Ch3: Interests in Real Estate Flashcards
Novation
Obligation in contract replaced with another - contract
Appurtenance
Attachment to property - A/C or furnace
Escheat
Governments right to property if unclaimed - if will isn’t executed
Lis Pendens
Latin for litigation pending
Trade fixtures
A commercial tenants removable fixtures - if not removed before end of lease ownership is moved to leasee not leasor
Meridians
Parallel vertical lines running N & S 6 miles apart used in government survey legal description
Township
36 sections with each section having 640 acres
Specific lien
A special assessment
Servient Tenement
Easement is placed on this tenement
Dominant Tenement
Tenement easement user
Prescriptive easement
An easement created by open, notorious, hostile, & continuous usage
License
Revocable permission to use another’s land
Remainderman
The person to whom a life estate goes to upon death of life tenant
Tenancy in common
No right of survivorship where the heirs inherit the deceased persons percentage of ownership
Joint tenancy
Ownership with right of survivorship
Valuable consideration
New contractual substitution of obligations from one party to another
Legal requirements of Joint Tenancy
- ownership interest must be equal
- a co-owner cannot will his interest in a property
- the last survivor owns the property in severalty
Adverse Possession
Squatters Rights
Being there for period of time therefore establishing rights
Metes and bounds
Land description that begins at a specific point and proceeds around the boundaries of a parcel by reference to linear measurements and directions
Defeasible Fee Estate
Conditions for property ownership- if conditions not met ownership reverts back to previous owner
Chattels
Personal property
