book vocab Flashcards
actual notice
relates to a person directly receiving information about a property
affirmation
To confirm, ratify, verify, and accept a transaction that can be canceled
affidavit
a written statement confirmed by oath or affirmation, for use as evidence in court
constructive notice
notice that is given to the public via recorded documents about interests and rights in real estate
encroachment
property owner violating their neighbor’s rights by building or extending some feature onto the other property
life estate
vests the beneficial use of property in a person for their lifetime
notary public
an individual who walks borrowers through all documents at their home loan closing
quitclaim deed
a document in which a grantor disclaims all interest in a parcel of real property and then conveys that interest to a grantee
remainder
a future interest in real estate that is transferred to the transferee or remainderman under property law
reversion
a future interest in property left in the control of a grantor or the grantor’s successor
severalty
a property that only has one owner
abstract of judgement
a judgment lien against real property that the debtor currently owns, or may try to purchase in the future
blanket encumbrance
trust deed or a lien or encumbrance securing or evidencing the payment of money and affecting land to be subdivided or affecting more than one lot or parcel of subdivided land
covenant
an agreement between two or more parties regarding certain use of a piece of real property
Declaration of abandonment
if after 14 consecutive days of non-payment of rent landlords believe their tenants may have abandoned the property the landlords must send the tenants a notice of belief of abandonment.
easement appurtenant
a specific type of easement where two properties are linked together as servient tenement and dominant tenement estates.
easement in gross
a personal right that allows a person or entity, who does not possess a property, to use it.
encroachment
situations in real estate when part of the property extends beyond its borders and onto another property
encumbrance
a limit on how an owner can use real estate (it is like a rule)
general lien
is one which the holder thereof is entitled to enforce as a security for the performance of all the obligations
lis pendens
a formal notice that there is a pending action, or lawsuit, that could affect the title of the property
plaintiff
An individual’s bringing a legal action against a defendant
preliminary notice
a notification to the owner or general contractor of a construction project to notify them that a contractor, sub-contractor, materials provider, or other party is reserving their right to file a mechanic’s lien in the event of non-payment.
specific lien
enforceable for a specific obligation existing against the owner of the property and depends on the possession of a property by the taxpayer
