Section 9 Vocabulary Flashcards
Abstract of Title
An abstract of title is the search through recorded documents to find evidence of title transfer history and mortgages or other liens against the property including judgments and unpaid taxes.
Acknowledgment
Acknowledgment is the formal declaration before a notary public declaring that the signing was voluntary.
Actual Notice
Actual notice is when a party has awareness or direct notification of a specific fact or proceeding through reading, hearing, or seeing.
Adverse Possession
Adverse possession is when someone other than the owner takes control of a property. This is a form of involuntary alienation as it is a method of acquiring title to real property by possession for a statutory period under certain conditions.
Alienation
The word alienation is the actual act of transferring title or an interest in real property from one person to another.
Assignment
Assignment of contract is a way for one party to be released from obligation to a contract without actually terminating the contract.
Chain of Title
A chain of title is the “linking” of one owner to another as the property has been conveyed from one person to the next. Each person is connected through the ownership history and is said to form a “chain” of ownership.
Condemnation
Governmental power to take land from an owner through the legal process is called condemnation.
Construction Lien
A construction lien is an involuntary lien placed against a property for work performed to cover contracted work.
Constructive Notice
Constructive Notice is knowledge which, according to law, a person is able to acquire by making normal and reasonable inquiries.
Deed
A deed is the main form of title transfer that the licensee will interface with upon the closing of a sale and purchase agreement. A deed is broken down into three basic parts, which are the premises section, the operative part, and the conclusion.
Deed Restrictions
Deed restrictions are created within the deed which limits how an owner can use a property. Deed restrictions include Restrictive Covenants which is placed within deeds of an entire development.
Easement
Easements are a right to use a portion of an owner’s land for a specific purpose. Ownership of the property is not transferred, only the right of use—as limited by the language of the easement.
Eminent Domain
Eminent domain is the governmental power to take land from an owner through the legal process called condemnation. This is a form of involuntary alienation.
Encroachment
An encroachment is defined as being an unauthorized use of another’s property.
Escheat
Provides for the property of a person who dies intestate and who has no known heirs to pass to the state.
Further Assurance
Further assurance—grantor will deliver legal instrument if required to stand behind the transfer.
General Warranty Deed
The general warranty deed is the most commonly used deed. It is the “default” deed that is used if a contract does not specifically state that another type of deed will be issued.
Grantee
New owner receiving title granting clause.
Granting Clause
A granting clause or words of conveyance must be included.
Grantor
The person transferring title is the grantor of the deed.
Gross Lease
Gross lease is the gross income that the landlord earns BEFORE he pays for expenses associated with the property.
Ground Lease
In a ground lease, the tenant leases the land and erects a building upon the land.
Habendum Clause
A habendum clause must define the quality of the ownership interest being conveyed.
Intestate
A person who dies without a will died intestate.
Lien
The right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property.
Net Lease
With a net lease, the tenant pays a fixed rent amount plus they are responsible for the other expenses associated with the property. This includes utilities, property taxes, property insurance, and maintenance and repairs.
Percentage Lease
A percentage lease is a lease that charges a base rent plus extra rent that is calculated as a percentage of gross sales.
Police Power
Federal and State Constitutions apply restrictions to protect citizenry for health and safety reasons –Broadest Gov’t. Power.
Quiet Enjoyment
Peaceful possession undisturbed by claims of title.
Quitclaim Deed
The quitclaim deed is used when such a person agrees to “remise, release, or quitclaim” any claims on the property in the future.
Seisin
Seisin promises grantor is the true owner and has right to convey title.
Testate
Testate is the term meaning that a person died with a legal will in place.
Title
In property law, title refers to all rights that can be secured and enjoyed under the law.
Variable Lease
A variable lease, also called an index lease, is a rent amount that changes at a set time based on the terms of the lease and based on an INDEX.
Warranty Forever
To defend grantee’s title against all lawful claims.
