Chapters 11-13 Flashcards
Ownership in Severality
Real property that is owned by only one person. Sole ownership. One person owns all the rights that come with owning that piece of real estate.
Concurrent Ownership
real estate is owned by more than one owner
Tenancy in Common
Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interest need not be equal.
Joint Tenancy
Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.
Condominium
An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. Real property
Cooperative
An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building. Personal property
Common Elements
Refers to the spaces in a building shared by residents of the building. These include lobbies, corridors, stairs, elevators, etc.
Community Property
Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property. “Community Property states”. Such states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
Partition
A division of real or personal property or the proceeds therefrom among co-owners - may be necessary when there is a disagreement among the owners about how to use, maintain or dispose of the real estate
Right of Survivorship
The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.
Tenancy by the Entireties
Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon death of one spouse it becomes the property of the survivor. Property owned by a married couple held as tenancy by the entirety means that both spouses have an equal, and undivided, interest in the real estate.
Beneficiary
The recipient of a gift of personal property by will
Land Trust
A legal agreement where a trustee is appointed to maintain ownership of a piece of real property for the benefit of another party
Living Trust
An agreement where the trustee holds the legal possession of an asset (e.g. real estate) that belongs to another person, the beneficiary, and it is created while the person is alive.
Testamentary Trust
A trust which arises upon the death of the testator, and which is specified in his or her will.
Trust
A legal relationship under which title to property is transferred to a person known as a trustee
Trustee
A person who holds title to property for the benefit of another called a beneficiary. Often the same person (or people) as the grantor.
Trustor
A person who conveys title to a trustee. Also named grantor or settlor.
Partnership
An arrangement in which two or more individuals share the profits and liabilities of a business venture.
Corporation
An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it. A corporation is a creature of having certain powers and duties of a natural person. Being created by law, it may continue for any length of time the law prescribes.
Limited Liability Company (LLC)
A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Real Estate Syndicate
An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.
Time-Share
A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.
Base and Meridian
Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries.
Lot and Blocks
sometimes called recorded plat, or recorded map survey system. A legal description of land used for plotted properties, stating the number, lot, and block in a particular sub-division, used to locate and identify land, usually lots, in subdivisions.
Metes and Bounds
A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (length or measurements) and Bounds (boundaries) description is often used when a great deal of accuracy is required.
Section
Section of land is established by government survey, contains 640 acres and is one mile square.
Survey
The process by which a parcel of land is measured and its area is ascertained; also the blueprint showing the measurements, boundaries and area. Surveying land depends on three basic things: distance, elevation, and angles
Townships
In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.
Bargain and Sale Deed
a bargain and sale deed with a covenant against the grantor’s act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.
Deed
– A written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee). a document that conveys, or transfers, an interest in real property
Grant Deed
A limited warranty deed using the word “grant” or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor
Grantee
person to whom a grant is made - buying property
Grantor
A person who transfers his or her interest in property to another by grant – selling land
Quitclaim Deed
A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest. Least protection for buyers.
Sheriff’s Deed
A deed given by court order in connection with the sale of a property to satisfy a judgment.
Special Warranty Deed
A deed in which the grantor warrants or guarantees the title only against defects arising during the grantor’s ownership of the property and not against defects existing before the time of the grantor’s ownership
Voluntary Alienation
Transfer of title to an asset with the consent of the owner
Warranty Deed
A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons.
Recording
The process of placing a document on file with a designated public official for public notice.
Acknowledgment
A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. Remember that without acknowledgement, the clerk will not record the deed!
Consideration
Anything given or promised by a party to induce another to enter into a contract, e.g., money, personal services, or even love and affection.
Habendum Clause
The “to have and to hold” clause which may be found in a deed.
Legal Description
A land description recognized by law; a description by which property can be located by reference to government surveys or approved recorded maps.
Acceptance
The act of agreeing or consenting to the terms of an offer thereby establishing the “meeting of the minds” that is an essential element of a contract.
Adverse Possession
A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.
Involuntary Alienation
The transfer of title to real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the State when there are no heirs
Devise
gift or disposal of real property by last will or testament
Devisee
one who receives gift of real property by will
Devisor
one who disposes of real property by will
Intestate
A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.
Probate
The official proving of a will. The legal process wherein the estate of a decedent is administered.
Testate
Having made a valid will before one dies.
Testator
one who makes the will
Actual Notice
Express or implied knowledge of a fact.
Constructive Notice
Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.
Chain of Title
A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner.
Abstract of Title
A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.
Opinion of Title
An attorney’s written evaluation of the condition of the title to a parcel of land after examination of the abstract of title
Marketable Title
Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.
Certificate of Title
A written opinion by an attorney that ownership of a particular parcel of land is as stated in the certificate.
Title Insurance
Insurance to protect a real property owner or lender up to a specified amount against certain types of loses, e.g., defective or unmarketable title. The cost of title insurance varies by state and company.
Cloud on Title
A claim, encumbrance or condition which impairs the title to real property until disproved or eliminated as for example through a quitclaim deed or quiet title legal action.
Uniform Commercial Code
Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.
