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Real Estate

Vocab

TermDefinition
Non-Home Stead Property owned but not used as the owners Dwelling
Four Unities that affect ownership Time
Tenancy by entirety This Tenancy is held when co-owner or spouse dies
Joint Tenants Must Acquire title at the same time and requires concurrent ownership of all 4 unities / same percentage of ownership
CC&R Covenants
Master DEED Contains legal description of a facility
NEPA National
Variance A permitted deviation from specific requirements of the zoning ordinance
License Written permission that allows an entity a specific use of a property
Littoral Rights Rights concerning a property that is abut ( next to ) an ocean
Avulsion The removal of land when a stream suddenly changes its channel (course). / The loss of land due to sudden or violent actions of nature
Appurtanance A right
Profit-A-Prende The granting of rights to purchase mineral rights and begin mining
Escheat Provides the Government the right or power to take ownership of land (estate) of person dying Intestate(without heirs)
Easement in Gorss The most common commercial easement
General Lien Lien that affects all real and personal property of debtor
Testamentary Trust Takes effect after the death of the trustor
Gross Profit Pater / Total = Rate
Chatel Personal Property
A__________? DEED- transfers owenership of real property from one person to another
Police Power The right of the Government to place restrictions on privately held land.
Trust Account A seperate account in which money is held until the transaction is closed
Free-Hold Estate An estate in which ownership continues for an indefinite amount of time
Discount Mortgage The selling of a mortgage to another party at a discount or another amount less than value
LTV loan-to-value : The mortgage value a bank is willing to give
Gross Estate The total value of all properties whether real or personal
Fiduciary A person in a postition of trust and confidence as between a principal and a broker
Estoppel a Method of creating an agency relationship in which someone states incorrectly that another person is their agen
Encumbrance An impediment to a clear title
Emblements Annual Crops ( Fructis Industriales)
Dower The legal rights of a widow to a portion of her deceased husbands real property
Conveyance The Transfer of property
Conjugal property Property attained through the joint efforts of a husband and wife while living together
Curtesy The legal rights of a widower toa portion of his deceased wifes real property
Co-current Ownership Ownership by thow or more persons at the same time
Collateral something pledged as security for repayment of a loan
Caveat Emptor Giving Notice. Advising the buyer to examine the goods or property and buying at own rish
Capitalization rate A rate of return a property will produce on a owners investment
Capital Gain Profit from sale or exchange of an asset including real property
Annexation A process where an item of personal property has become part of the real property because the land owner installed it
Bill Of Sale A written instrument given to pass title of a personal property
Bilateral Contract A contract in which each party promises to perform an act in exchange for the other parties to perfrom
Breach The breaking of the law or failure of duty either by omission or commission
Blanket Mortgage A single mortgage which covers more then place of realestate
American Disabilities ACT ( ADA ) Federal law 1992
Assessed Value Value placed on a real property as a bases for taxation
Ad-Valorem Tax A tax levies according to value
Alienation The act of transferring tittle of real property to another may be both voluntary or involuntary
Assignment The transfer in writing of rights or interest in a bond
Accession the rights of the owner to everything produced Incorporated or attached naturally of physically to the property
Tenancy By Entirety Special form of joint tenancy limited to husband and wife which places legal ownership into the martial unit
Survivorship A Distinguished feature in a joint tenancy
Tenancy In Severalty Ownership by only one person
Tenancy in common An interest in real estate held by two or more persons without rights of ownership. Entitled to common areas
Community Property Property Acquired during marriage by joint efforts
Estate At WIll has no determined period length and may be terminated at any time by either party by giving notice
Corporal Rights Rights to things that are tangible( can be seen or touched)
Defeasible open in principle to revision
Tenaments The land as will as the inherited rights of ownership that come from owning said land
In-corporal Rights Rights to things that are intangible ( Cannot be seen or touched
Statutory Lien Lien arising solely because of a statute. It is essentially a lien that is created automatically by operation of a statute or law (meaning it doesn’t require any subsequent judicial action such as a lawsuit or court judgment).
Special Warranty Deed Warrants only that the real estate is not encumbered except as stated in the deed.
Quit Claim Deed Carries with it no warranties whatsoever and conveys only the interest, if any, the grantor possesses in the property.
Partition Suit a civil lawsuit filed in order to obtain a judicial ruling and court order to separate or liquidate real or personal property owned by more than one party
 

 



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