Legal Terms: Chapter Six - Property and Family Law

Question 1

Affinity

Answer 1

The relationship that a person has to the blood relatives of his or her spouse.

Question 2

Agreement for Sale

Answer 2

Agreement by which a person selling his property agrees to finance the purchase himself, keeping the title to the property while allowing the purchaser to take possession of it, and then transferring the title to the purchaser once the balance of the purchase price is paid.

Question 3

Annulment

Answer 3

The legal cancellation or invalidation of a marriage.

Question 4

Banns of Marriage

Answer 4

The public announcement in church of an impending marriage.

Question 5

Beneficial Owner

Answer 5

Also called an equitable owner, the person on whose behalf and for whose benefit the trustee holds and manages the property.

Question 6

Charges and Encumbrances

Answer 6

Any claim on a parcel of real property - for example, mortgages, property taxes or water rights.

Question 7

Chattels

Answer 7

Tangible, movable objects such as furniture, equipment and cars.

Question 8

Chose in Action

Answer 8

The right to sue someone for an unpaid debt or liability; an intangible personal property right.

Question 9

Consanguinity

Answer 9

A blood relationship between relatives

Question 10

Conveyancing

Answer 10

The part of the real estate transaction that begins after the contract is entered into and that involves the actual transfer of title, or conveyance.

Question 11

Deeds

Answer 11

Formal documents showing ownership of property

Question 12

Defeasible

Answer 12

Term used for life estates that can be terminated by the fee simple owner if certain condition are not met or certain defined events occur.

Question 13

Essential Validity

Answer 13

Concerns a person’s capacity to marry and the substantive requirements of a valid marriage.

Question 14

Fee Simple Ownership

Answer 14

The most absolute form of private ownership, entitle the owner to possess the property, to build on it, and to transfer it to others during her lifetime or in a will at her death.

Question 15

Fixtures

Answer 15

Things that are attached to the land

Question 16

Foreclosure Proceedings

Answer 16

Proceedings that the mortgagee (the lender) brings against the defaulting mortgagor (borrower) in order to foreclose the mortgagor’s right to redeem her property.

Question 17

Formal Validity

Answer 17

Concerns the formalities or ceremonial requirements of a marriage

Question 18

Freehold Interests

Answer 18

Form of property ownership that does not imply an obligation to pay rent.

Question 19

Indefeasible

Answer 19

Not able to be annulled, made void, or overturned.

Question 20

Intellectual Property

Answer 20

Property derived from the intellect, or mind - works of art, inventions and designs.

Question 21

Interest

Answer 21

Any right, claim or privilege that an individual has with respect to real or personal property.

Question 22

Joint Tenancy

Answer 22

A form of co-ownership that features the right of survivorship as well s the “four unities” of possession (each co-owner has an equal right to possess the entire property), interest (each co-owner has an identical interest in the property), time (the co-owners receive their interests at the same time), and the title (the co-owners receive their interests under the same instrument, such as a will).

Question 23

Leasehold Interests

Answer 23

Form of property ownership that implies an obligation to pay rent.

Question 24

Life Estate

Answer 24

Type of ownership whereby the fee simple owner grants a person (the life tenant) exclusive possession of property for that person’s lifetime, with the condition that the estate reverts to the fee simple owner at the life tenant’s death.

Question 25

Mortgage

Answer 25

A kind of charge against land that secures a debt owed by the landowner.

Question 26

Personal Property

Answer 26

Tangible, movable objects as well as intangible interests such as shares in a company.