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Chapter 6

Chapter 6 Mass Real Estate

TermDefinition
Abstract of Title A summary of the history of ownership of a parcel of property, including each consecutive conveyance, liens, other encumbrance, and the current status of each.
Acceptance The agreement of one party, to a set of terms offered by a second party.
Accretion The gradual increase to land on a shore, or riverbank by natural forces.
Acknowledgment Process where an authorized officer (usually a Notary Public) witnesses a signature and attests, that the signer has stated that the signing is his, or her "free act and deed"; intended to protect against duress.
Acre An area of measurement equal to 43,560 square feet.
Adverse Possession The process of gaining title to real property by open, continuous and notorious occupancy (for 20 years in Mass.); known as "Squatter’s Rights". Similar to establishing an easement by prescription.
Assessment Official value a city, or town places on property to determine taxes (SAME AS ASSESSED VALUE).
Attorney at Law A law professional who has taken and passed the bar exam.
Attorney in Fact One who is authorized to act for another. In real estate transactions this is done through a power of attorney. Does not need to be an attorney at law.
Avulsion The loss of land due to a sudden violent act of nature (Think of VOLCANO).
Bargain and Sale Deed Grantor affirms they hold title, and grant whatever interests they have with no warranties. Often used by fiduciaries, such as estate executors, or officers of the court.
Base Line An imaginary line running east to west, used by surveyors in the government (rectangular) survey method of property description.
Book Deeds and other documents, relating to property transfer are recorded at the County Registry of Deeds in Mass., and become a specific page in a specific book in the record system. A deed has a specific book and page reference.
Certificate of Title Document issued by the land court under the "Torrens System" to verify the court decision, and the property owner's title.
Chain of Title The history of ownership of each owner as grantor, and grantee used in a title search for a parcel of real property.
Codicil A supplement or addition to a will.
Condemnation The administration, or judicial procedure used, when taking land by local, state or federal government, for the public good called eminent domain.
Condemnee The property owner having title taken, by eminent domain.
Condemnor The agency taking title to property, by eminent domain.
Contract A legally enforceable agreement, between competent parties to perform a certain act for consideration.
Contract for Deed See “Installment Contract”.
Covenant Against Encumbrances Promises made by the grantor in a warranty deed, that the property is free of all encumbrances not stated in the deed.
Covenant of Further Assurance Promises made by the grantor in a warranty deed, that they will take any future action necessary, to correct any title defects.
Covenant of Quiet Enjoyment Promises made by the grantor in a warranty deed, that the grantee will hold the property free, from the claims of third parties.
Covenant of Right to Convey Promises made by the grantor in a warranty deed, that they have the right to convey title.
Covenants of Seisen Promises made by the grantor in a warranty deed, that they are in possession and hold title.
Covenant of Warranty Promises made by the grantor in a warranty deed, that they will defend against any claim against the title, by a third party.
Deed Restrictions Provisions in a deed, that limits the future use of the property.
Deed in Trust Deed used when a grantor (trustor) transfers title to a trust controlled, by a trustee, for the benefit of a beneficiary.
Deficiency The amount of a debt not covered, when the security for a loan is not sufficient. At the time of a foreclosure the debt not covered is a deficiency.
Delivery The legal act of transferring property. Must include the grantor's intent to transfer.
Descent Acquisition of an estate by means of inheritance (without a will).
Devise Transfer of property by means of a will. The owner (deviser) transfers to the recipient (devisee).
Devisee The person who receives the benefits of a will.
Devisor The person whose property is distributed under the terms of the will.
Divisee The recipient of real property by means of a will.
Divisor The donor of real property by means of a will.
Eminent Domain The right of the government (Federal, State, or Municipal) to take title to private property, for the common good; through a process known as condemnation.
Escheat Process by which property reverts to the state, when no will, or heirs exist, or when the property is abandoned.
Escrow Process where money and or documents are held by a third party, for two parties in the transaction.
Escrow Agent A neutral third party in a transaction, who holds documents, or monies until certain acts are completed, by the individuals involved in a contract.
Et Al And others.
Et Ux And wife.
Excise Stamps Mass tax stamps due, when a deed is recorded at the Registry of Deeds at $2.28 per $500 of selling price.
Executrix A female, appointed by an individual to carry out the directions in their will.
Executor A male, appointed by an individual to carry out the directions in their will.
Executor's Deed A deed used by the executor to a state to sell property, held by the estate.
Foreclosure The forced sale of a piece of real property by the lien holder, when the terms of the contract have not been met.
Governmental Survey Method of land description, using a grid of imaginary East-West lines called base lines, and North-South lines called meridians. This grid results in 6 mile by 6 mile townships, that are further broken down into sections.
Grantee One was receiving title to real property, from a grantor.
Grantee ; Grantor Indexes Public record books maintained at the county registry of deeds, that lists the grantors, and grantee of property transfers along with the book, and page number of the associated real estate documents.
Grantor One who is giving title to real property to a grantee.
Habendum Clause That section of a deed beginning with "to have and to hold", which follows the granting clause, and defines the extent of ownership the grantor is conveying, such as Fee Simple or Life Estate.
Installment Contract Contact for real estate, where the buyer occupies the property during a period, while making payments, and receives a deed, when all payments are complete.
Intestate Property owner dies, without a will or with a will, that is defective. Property changes ownership through the state laws of descent.
Involuntary Alienation Transfer of ownership against the owners will as in a foreclosure.
Judicial Deed Deed issued by a court appointed official.
Land Court Certificate Document issued by the land court as a result of a court decision, under the Torrens System.
Legal Description Description of property sufficient to identify, what is being conveyed. Three types are: 1) Metes & Bounds, 2) Lot & Block, 3) Government Survey.
Lis Penden Latin meaning "Action Pending". Recorded legal document which gives notice, that legal action is in process, that may effect the subject property.
Lot and Block Method of land description, that refers to a specific lot within a grouping of lots on a block on a map, or plat, that has been recorded at the registry.
Meridian An imaginary line running North and South, used by surveyors in the Government (rectangular) survey method of property description.
Metes and Bonds Method of Land Description, that “walks” the perimeter of the property, and describes the distances, compass points, and boundaries. Most common method of land description in Mass.
Page When used in reference to recording deeds, it refers to the number assigned to a deed, or other document, within a specific book, to specify location at the Registry of Deeds.
Plat A map or plan of subdivided land, showing individual lots and their boundaries and dimensions.
Point of Beginning (P O B) The starting point in the Metes and Bounds method of property description.
Prescription Method of establishing an easement by open continuous, and notorious use. In Mass. the time of usage is 20 years minimum. Similar to acquiring title by adverse possession.
Probate Court The part of the court system, that deals with wills, and inheritance.
Quitclaim Deed A deed, where the grantor (seller) transfers whatever interest he, or she has in real property without any warranties. The Quitclaim Deed is the most common form of deed in Mass. however, the Mass Quitclaim Deed does contain some limited warranties.
Range Line An imaginary line, running north and south in the government survey method of land description, parallel to major north-south lines called meridians.
Range Strip A strip of land, between two north-south range lines, measuring 6 miles wide, and used in the government survey method of land description.
Recording Process of entering into public record the deed, and other documents associated with the transfer of real property. The deed is recorded at the Registry of Deeds, and receives a book and page number, where the deed has been filed.
Registered Land Property, that under the Torrents System, has been to land court, received a judgment, and now has a Certificate of Title documenting the land court decision.
Registry of Deeds County agency that records, files, and controls deeds, liens, and other paperwork relating to title of real property. Known in some states, as Recorder’s Office or Bureau of Convenience.
Residual That which is left over. In foreclosure, those monies in excess of outstanding debt and other costs.
Section In the government survey method of land description, east-west township lines meet the north-south range lines, in a 6 mile by 6 mile township, which is further subdivided into 36, one mile by 1 mile parcels called sections.
Severalty When title to property is held by one individual.
Sheriffs Deed A deed used when property is sold by a sheriff by court order.
6D Certificate Document called for an Mass General Law 1 83. section 6D issued, by the condo management association documenting the status of any condo fees, special assessment, or other charges due by the unit owner. Must be present at transfer of ownership.
Special Warranty Deed A deed, that guarantees title to the grantee against any defects in title occurring, during the grantors period of ownership, but not before.
Statute of Frauds State law, that requires certain documents, to be in writing to be enforceable.
Tax Deed A deed used to convey property taken by the government, for nonpayment of taxes.
Testate An individual who dies with a will dies testate; without a will intestate.
Testator One who dies testate, with a will.
Title Reference A filing system at the County Registry of Deeds, that records a document, such as a deed, in a specific book, and on a specific page in the book.
Title Search The process of reviewing public records at the Registry of Deeds, to determine the state of ownership of a piece of real property.
Torrens System A system of registering title to real property, to verify ownership of title. Results in a Certificate of Title.
Township A division of property, under the government (Rectangular) survey method of land description, 6 miles by 6 miles containing 36 sections, each 1 mile by 1 mile.
Township Lines An imaginary line running east-west in the government survey method of land, description parallel to major east-west lines called base lines.
Township Strip A strip of land, between two east-west township lines, measuring 6 miles, and using the government survey method of land description.
Trustor The grantor who conveys title to establish a trust.
Trustee The party in charge of administrating a trust, after it has been established.
Trustees Deed A deed used to convey title. from the trust by the trustee to a new grantee.
Vendee The buyer of real estate. The buyer under an installment contract.
Vendor The seller of real estate. The seller under an installment contract.
Voluntary Alienation Transfer of title with the owners consent as in transfer by deed.
Warranty Deed A form of deed, where the grantor makes certain warrants, or guarantees to the grantee. The grantor will defend the title against all claims including those against prior owners (not commonly found Mass.).
Will A written instrument disposing of property after an individual's death (testator).
Erosion The gradual decrease to land on a short a riverbank, by natural forces.
Created by: sunaecm4