Chapter 14 Flashcards
Abatement
A court order to reduce the rent to be paid to compensate for a breach of the lease by the landlord
Adverse possession
A right to actual possession, which can be acquired by non contested use of the land
Agreement for sale
An agreement where title will be transferred at some time in the future, typically once the property is fully paid for; an agreement that grants possession of property to the purchaser pending full payment of the price
Agreement of purchase and sale
The first stage in the purchase of real property; also referred to as an interim agreement between the vendor and purchaser
Bailee
The person acquiring possession of person property in a bailment
Bailment
Temporary possession by one person of chattels owned by another
Bailment for value
A bailment involving a mutual benefit or consideration flowing between the parties
Bailor
The owner giving up possession of property in a bailment
Building scheme
A set of restrictions placed on all the properties in a large development
Certificate of title
Conclusive evidence as to the ownership of a property
Choose in action
The thing or benefit that is transferred in an assignment; intangible personal property, such as a claim or the right to sue
Cooperative
An independent legal entity composed of members holding shares in it; a method of acquiring residential accommodation
Deed of conveyance
A document transferring an interest in property
Distress
Seizure by a landlord of any property left by an tenant and holding it until the rent is paid or selling it to pay rent owing
Dominant tenement
Property that has the advantage of an easement
Dower rights
Protection of the rights of a spouse in certain matrimonial property; have been modified or abolished in most jurisdictions
Easement
The right of a person other than the owner to use a portion of private property
Easement acquired by prescription
A right to the use of land that is acquired through free use of that land without interference over a number of years
Equity of redemption
An interest in land retained by the mortgagor even after default
Estate in land
The right to uninterrupted possession of land for a period of time. The amount of time is determined by the nature of the estate
Fee simple
The highest interest in land, equivalent to ownership; an estate granting possession for an infinite time
Foreclosure
A court process ending the mortgagors right to redeem
Forfeiture
The requirement by a landlord that a tenant who breached the lease vacate the property
Fungibles
Goods being of such a nature that one part or quantity may be replaced by another part or quantity of a similar quality
Homestead rights
Rights giving a spouse a claim to a substantial portion of family property
Interim agreement
A binding contract that will subsequently be put into a more formal document; usually referred to as an agreement of purchase and sale
Joint tenancy
Shared property ownership with a right of survivorship
Land titles system
A registration system that guarantees title to real property
Leasehold estate
An interest in land that grants the tenant exclusive possession until a specific date
Licence
A non-exclusive right to use property; revocable permission to use another’s land
Life estate
An interest in land ending at death of the estate holder
Option agreement
A subsidiary contact creating an obligation to hold an offer open for acceptance until the expiration of a specified time
Order for judicial sale
A court order that property be sold during the redemption period
Periodic tenancy
Automatically renewing tenancy with no specific termination date
Registration system
A means of registering and tracking property deeds
Relief against forfeiture
An equitable principle that when a landlord retakes a property because of a failure to pay rent prior to the end of the lease term, the tenant can pay the arrears, and apply in the court to have the lease reinstated
Remainderman
A third party with the right to the remainder of the fee simple after the death of a life tenant
Reversionary interest
The right of the original owner to retake possession of property upon the death of the life tenant
Right of way
A type of easement that allows the crossing of another’s land
Riparian rights
The common law right given to people living near rivers and streams to have the water come to them in undiminished quantity and quality
Servient tenement
The property subject to an easement
Severance
An owners removal of chattel that they have affixed; separation or division of joint ownership; action by one of the co-owners that is inconsistent with joint tenancy
Statutory easements
Easements giving utilities or other bodies rights to run power or sewer lines across private property and to enter the property to inspect and maintain them
Sublet
A lease executed by the lessee of land or premises to a third party for a shorter term than that which the lessee holds
Tenancy at sufferance
A situation in which a tenant fails to leave after a lease has expired and owes compensation to the landlord
Tenancy in common
Ownership of land by two or not people with equal, undivided interests in it
Vacant possession
An obligation to deliver possession of vacant premises to a tenant at the beginning of a lease period
