real estate 2 Flashcards
Assignment
When one party passes responsibility on to another.
Surrender
Giving up possession of a property.
Constructive Eviction
When a landlord does something, or fails to do something, that he or she is legally obligated to do, rendering the property uninhabitable.
Constructive Eviction
When a landlord does something, or fails to do something, that he or she is legally obligated to do, rendering the property uninhabitable.
Estoppel Statement
A signed statement certifying that certain facts are correct, which cannot be later contradicted by the signer- for example, that a lease exists or that rent is paid to a certain date.
Estoppel Statement
A signed statement certifying that certain facts are correct, which cannot be later contradicted by the signer- for example, that a lease exists or that rent is paid to a certain date.
Deed
Evidence of property transfer.
Grant Deed
A deed that includes two implied warranties: 1- The grantor has not already given the title to another person; and 2- The estate has no undisclosed encumbrances. It is not necessary to record the deed. Grant deeds are considered officially executed when signed by the grantor.
Quitclaim Deed
A deed that operates as a release. It transfers property quickly, but without any warranties on the title of any kind.
Warranty Deed
A deed in which a property owner, when transferring the title, warrants that he owns the property free and clear of all liens.
Special Warranty Deed
A deed in which the grantor warrants only against defects that occurred during their ownership (the grantor of a special warranty deed does not provide a warranty or guarantee against any defects in clear title that existed before their ownership).
General Warranty Deed
A type of deed where the grantor or the seller guarantees that s/he holds clear title to a piece of real estate and has a right to sell it. The guarantee is not limited to the time the grantor owned the property- it extends back to the property’s origins.
