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Real Estate Finance

QuestionAnswer
Abstract of Title a historical summary of the publicly recorded documents that affect a title
Deed Usually title is conveyed from one person (the grantor) to another (the grantee) by means of a written instrument called a deed
Deed Restrictions Limits the use of property by all owners of that property including future owners.
Easement A nonpossessory interest in land. It is the right to use land that is owned or leased by someone else for some special purpose. It entails only a limited user privilege and not privileges associated w/ownership.
Estate "All that a person owns"
Estate for years The type of leasehold estate investors and lenders are most likely to encounter. Created by a lease that specifies an exact duration for the tenancy.
Estate from year to year Tenancy continues for successive period until either party give proper notice of its intent to terminate at the end of one or more subsequent periods.
Fee simple estate The freehold estate that represents the most complete form of ownership of real estate. A hold of this type of estate is free to divide up the fee into lesser estates & sell, lease, or borrow against it.
Freehold estate Lasts for an indefinite period of time; there are no definitely ascertainable date on which the estate ends.
Future Estates An estate not in possession, which does not convey the right to enjoy the property until some time in the future.
General Warranty Deed Most commonly used and most desireable type from buyer's perspective. It offers the most comprehensive warranties about the quality of the title
Leasehold Estate is different than a free hold estate because it expires on a definite date and implies only the right to possess and use the property owned by another for a period of time.
Lessee A person who leases land
Lessor A person who holds the title (so possession of the property is granted by the owner to the other person for a period of time.
Life Estate It is possible to have a freehold estate that has fewer ownership rights than a fee simple estate. This is an example. It is a freehold estate that lasts only as long as the life of the owner of the estate or the life of some other person.
Mechanics' lien Give unpaid contractors, workers, and material suppliers the right to attach a lien on the real estate to which they added their labor or materials. To obtain pmt owed them, they may foreclose such liens by forcing a judicial sale and pd from proceeds.
Nonpossessory Interest The right to use land that is owned or leased by somone else for some special purpose (like an easement).
Ownership Rights Many parties can have different ownership rigths in a given parcel of real estate. These rights associate with the real estate are referred to as real property.
Personal Property Or Personalty are things like intangibles and all movable things (autos, stocks, patents, furniture)
Property Rights The right of a person to the possession, use, enjoyment, and disposal f his or her property.
Quitclaim deed Offers the grantee the least protection - it simply conveys to the grantee whatever rights, interests, and title that the grantor may have in the property. Is just says the grantor "quits" whatever "claim" he has in the property (which may be none).
Real Estate Things that are not movable such as land and improvements permanently attached to the land.
Real Property Ownership rights associated with the real estate.
Recording acts Not uniform among states, these acts in general provide a publicly accessible system for assessing and establishing claims or interests in real estate as against all other parties. And provide a set of rules for resolving priority disputes.
Remainder Exists when the grantor of a present estate with fewer ownership rights than the grantor's own estate conveys to a third person the reversionary interest the grantor or the grantor's heirs would have in the property upon termination of grantee's estate
Reversion Exists when the holder of an estate in land (grantor) conveys to another person ( grantee) a present estate int he property that has fewer ownership rights than the grantor's own estate and retains for the grantor or the grantor's heirs right 2 take back
Secured Interest Although a lender may not possess or use the real estate, the mortgage document provides the lender with evidence of a secured interest. This reduces the quantity of the rights possessed by the owner.
Specialty Warranty Deed Makes same warranties as a general warranty deed except that it limits their application to defects and encumbrances that occurred only while the grantor held title to the property. But warranties don't apply to previous owners.
Title An abstract term frequently used to link an individual or entity who owns property to the property itself. When a person has this, he is said to have all of the elements, including the documents, records, and acts, that prove ownership.
Title Assurance Refers to the means by which buyers of real estate 1) learn in advance whether sellers have and can convey the quality of title they claim to possess and 2) receive compensation if the title is not as represented. Also affects collateral value.
Created by: pstrackman