt is created by a separate instrument, ___. A written, legally binding promise to repay debt. This create the debt and the mortgage secures its payment.
The failure to fulfill an obligation, duty or promise, as when a borrower fails to make payments.
non-payment of principal and interest by the due date,
The most common reason for default is
A creditor with a lien on specific property, in this case holding the mortgage as security. This is an obvious advantage since the lender can obtain a judgement against the debtor and institute foreclosure if default occurs.
Granted by the courts and can allow the creditor to go after other property owned by the debtor. It is enforceable and collectable in the same manner as any other judgement at law.
A mortgage stated that if a mortgage was paid as agreed and the mortgage conditions met, transfer of title to the lender was voided and title returned to the debtor.
give owner-occupied residences some protection from lien foreclosure by exempting some of a homeowner's equity in real estate
Intended to prevent transfer of property, pending the outcome of litigation.
What is an involuntary, specific lien?
Attaches to specific property and it is an involuntary lien.
A general lien, meaning it attaches to real and personal property Involuntary, general lien that attach to a person's property as a result of court action.
When a party signing a document formally declares to an authorized official (usually a notary public) that he signed voluntarily. The official certifies that the signature is voluntary and genuine.
Having actual knowledge of a fact, as opposed to knowledge imputed or inferred by law
Anything of value (money, services, goods, promises) given to induce another person to enter into a contract.
Knowledge of a fact imputed to a person by law. A person is held to have constructive notice of a fact because it was a matter of public record, even if the person was not actually aware of it.
An instrument that conveys the grantor's interest if any in the real property. It is the document used by the owner of real property to transfer all or part of his interest in the property to another. Evidence of title.
Grantor's intent to transfer title immediately and unconditionally.
Having notice of a problem because circumstances should have altered a person to a problem that needed to be investigated further even if actual knowledge of a particular fact does not exist.
Ownership in Severalty
Ownership by a single individual, as opposed to co-ownership.
The actual lawful ownership of real property. This is not a document, but rather a concept or theory dealing with ownership. Refers to holding the bundle of rights conveyed.
A co-tentant's interest, giving him the right to possession of the whole property rather than a fraction of it.
Requirements for a Valid Deed
1) Competent Grantor's Signature
2) Last recorded instrument number
3) Identifiable Grantee to whom title will pas
4) Words of Conveyance stating the grantors intent to convey land
5) Description of the property being conveyed
6) Consideration recited to prove that a sale of land took place
7) Acknowledgement of the grantor before a notary public
8) Delivery and Acceptance of the deed during the grantors life
Description of the property being conveyed should be thorough and complete and based on the following:
-Rectangular Survey Method
-Metes and Bounds Method
-Lot and Block Method
Rectangular Survey Method
A method of land description that uses base and meridian lines, townships and sections. It is also referred to as the Government Survey Method.
Metes and Bounds Method
A legal description that starts at an easily identifiable point of beginning, then describes the property's boundaries in terms of compass directions and distances, ultimately returning to the point of beginning (POB).
Lot and Block Method
Legal description used for platted property. The description states only the property's lot number and block number in a particular subdivision. To find the exact location of the property's boundaries, the plot map for that subdivision must be consulted.
Anything of value given to induce another person to enter into a contract. Recideted on the deed is necessary to prove that a sale of land took place and that the transfer was not a gift, since a gift may be attacked by creditors as fraudulent transfer of assets.
The grantor actually places the document in the grantees possession or gives it to a third party with instructions to turn it over to the grantee.
By a grantee-the law presumes the deed has been accepted as long as the grant is beneficial to the grantee.
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