Chapter 09 - Titles, Deeds, and Ownership Restrictions Flashcards
Abstract of title
A summary report of what a title search found in the public record.
Acknowledgment
The formal declaration before a notary public by the grantor that his or her signing is a free act.
Actual notice
Direct knowledge acquired in the course of a transaction, such as having actually seen the deed instrument or heard that there is a lien on the property.
Adverse possession
When the true owner of record fails to maintain possession and the property is seized by another.
Alienation
The act of transferring ownership, title, or an interest or estate in real property.
Assignment
Assignment of a lease occurs when a lessee (tenant) assigns to another person all of the leased property for the remainder of the lease.
Chain of title
The complete successive record of a property’s ownership.
Condemnation
A judicial proceeding to exercise the power of eminent domain.
Construction lien
A statutory right of material suppliers or laborers to place a lien on property that has been improved by their supplies and/or labor.
Constructive notice
The recording of a document or an instrument in the public records designed to give adequate notice to all.
Deed
A written instrument used to convey title to real property through sale or gift that must be in writing, signed by a competent grantor and two witnesses, and voluntarily accepted by the grantee.
Easement
The right to enter and use an owner’s land for a specific use.
Easement appurtenant
An easement that benefits an adjacent parcel of land.
Easement by necessity
An easement created by a court of law in cases where justice and necessity dictate it, such as when property is landlocked.
Easement by prescription
Created through a court of law after longtime, uninterrupted use.
Easement in gross
A type of easement that benefits an individual or business entity and is not related to a specific adjacent parcel (e.g., utility easements).
Eminent domain
Gives government the power to take land for a public use from an owner through a legal process known as condemnation.
Encroachment
Unauthorized use of another person’s property created when an improvement crosses over a boundary line.
Equitable title
The beneficial interest in real estate that implies that an individual will receive legal title at a future date.
Escheat
Provides for the State of Florida to take the property of an owner who dies intestate and without any known heirs.
Further assurance
A promise in a general warranty deed that guarantees the grantor will sign and deliver any legal instrument that might be required.
General lien
A claim that is not restricted to one property and may affect all of the properties of a debtor.
General warranty deed
The most common type of deed for conveying real estate. It contains all the covenants and warranties available to give the most complete protection.
Grantee
The person receiving title to property in a deed.
Granting clause
A clause in a deed that contains the premises or the words of conveyance.
Grantor
The person giving title to property in a deed.
Gross lease
An agreement for the tenant to pay a fixed (base) rent with the landlord paying all of the expenses associated with the property.
Ground lease
An agreement for the tenant to lease the land only and erect a building on the land.
Habendum clause
A clause in a deed that describes the type of estate being conveyed and starts with the words “to have and to hold.”
Intestate
To die without leaving a will.
Lender’s policy
Title insurance issued for the amount of mortgage debt to protect the lender (mortgagee) against title defects.
Lien
A written document that states that a person is owed money and establishes that the party may foreclose on the property if the debt is not satisfied; the right to have property sold to satisfy the debt.
Lis pendens
Notice of pending legal action; it is filed before initiating a lawsuit.
Net lease
An agreement for the tenant to pay fixed rent plus property costs such as taxes, insurance, and utilities.
Opinion of title
A formal statement executed by an attorney after studying the abstract of title.
Owner’s policy
Title insurance issued for the total purchase price of the property to protect the new owner against unexpected title risks.
Percentage lease
An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property.
Police power
The broadest power of government to limit or regulate the rights of property owners in order to protect the health, safety, and welfare of the public.
Quiet enjoyment
A promise in a general warranty deed that guarantees peaceful possession undisturbed by claim of title.
Quitclaim deed
A type of deed that releases the grantor of any rights in the property he or she may have and is used to clear clouds on the title and to cure title defects.
Seisin (seizin)
The clause in a deed that is a promise that the grantor has the right to convey title (a statement of ownership).
Specific liens
Liens that apply only to a certain specified property.
Sublease
A lease given by the lessee for a portion of the leasehold interest, while the lessee retains some reversionary interest. The sublease may be for all or part of the premises, for the whole term or part of it, as long as the lessor retains some interest in the property.
Testate
To die with a will.
Title insurance
A contract that protects the policyholder from losses resulting from defects in the title.
Title search
An examination of all of the public records to determine whether any defects exist in the chain of title.
Variable lease
An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates.
Warranty forever
A promise in a general warranty deed guaranteeing that the grantor will forever warrant and defend the grantee’s title against all unlawful claims.
Will
Legal instrument used to convey title to real and personal property after a person’s death.
