Transfer & Closing Flashcards
Retaliatory Eviction
When a Landlord Evict the tenant because he or she complain multiple times or some complain the make.
holographic will
written in maker’s own handwriting date and signed by the maker.
Closing Disclosure
Created by consumer financial protection bureau, used for any conventional residential mortgage, that will be sold to fannie mae and freddie mac. / or subject to RESPA
Curb Appeal
Impression Gained good or bad of a property when it is first seen, usually from the street.
Administrator
a person who is chosen by the court to handle the affairs of a deceased person. when no one mentioned in the will.
Legacy / Bequest
A gift of personal property by will .
Intestate
dying without leaving the will.
Estate at will
possession of real estate belonging to another with their permission/ indefinite period of time/ 30 day notice before ending the tenancy
Executor /Executrix
A person Named in the will to handle the affairs of a deceased person
Demise
conveyance of the real property to someone for a period of time ,as in a lease.
Retrofit
an act of adding a component or accessory to something that did not have it when manufactured.
Mobile Home
Prior to june 15 1976, constructed on chassis or wheels
Unlawful detainer Action
rental property => A lawsuit filed with the court against the tenant who remains on unlawful possession of rental property.
reversionary right
Lessor , landlord grant the right of possession to lessee. retain the right to take the possession after the lease term expired.
Title plant
Storage facility of the title company, holds and stores the complete title records of properties in the area.
Beneficiary statement
A statement of the unpaid balance of the loan and the condition of the debt.
Constructive notice
PUBLIC notice given by recording a document with the county recorder.
preliminary title report
An OFFER issue a policy of title insurance in the future for a specific fee.
Sheriff’s deed
A deed given to a buyer after a foreclosure through court action to satisfy the judgement for money.
Acknowledgement
signed statement/ made before a notary public / by a named person / it was made of free will
ALTA policy
American Land title association policy of extended title insurance policy can be purchased by lender or buyer
impound account
Trust account set up for funds, set aside for future, recurring cost relating to the property
Actual notice
notice given by possession of the property .
Devise
the gift of real property by will.
Manufactured home
after June 15 1976/ build in the factory/ follow federal manufactured home construction and safety standards.
Codicil
A change in a will before the maker’s death
Closing
Deed deliver to the buyer
The title is transferred
All costs are paid.
Probate Sale
A court approved sale of the property of a deceased person.
witnessed will
One prepared by an attorney/ 2 witnesses / signed by the maker.
Working capital
Liquid assets available for the conduct of daily business.
Estate for years
leasehold estate with definite end date / must be renegotiated/ used for commercial leases.
Writ of Possession
COURT ORDER/ directing the sheriff to remove the tenant /within 5 days !
CCRS
Restrictions => certain type of property and limit the activities of owners.
