Estates & Interests, Liens & Easements, Deeds & Restrictions Flashcards
abstract of title
a report based on what was found in a title search
title search
an investigation of the legal records concerning the title to a property
acknowledgement
in a deed, an indication that shows proof of witnessing the signature of the grantor
adverse possession
the claim of ownership of one person’s property by another based on how the encroaching person is using it and the length of time involved.
appurtenant easement
an easement that benefits a neighboring property
attorney’s opinion of title
a report prepared by an attorney after examining the abstract of title
bargain and sale deed
a deed that provides no warranties unless specifically inserted, in which case it is referred to as a bargain and sale deed with covenant against grantor’s acts. Title by the grantor is implied.
beneficiary
in a trust arrangement, the person on behalf of whom a property is administered by a trustee. In a mortgage loan situation, the lender who will receive the deed from the trustee in the event of a default.
bundle of rights
the theory of ownership of land that incorporates the idea that various rights in the land can be separated, such as separating ownership and possession, by leasing the property
certificate of title
an opinion about the validity of the title without a guarantee of title
Internet: Generally, a certificate of title is a state-issued document that proves ownership of property. Certificates of title can be used for both real property (land) and personal property (possessions). The certificate will generally contain the property owner’s name and address, as well as some identifying features of the piece of property, such as a vehicle’s license plate number or the address or location of a piece of land.
However, sometimes the property is encumbered, meaning that someone else may have potential rights to the property (for instance, if another party holds a mortgage on the property or lien on a vehicle). If this is the case, the certificate of title will list such encumbrances as well.
co-ownership
a situation where more than one person owns the same piece of real estate
codicil
an addition or change to an existing will made by the person for whom the will is written
Internet: New York Estates Powers & Trusts Law defines a codicil as a supplement to a will, either adding to, taking from or altering its provisions or confirming it in whole or in part by republication, but not totally revoking such will (EPTL § 1-2.1).
consideration clause
the mandatory words in a deed that indicate that something of value is being received in exchange for the title to the property
curtesy
a legal life estate in which the husband is entitled to a portion of real property that is owned by his wife after her death, even if she leaves it to someone else in her will
dedication
the voluntary transfer of ownership of property from an individual to the government without payment
deed
the document that transfers title (ownership) to property from one person to another
deed in lieu of foreclosure
a deed signed by the owner giving the property to the lender to avoid foreclosure
deed restriction
a limitation on the use of property that appears in the deed, put there by one owner, and which will affect all future owners unless there is an expiration time limit
devise
the gift of real property as stated in a will
devisee
the person named in a will who will receive the title to the real property
dominant tenement
as it applies to an easement, the person or property that receives the benefit of the easement
easement
the right of a person or entity to use someone else’s property for their own benefit
easement by necessity
a court-ordered easement usually associated with gaining access to a property
easement by prescription
an easement that is created by the actions of one person against the interests of another person; when someone acquires usage rights by using your property without your permission for many years.
easement in gross
a type of easement that benefits another person rather than a property — for example, a utility company easement
An easement in gross is a type of easement that gives a person the right to use a parcel of land owned by someone else. … Think of it this way: easements in gross attach to a person, easements appurtenant attach to the land
encroachment
the unauthorized or illegal use of someone’s property by another person
encumbrance
a right or interest in a piece of real estate that belongs to someone other than the property owner. This may be either a financial claim or a limitation on use.
equitable title
a title that gives the holder the right to the transfer of title when all the conditions of a contract are met
