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Ma Real Estate J&L-1
Terms & Definitions J & L-1
|A type of concurrent estate (2 or more persons) with co-owners having equal rights. Upon the death of one party interest passes to the surviving party (Right of Survivorship).
|Deed issued by a court appointed official.
|Any mortgage that takes second priority to another lien on the property.
|Doctrine that action was not taken in a reasonable period of time. Similar to statute of limitations where time is specified.
|Land Court Certificate
|Document issued by the land court as a result of a court decision under the Torrens System.
|Lead Paint Notification Form
|Mass lead paint law M. G. L chapter 111 requires the real estate broker, or salesperson needs to notify prospective purchaser, of residential real estate of the dangers of lead paint, and to obtain their signature on a form documenting this action.
|An agreement (written or verbal) between an owner (Lessor), and the tenant (Lessee) to grant the exclusive right of occupancy to real property, for a specific period of time.
|A clause in lease, that gives the tenant the right to buy the property under certain conditions.
|A transfer of ownership, that begins as a lease and ends with the purchase of the property by the lessee.
|Leased Fee Estate
|The estate or rights the lessor has leased to the lessee.
|Description of property sufficient to identify what is being conveyed. Three types are: 1) Metes & Bounds, 2) Lot & Block, 3) Government Survey.
|Quality of being within the law. A contract with an illegal element is void.
|Interest obtained by the grantee, when the deed is signed and delivered (compared to equitable title).