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
