Title and Ownership Flashcards
Acknowledgement
Formal certification of a signature
Actual notice
Knowledge that one has gained based on what he has seen, heard, read, or observed
Adverse possession
A means by which title may be acquired, through the actual, hostile, open and notorious, exclusive and continuous occupancy by one who does not have title
Allodial system
System of possession of land based on individual ownership, as opposed to the Feudal System
Attachment
Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgement
Common element
Those parts of a condominium in which each unit owner holds an individual interest
Condemnation
The process of taking property by the state under right of eminent domain
Condominium ownership
A system of individual fe ownership of portions of a building that has other similar units
Consideration
Something of value given in returned for the act or promise of another. An essential element of a contract
Constructive notice
The recording of documents in the public records
Cooperative ownership
A system of ownership in which individuals have shares of stock in a corporation that has title to the property
Deed in Lieu of foreclouse
Voluntary act by borrower and lender. “Friendly foreclosure”
Deed of trust
Used instead of a mortgage in some states.
Deed restriction
A clause in a deed limiting or controlling the future use of the property
Descent and distribution
(intestate succession) A method for distributing the assets of a deceased person’s estate in the absence of a will
Dominant estate
The interest of the owner of land who has the right to use an appurtenant easement
Downzoning
A change in zoning from a higher, more active category to a lower, less active (and perhaps, less profitable) category
Easement
A specified and limited right or privilege to use another’s property
Eminent domain
The right of the government to acquire private property for public use
Encroachment
An unauthorized invasion or intrusion upon another’s property
Equitable title
Interest held by vendee under sales contract when legal title is vested in another’s name
Escheat
Reversion of property to the state when a person dies intestate with no known heirs or when property is abandoned
Estoppel
A legal bar to a person alleging or denying a fact when his own previous actions have conclusively indicated the contrary
Fee simple estate
(Fee absolute) The complete ownership of property, without condition. The largest and highest interest one can possess in real estate
Foreclosure
The legal procedure whereby mortgaged property is taken to satisfy a debt that is in default. Can be judicial or nonjudicial
Freehold
An interest in real property of a life estate or greater
Homestead exemption
Statutory provision that protects a person’s homestead from the claims of creditors
Joint tenancy
Tenancy with right of survivorship and various other characteristics
Laches
Similar to statute of limitations. An equitable doctrine used by courts to bar a plaintiff from asserting a claim or right because of undue delay on his part
Land use control
A broad term describing any legal description that regulates how a parcel of land may be used
Leasehold estate
An interest less than a freehold, held by a lessee
Lien
A claim against the property of another as security for a debt or charge
Life estate
An estate or interest in real estate held during the term of a specified person’s life
Lis pendens
“Pending suit”. A notice of pending legal action that clouds title to real estate
Mechanic’s lien
A lien levied against specific property by those who furnish materials and/or labor for its construction, improvement, or repair
Nonconforming use
(Grandfathered) A land use that does not comply with current zoning, but Is allowed to remain as it was prior to the ordinance. Generally such properties cannot be remodeled or enlarged
Planned unit development
Individually owned houses coupled with membership in the Owners Association that holds title to the common areas
Police power
The right of a government to enact legislation to protect its citizens
Quitclaim deed
A form of deed without covenants or warrants of any type
Remainder estate
A present right to future title; title is taken upon the termination of a life estate; Remainderman
Reversion estate
An estate in which title returns (reverts) to the original grantor or his heirs upon termination of a life estate
Servient estate
The estate of the owner whose land is burdened by an appurtenant easement
Statutory
Created by law
Tacking
Adding successive periods of continuous occupation to qualify for title by adverse possession
Tenancy-in-common
A form of joint ownership without right of survivorship
Tenants by the entireties
A form of joint ownership between husband and wife (married couples)
Special warranty deed
A deed in which the grantor warrants only against claims that arise from his ownership
