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6.02

TermDefinition
Accession The right of an owner of propery to an increase in that property
Adverse possession When the land of another private person is adversely and exclusively possessed in an open and notorious way
Assignment A tenant's transfer of the remaining time on a lease
Bailee person having temporary possession and control of another person's goods, holding them in trust for a specified purpose
Bailee’s lien When a bailee entitled to payment retains possession untill paid
Bailment transfer of possession of personal property without transfer of ownership
Bailor party who gives up possession of the property
Common carrier A party that agrees, for a fee, to transport goods for anyone who applies, provided the goods are lawful and fit for shipment
Constructive eviction If the landlord fails to perform duties and tenant refuses to pay rent and abandons premise due to breach of contract
Conveyance Traction in which real estate is transferred from grantor to grantee by deed
Covenants The description in a lease of the rights and duties of the landlord and tenant
Deed The formal written document used to transfer legal ownership of real property
Easements Irrevocable rights to the limited use of another's land
Eminent domain The power of the government to take private property for public use in exchange for the fair market price
Equity The difference between the fair market/value of the property and the debt in the property
Escrow The depositing of money, legal documents, and instructions with a third party to be held until the conditions of a contract are fulfilled
Escrow agent The neutral third party who conducts the closing in real property sales
Eviction The owner of a property blocks a tenant from possession of all the real property
Fixtures Items of personal property that are attached or annexed to real property
Foreclosure The action by a mortgage holder to seize the mortgage property in payment of a debt
Grantee The one to whom a deed is given
Grantor The individual who conveys the ownership rights of real property
Gratuitous bailment A bailment in which only one of the parties benefits
Landlord the person conveying temporary possession of realty in a lease
Lease An agreement in which one party receives temporary possession of another's real property in exchange for rent
Lost property Property which the owner unknowingly leaves somewhere or accidentally drops
Mislaid property Property that is intentionally places somewhere, but then forgotten
Mortgage a loan for real property
Mutual benefit bailment bailment in which consideration is given and received by both the bailor and the bailee
Nuisance laws Ordinances enacted by communitites to regulate the use of a property owner's land when the use has an objectionable effect on other people
Personal property something that is either moveable or intangible and the right to use such things
Police power the governments's right to regulate the use of real property for the public welfare, morals, and health
Property a thing, real or personal, tangible or intangible, that is subject to ownership and a group of related legal rights
Quitclaim deed Transfers only whatever interest the grantor has in the property and does not warrant the frantor has any interest
Real property Land building and those things permanently affianced to them
Rent The consideration given in return for temporary possession of another's real property
Restrictive covenant A promise, usually made in writing, by the buyer to the seller that limits the use of land in some way
Security deposit A landlod's requirement of payment in advance of occupancy that is held to pay for any future unpaid
Subletting When the tenant of a property leases all of the proerty to a third person for a period of time that is less than the remaining on the lease, or lease part or all of the terms remaining on the lease
Tenant The person receiving temporary possession of reality in a lease
Title the right of ownership to goods
Tortious bailee party who wrongfully retains the lost or stolen property of another, includes using bailed property for unauthorized purpose or refusing to return property
Warranty deed party who wrongfully retains the lost or stolen property of another, includes using bailed property for unauthorized purpose or refusing to return property
Warranty of habitability The obligation of a landlord to make repairs necessary to keep the premises fit to live in. Housing codes may prescribe in detail the required conditions of property
Zoning ordinances Adopted by cities or countries to regulate the location of residential, buisness, and industrial districts
Created by: billy.lee73 on 2014-05-30



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