Property Ownership Flashcards
A federal law passed adding two new protected classes; Handicap and Familial Status
1988 AMENDMENTS TO THE FAIR HOUSING ACT
Written history of property
ABSTRACT
Gradual Build up of soil; person gains title to added land built up on property
ACCRETION
Occurs when a document, such as a deed, is signed by the seller in the presence of a notary public, acknowledging that this is a voluntary act
ACKNOWLEDGE
A situation where a person has actual or personal knowledge of a transaction, etc.
ACTUAL NOTICE
Based on value
AD VALOREM
An addition made to an original contract; e.g., adding the requirement that a roof be repaired. Also, sometimes referred to as an amendment.
ADDENDUM
Court appointed person to oversee estate distribution of deceased; only applies when one dies intestate (without a valid will)
ADMINISTRATOR
Squatters Rights; can gain title by using someone elses property continuously, openly and notoriously (without permission) for a certain period of time
ADVERSE POSSESSION
In a real estate context, this relates to the word transfer; e.g., in a mortgage, an alienation clause allows the lender to call the loan due and payable if a property is sold or transferred, in other words, making the loan non-assumable
ALIENATION
A change made to an original contract; e.g., extending closing date on contract; also referred to as an addendum
AMENDMENT
A right, privilege or improvement that is permanently attached to the land
APPURTENANCE
A type of easement that runs with the land - tied to a particular property - given for the benefit of the particular land, e.g., shared driveway
APPURTENANT EASEMENT
A type of insulation wrapped around pipes that could be cancer causing. The best way to remedy is to encapsulate, i.e., seal the asbestos.
ASBESTOS
A transfer of rights in contract to another party
ASSIGNMENT
Sudden transfer; e.g., stream changing channel. With an avulsion, the boundary lines for a property remain the same as they were before the sudden change.
AVULSION
A type of deed transferring title from a seller to a buyer where the only promise made by the seller is the covenant of seizing (seller promises ownership of the property and the right to sell)
BARGAIN AND SALE DEED
Transfer of personal property through a will
BEQUEST
A contract containing a promise for a promise; e.g., buyer and seller in selling and buying a house
BI-LATERAL
The illegal act of making a profit by inducing owners to sell by telling them that persons of a protected class are moving into their neighborhood
BLOCKBUSTING
Markers in a Metes and Bounds description; e.g., stake, well, etc.
BOUNDS
A commercial site where the possibility of environmental contamination exists
BROWNFIELD
An area separating two incompatible areas
BUFFER ZONE
Comprehensive Environmental Response, Compensation and Liability Act. A federal law which prohibits the dumping of hazardous waste on property.
CERCLA
List of recorded documents
CHAIN OF TITLE
Another word for personal property; comes from the word “cattle”
CHATTEL
Banned all racial discrimination
CIVIL RIGHTS ACT OF 1866
Banned discrimination in residential real estate on the basis of race, color, religion, national origin, sex, handicap, or familial status
CIVIL RIGHTS ACT OF 1968
Any claim that impairs title; e.g. forged signatures or no signatures on deed, heirs of prior owner claiming title, etc.
CLOUD ON THE TITLE
Refers to a squatter`s rights to ownership once time period has been met
COLOR OF TITLE
Mixing escrow money with personal or business funds; illegal
COMMINGLING
Property acquired during marriage; spouses have equal interest in property
COMMUNITY PROPERTY
An essential element of a contract; one must be of legal age and of sound mind
COMPETENT PARTIES
Where two or more own property together at the same time
CONCURRENT ESTATES
The PROCESS used to take the property when the government exercises the right of Eminent Domain.
CONDEMNATION
Property deeded with conditions; e.g., must be used as a school. Also referred to as a defeasible fee
CONDITIONAL FEE
A multi-unit building where the occupants each own their individual units and receive a deed granting ownership of the property
CONDOMINIUM
An item of value; one must have consideration to have a valid deed or contract
CONSIDERATION
Occurs when a document is recorded on the public record at the county courthouse; a person is responsible for knowing facts because of recording on the public record
CONSTRUCTIVE NOTICE
A multi-unit building where the people who occupy the units own stock in a corporation, thereby receiving a right to lease the unit from the cooperative itself
COOPERATIVE
A type of syndication where owners can limit their liability; a corporation who purchases real estate takes title in severalty
CORPORATION
A rejected offer and a new offer made back to the other party
COUNTER-OFFER
A life estate interest a husband receives in property upon wife`s death, regardless of debts owned on the property
CURTESY
Buyer backs out of a contract, is release from the contract but the seller keeps the earnest money is liquidated or pre-arranged damages
DECLARE CONTRACT FORFEITED
Voluntarily giving land to government; typically done by a developer
DEDICATION
Property deeded with conditions; e.g., must be used as a school. Also referred to as a conditional fee
DEFEASIBLE FEE
Title is transferred from seller to buyer when the deed is delivered and accepted
DELIVERY AND ACCEPTANCE
A transfer of rights in real property through a lease
DEMISE
Occurs when one dies intestate; probate judge then determines who receives the property of the deceased, such as children, parents, other family members, etc. In essence, judge determines who property descends or goes to
DESCENT
An essential element of a contract; must have an adequate description of the real estate; generally a legal description
DESCRIPTION
Improves the lots
DEVELOPER
Transfer of real property through a will
DEVISE
Receiver of real property through a will
DEVISEE
Land benefited or in favor of the easement
DOMINANT TENEMENT
A life estate interest a wife receives in property upon husband`s death, regardless of debts owned on the property
DOWER
Going from a more active use to a less active use; e.g., multi-family to single family
DOWNZONING
Good faith money
EARNEST MONEY
Gives someone else the right to use a part of your property while you still retain the ownership rights
EASEMENT
Using someone else`s property continuously, openly and notoriously for a certain period of time - the adverse user then gains an easement to use that land
EASEMENT BY PRESCRIPTION
A type of easement not tied to any land but instead that is owned by a person or company, e.g., utilities, railroads
EASEMENT IN GROSS
Growing crops in the field; allows the seller to come back and harvest after the sale
EMBLEMENTS
The RIGHT of the government to take private property for public good. The property owner is paid compensation for the property.
EMINENT DOMAIN
Trespassing; an improvement or appurtenance that extends across the property line; e.g., fences, tree limbs, etc.
ENCROACHMENT
Something that burdens or limits your title to a property, such as a lien or deed restriction (or) rights held by someone else in your property, such as through an easement
ENCUMBRANCE
Gradual wearing away of soil; owner loses title to land eroded away
EROSION
The right of the government to take private property when an owner dies intestate (no will) and has no heirs; also applies if owner abandons the property
ESCHEAT
The degree, quantity, nature and extent of ownership interest in real property.
ESTATE
A lease with a definite beginning and ending date
ESTATE FOR YEARS
A life estate whereby the property goes to a third party (named by the grantor) when the grantee (life tenant) dies
ESTATE IN REMAINDER
A clause in a deed that lists any encumbrances the buyer is subject to; many times, referred to simply as the reservations clause
EXCEPTIONS AND RESERVATIONS CLAUSE
The phase in a contract where the promises have been completed; e.g. contract closing
EXECUTED
One named in will to carry out will
EXECUTOR
Type of deed used by the executor to transfer property to those named in will
EXECUTOR`S DEED
The phase in a contract where the promises have been made but not completed; e.g. contract pending
EXECUTORY
A title insurance policy that may cover more things than a standard policy, such as unrecorded liens, etc.
EXTENDED POLICY
A person with a child under 18; a protected class under the 1988 Amendments to the Fair Housing Act
FAMILIAL STATUS
The maximum rights one can have in owning real estate; also called fee simple absolute.
FEE SIMPLE
Going from personal to real property; item that was once personal property but is now attached
FIXTURE
What we usually think of as OWNERSHIP. There is no definite ending date and it is for at least a lifetime.
FREEHOLD ESTATES
Linear (straight) feet along the street line; in essence, the width of your property along the street
FRONT FOOTAGE
A promise made by the seller in a general warranty deed assuring the buyer that the seller will provide or sign documents in the future if necessary to help prove buyer`s title
FURTHER ASSURANCE
Tax on land plus improvements; pays for school, police and fire protection, etc.
GENERAL ASSESSMENT
A lien that applies to all of one`s property, real and personal
GENERAL LIEN
The instrument used to transfer title from a seller to a buyer whereby seller gives buyer greatest protection; seller promises the covenant of seizin, quiet enjoyment, against encumbrances, further assurance and warranty forever
GENERAL WARRANTY DEED
