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Unit 9
Definitions
| Term | Definition |
|---|---|
| abstract of title | Condensed history of title to real property consisting of a summary of the links in the "chain title'' extracted from documents bearing on the title status |
| acknowledgment | Formal declaration before an authorized official, by the person who executed the instrument, that it is a free act |
| actual notice | Information to a person who actually learned by reading, seeing, or hearing |
| adverse possession | A method of obtaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner |
| alienation | The act of transferring ownership, title, or an interest or estate in real property |
| appurtenance | A right or privilege associated with the property, such as a parking space in a multiunit building |
| assignment | Written instrument that serves to transfer the rights or interests of one person to another |
| chain of title | A successive listing of all previous holders of title (owners) back to an acceptable starting point |
| condemnation | The taking of real private property for a public purpose under the right of eminent domain for a fair public purpose under the right of eminent domain for a fair price |
| construction lien | A claim based on the principle of "unjust enrichment"; favors parties who have performed labor or delivered material or supplies for the repair or building of an improvement to real property |
| constructive notice | The recording of a document or an instrument in the public records designed to give adequate notice to all |
| deed | A type of conveyance; a written instrument to transfer title to real property from one party to another |
| deed restrictions | Provision places in deeds to control future uses of the property |
| easement | A right, privilege, or interest in real property that one individual has in lands belonging to another; a legal right to trespass; right-of-way authorizing access to or over land |
| easement appurtenant | An easement that runs with the land and benefits an adjacent parcel of land |
| easement by necessity | An easement created by a court of law in cases where justice and necessity dictate it, such as when property is landlocked |
| easement by prescription | A right acquired by an adverse user to use the land of another, created through a court of law after long and uninterrupted use |
| easement in gross | A type of easement that benefits an individual or business entity and is not related to a specific adjacent parcel, for example, utility easements |
| eminent domain | The constitutional right given to a united of government to take private property involuntarily, if taken for public use and a fair price is paid to the owner |
| encroachment | Unauthorized use of another person's property |
| equitable title | The beneficial interest in real estate that implies that an individual will receive legal title at a future date |
| escheat | Reversion of property to the state when an owner dies without leaving a will or any known heirs |
| further assurance | A provision in a deed containing a covenant or warranty to perform any further acts the grantee(buyer) might require to perfect title to the property |
| general lien | A claim that may affect all the properties of a debtor |
| general warranty deed | An instrument of conveyance containing the strongest and most comprehensive promises of further assurance possible for a grantor(seller) to convey to a grantee(buyer) |
| grantee | Party who receives a deed or grant; buyer |
| granting clause | The provision in a deed that specifies the names of the parties involved, the words of conveyance, and a description of the property |
| grantor | Party who signs and gives the deed; seller |
| gross lease | An agreement for the tenant to pay a fixed (base) rent with the landlord paying all the expenses associated with the property |
| habendum clause | A provision in a deed to real property that stipulates the estate or interest the grantee is to receive and the type of title conveyed |
| intestate | Without a will |
| involuntary alienation | When a person dies intestate and the property either descends to the descendant or their heirs or transfers to the state through escheat |
| junior lien | Priority is based on the date of recording in the public records |
| legal title | |
| lender's policy | Title insurance issued for the unpaid mortgage amount to protect the lender against title defects |
| lien | A claim on property for payment of some obligation or debt |
| mechanic's lien | Construction lien- A claim based on the principle of "unjust enrichment"; favors parties who have performed labor of delivered materials or supplies for the repair or building of an improvement to real property |
| net lease | An agreement for the tenant to pay fixed rent plus property costs, such as taxes, insurance, and utilities |
| opinion of title | A formal statement by an attorney regarding the status of a title after examination of the chain of title |
| owner's policy | Title insurance issued for the total purchase price of the property to protect the new owner against unexpected risks |
| percentage lease | An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property |
| police power | The authority of government to protect the property, life, health, and welfare of its citizens |
| quiet enjoyment | A provision in a deed guaranteeing that the buyer may enjoy possession of the property in peace and without disturbance by reason of other claims on the title by the seller or anyone else |
| quitclaim deed | A type of deed that will effectively convey any present interest, claim, or title to real property that the seller(grantor)may own |
| restrictive covenants | Conditions placed by developers that affect how the land can be used in an entire subdivision |
| seisin | A covenant in a deed that warrants that the grantor(seller) holds the property by virtue of a fee simple title and had a complete right to dispose of same. Also called a seizin clause |
| specific lien | Claims that affect only the property designated in the lien instruments or agreements |
| sublease | A lessee leasing a property to a third party for a period of time less than the original lease. Also called subletting |
| superior lien | A lien that takes priority over all other liens |
| testate | Having left a will |
| title | Evidence of ownership of real property; such as a deed |
| title insurance | A policy of insurance that protects the holder from any loss resulting from defects in the title |
| variable lease | An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates |
| voluntary alienation | The transfer of title is accomplished with the owner's control and consent |
| warranty forever | A provision in a deed guaranteeing that the seller will for all time defend the title and possession for the buyer |
Created by:
happythivo
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