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Real Estate Law
Assessment No.One
| Term | Definition |
|---|---|
| Tangible Personal Property | Physical property. Something you can hold, taste, see, hear... |
| Intangible Personal Property | Represents set of rights or control or ownership of something of value |
| Cujus est solum, ejus est usque ad coelum et ad infernos | Land, in its legal signification, extends from the surface downward to the center of the earth and upward indefinitely to the stars |
| Riparian Rights | Rights of owners of lands adjoining streams, rivers, and lakes relating to the water and its use |
| Appropriation | Water belongs to the person who first makes beneficial use of it |
| Fixture | Item of personal property that becomes real property because of its attachment to the land or a building. Ex., air-conditioning unit, dishwasher |
| Real Property | Relates to land and all things permanently attached |
| Personal Property | AKA "chattels" or "goods" |
| Possession | Occupation of land evidenced by visible acts such as an enclosure, cultivation, construction of improvements, occupancy of existing improvements |
| Inheritance | Ability to acquire ownership to real property because of one's kinship to a deceased property owner |
| Devise | Conveyance of real property from one who dies with a will |
| Will | Legal document whereby person disposes of his or her property. Takes effect on the death of the property owner. |
| Conveyance | Transfer of title or ownership to real property from one person to another by deed. |
| Adverse Possession | Method of acquiring ownership to real property by possession for a statutory time period |
| Modern-Day Estates in Real Property | 1. Fee Simple/Fee Simple Absolute 2. Fee Simple Determinable 3. Fee Simple on Condition Subsequent 4. Life Estate 5. Estate For Years 6. Estate at Will |
| Fee Simple Absolute | Estate of real property with infinite duration and no restrictions on use |
| Fee Simple Determinable | Ownership in real property limited to expire automatically on the happening or nonhappening of an event that is stated in the deed of conveyance. Subject to a condition, the breach of which can result in termination of the estate. |
| Fee Simple On Condition Subsequent | Estate of real property with a potential infinite duration. Subject to a condition, the breach of which can result in termination of the estate. Ex., transfer property to college for specific use of expanding law school |
| Life Estate | Estate of real property measure by the life or lives of one or more persons |
| Future Interests | Present ownership interests in the property but rights to possession and use is deferred until some future event |
| Reversion | Type of future interest whereby land comes back when owner dies or a condition is breached |
| Remainder | Land staying away from the grantor and "remaining" to come other person |
| Estate for Years | Estate of real property, the duration of which is for a definite period |
| Estate at Will | Estate of real property, duration of which is for indefinite period. Can be terminated at the will of the parties. |
| Decisions Rendered by State Court vs. Trial Courts | State courts published and bound together in form of reporter for each state. Trial court decisions not recorded or published. Not considered precedent and are unofficial. |
| Promissory Note | Promise by one party to pay money to another party |
| Maker | Payor- party who promises to pay |
| Payee | Party to whom the promise is made |
| Holder | Person who is the owner of a promissory note |
| Endorsement | Method of transferring ownership of a promissory note |
| Usury | Interest rates that are determined to be in excess of the maximum permitted by law |
| Guaranty | Legal document that obligates the maker of the document to pay the debt of another person |
| Guarantor | Person who signs a guaranty promising to pay debt of another person |
| Mortgage | A pledge of land as security for a debt AKA. dead ("mort") pledge ("gage"). Mortgagor required to pay and if not land would be taken away forever and therefore dead to him. |
| Mortgagor's Equity of Redemption | Right to remain in possession while debt repaid |
| Deed of Trust | Legal document that conveys title to real property to a trustee who holds the title as security for a debt to a lender |
| Security Deed/Deed to Secure Debt | Legal document that conveys title to real property to a lender to secure a debt |
| Requirements of a Mortgage | 1. Names of the parties 2. Words of conveyance or grant 3. Valid description of property conveyed 4. Proper execution and attestation 5. Effective delivery to the lender |
| peace | giving kat kisses...snuggles |
| Mortgagor | Person who signs a mortgage pledging real property to secure a debt |
| Mortgagee | Person who receives a mortgage |
| Open-End Or Dragnet Clause | Mortgage will secure any and all debt between the mortgagor and mortgagee, including past debt, present debt, and even future debt incurred after the mortgage is signed |
| Due on Sale Clause | Prohibits the sale of the real property described in the mortgage without the lenders consent. Sale in violation of this provision is a default of the mortgage. |
| Estoppel Certificate | Written statement, signed by holder of 1st mortgage and given to holder of 2nd, swearing certain facts of the 1st. Also may obligate 1st to notify 2nd if 1st is in default |
| Article 9 | Method of securing loan with person al property, including fixtures, is provided by Article 9 of Uniform Commercial Code(UCC) |
| UCC-1 Financing Statemement | Filed along with debtor's signed security agreement to secure a loan by personal property, including fixtures |
| Foreclosure | Holder of mortgage who did not receive payment due had right to foreclose, terminating debtor's equity of redemption |
| Types of Foreclosure | 1. Judicial 2. Power of Sale |
| Judicial Foreclosure | A lawsuit. Mortgage holder will file complaint against debtor alleging there is a debt owed; the debt is in default; debt is secured by real property given in a mortgage |
| Power of Sale Foreclosure | Nonjudicial foreclosure whereby mortgage lender or its agent will conduct a nonjudicial but public sale of real property |
| Redemption | Right of a property owner to buy back his property after a foreclosure |
| Interpleader | Judicial proceeding in which money is paid into court. All parties who claim an interest in the money are allowed to process their claims to the money |
| Deficiency Action | Power of sale creditor brings civil proceeding against debtor for balance of the debt after foreclosure. |
| Mortgagee (Lender) in Possession | Grants mortgage holder the right to seize possession of real property in event of default |
| Appointment of a Receiver | Third party appointed by court to take possession of real property in event of default |
| Waiver of Default | Holder of mortgage waives default if satisfied by another action, i.e, accepting late payments |
| Debtor's Defenses to Foreclosure | 1. Injunction 2. Suit for Conversion 3. Bankruptcy |
| Injunction | If debtor believes foreclosure is not justified, debtor has right to seek an injunction to stop the sale. Grounds for injunction- invalidity of debt, absence of default, payment of debt, improperly conducted sale |
| Suit for Conversion | Act of taking a person's property without a legal right to do so |
| Bankruptcy | Debtor's main defense to a foreclosure. Filing a bankruptcy petition has effect of an automatic injunction, stopping foreclosure sale |
Created by:
justin.dailey08
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