Title, Deeds and Ownership Restrictions

Question 1

Abstract of title

Answer 1

A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.

Question 2

Acknowledgment

Answer 2

A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act.

Question 3

Actual Notice

Answer 3

Express or implied knowledge of a fact.

Question 4

Adverse Possession

Answer 4

A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.

Question 5

Alienation

Answer 5

A conveyance of property from one person to another. An alienation clause in a contract gives the lender certain rights in the event of a sale or other transfer of a mortgaged property.

Question 6

Assignment

Answer 6

The transfer to another of any property in possession or in action, or of any estate or right therein. A transfer by a person of that person’s rights under a contract.

Question 7

Chain of Title

Answer 7

A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in the current owner.

Question 8

Condemnation

Answer 8

The act of taking private property for public use by a political subdivision upon payment to the owner of just compensation

Question 9

Construction Lien

Answer 9

A claim based on the principle of “unjust enrichment”; supports parties who have performed labor or delivered materials or supplies for the repair or building of an improvement to real property and have not received compensation.

Question 10

Construction Notice

Answer 10

Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.

Question 11

Deed

Answer 11

A written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee).

Question 12

Deed Restriction

Answer 12

Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.

Question 13

Easement

Answer 13

A right, privilege or interest limited to a specific purpose which one party has in the land of another.

Question 14

Eminent Domain

Answer 14

The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated.

Question 15

Encroachment

Answer 15

An unlawful intrusion onto another’s adjacent property by improvements to real property, e.g., a swimming pool built across a property line.

Question 16

Escheat

Answer 16

The reverting of property to the State when heirs capable of inheriting are lacking.

Question 17

Further Assistance

Answer 17

Additional help in the form of advice, support or financial aid.

Question 18

General Warranty Deed

Answer 18

An instrument of conveyance containing the strongest and most comprehensive promises of further assurance for a seller to convey to a buyer.

Question 19

Grantee

Answer 19

The party who receives a conveyance of real property; buyer.

Question 20

Granting Clause

Answer 20

The provision in a deed that specifies the names of the parties involved, the words of conveyance and a description of the property.

Question 21

Grantor

Answer 21

The person transferring title to, or interest in, real property; seller.

Question 22

Gross Lease

Answer 22

A lease of property in which the lessee pays a fixed rent and the lessor pays all of the expenses associated with the property.

Question 23

Ground Lease

Answer 23

A lease of land alone, sometimes secured by improvements placed on the land.

Question 24

Habendum Clause

Answer 24

The “to have and to hold” clause which may be found in a deed.

Question 25

Intestate

Answer 25

A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.

Question 26

Lien

Answer 26

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation.

Question 27

Net Lease

Answer 27

A lease, usually commercial, in which the tenant not only pays the rent for occupancy but also pays maintenance and operating expenses such as taxes, insurance, utilities and repairs.

Question 28

Percentage Lease

Answer 28

A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

Question 29

Police power

Answer 29

The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.

Question 30

Quiet Enjoyment

Answer 30

The right of an owner or lessee legally in possession of property to uninterrupted use of the property without interference from the former owner, lessee or any third party claiming superior title

Question 31

Quitclaim Deed

Answer 31

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.

Question 32

Seisin

Answer 32

A warranty, guarantee, or promise formally given in a legal document.

Question 33

Sublease

Answer 33

A lease given by a lessee.

Question 34

Testate

Answer 34

Having made a valid will before one dies.

Question 35

Title

Answer 35

Evidence of right of possession to land.

Question 36

Variable Lease

Answer 36

An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates.

Question 37

Warranty Forever

Answer 37

A provision in a deed guaranteeing that the seller will for all time defend the title and possession for the buyer.