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RE Ch 1-3 Defs

Real Estate Definitions for Chapters 1-3

TermDefinition
Community property Requires the consent of both parties to transfer or encumber
Eminent Domain The right to acquire ownership by public interest
Erosion A gradual loss of land caused by flowing water on wind. Opposite of accretion.
Marital rights Legal life estate; impossible for one partner to sell the property without the consent of the other.
Avulsion Loss of land by a sudden and large scale change in water flow
Parcel Aka tract; A portion of land delineated by boundaries
Fixtures Personal property that has been converted to real property by attachment.
Trade fixtures Aka chattel fixtures; Personal property temporarily affixed to conduct business.
Undivided interest An owner'€™s interest in a property which parties share ownership
Elective share A type of freehold estate, a legal life estate that enables a surviving spouse to make a minimum claim to the deceased spouse'€™s property in place of the provisions in the descendent€'s will.
Estate at Sufferance A leasehold estate where a holdover tenant is in unlawful possession of the property. The landlord must evict the tenant through the courts. The tenant cannot be locked out. The landlord cannot turn off the utilities or forcibly remove the tenant.
Allodial system All property in the US is under this system. Individuals are entitled to own property without proprietary control by the government.
Conversion Change of real/personal property classification.
Escheat Ownership claimed by public interest.
Alluvion The actual soil, rock, and other matter moved by flowing water which results in accretion.
Interest in Real Estate Ownership of any combination of the bundle of rights.
Estate at Will A leasehold estate where the landlord lets you stay without a lease. Notice can be given by either party without warning. Death of either party will immediately terminate tenancy.
Act of waste The misuse of damage to the property by a life tenant.
Reliction An increase in land due to the receding water shore.
Encumbrance Enables a non-owning party to restrict the owner€'s bundle of rights; examples: tax liens, mortgages, easements
Emblements Plants/crops requiring human intervention; personal property.
Conventional Life Estate A freehold estate that can be created from a fee simple property owner to the grantee, the life tenant.
Riparian Rights Concern properties that border moving water such as streams and rivers.
Remainder A third party named in a life estate that receives title to the property upon termination of the life. The future interest.
Estate from Period-to-Period A leasehold estate with no definite ending date. Either party may terminate tenancy by giving proper notice to the other party.
Reversion The estate reverting to the original owner or their heirs. The original owner has this interest.
Littoral Rights Concern properties that border bodies of water that are not moving.
Homestead laws Legal life freehold estates; Protect the family members against losing their homes to general creditors attempting to collect on debts.
Estate Aka estate in land; an interest holder that enjoys the right of possession.
Improvements All man-made structures permanently attached to the land.
Condition Subsequent Fee simple defeasible freehold estate; if any condition is violated, the previous owner may repossess the property. Reversion is NOT automatic. The grantor must re-take the physical possession within a certain timeframe.
Accretion An increase of land created by the deposit of soil by the natural flow of water.
Severance Real property converted to personal property. Example: Trees cut into firewood, a fencing disassembled into logs and rolls of fencing.
Affixing Personal property converted to real property. Example: logs and rolls of fencing assembled into a fence, lumber built into a deck, materials assembled into a garage
Doctrine of Prior Appropriation Requires property owners to obtain permits for use of water
Legal Life Estate A freehold estate created by state law; defines and protects the property rights of surviving family members upon the death of a spouse.
Life Estate A freehold estate that is limited to the life of the owner. The owner enjoys full ownership rights during the estate period.
Pur Autre Vie Conventional freehold life estate that endures over the lifetime of a third person.
Dower The WIFE'€™S legal freehold life estate interest in the deceased husband€'s property.
Curtesy The HUSBAND'S legal freehold life estate interest in the deceased wife's property.
Estate for Years A leasehold estate that has a definite beginning and ending date. Does not require notice to terminate at the end of the term. Renewal is not automatic.
Fee Simple Aka fee or fee simple estate. A freehold estate of potentially unlimited duration. The owner is the fee tenant.
Fee simple absolute A freehold estate that is a perpetual estate, not conditioned by stipulated or restricted uses. May be freely passes to heirs. Most common and most desirable.
Fee simple defeasible A freehold estate where ownership can continue indefinitely, provided the use of the property conforms to certain stated conditions.
Determinable Estate A fee simple defeasible freehold estate that states usage limitations. If restrictions are violated, the estate automatically reverts to the grantor or heirs.
Ordinary Estate A conventional freehold life estate that ends with the death of the life estate owner.
Encumbrance An interest in and right to real property that limits the legal owner'€™s freehold interest. Does not include the right of possession. A lesser interest than the owner's freehold interest. Can lead to the owner's loss of ownership of the property.
Easement Appurtenant Gives a property owner a right of usage to portions of an adjoining property owned by another party.
Transfer Easement appurtenant rights and obligations automatically transfer with the property upon transfer of either the dominant or servient estate, whether mentioned in the deed or not.
Non-Exclusive Use The servient tenement may use the easement area, provided the use does not unreasonably obstruct the dominant use.
Party wall A common wall shared by two separate structures along a property boundary.
Easement in gross A personal right that one party grants to another to use the grantor's real property. The right does not attach to the grantor's estate.
Benefited party The receiver of the easement
Burdened party The giver of the easement right
Affirmative easement Allowing a use, such as a right-of-way
Negative easement Prohibiting a use, such as an easement that prohibits one property owner from obstructing another's ocean view.
Easement appurtenant Gives a property owner a right of usage to portions of an adjoining property owned by another party.
Dominant tenement aka Dominate estate; The property enjoying the usage right.
Servient tenement The property containing the physical easement itself; serves easement use.
Appurtenant Attaching to
Easement by Necessity aka easement by implied grant; An easement appurtenant granted by a court of law to a property owner because of a circumstance of necessity, most commonly the need for access to a property.
Landlocked Without legal access to a public thoroughfare.
Voluntary Action Easement Created by a property owner by express grant in a sale contract, or as a reserved right expressed in a deed.
Necessity Easement Created by a court decree to provide access to a landlocked property.
Easement by Prescription Granted by a court after using someone else's property without permission for a statutory period of time and under certain conditions. Happens regardless of the owner's desires.
Easement by Grant aka Easement by reservation; created with the express written agreement of the property owners.
Easement by Implication Can be created when a grantor conveys a portion of the real estate he or she owns or when he or she divides a larger tract among separate grantees.
Easement by Condemnation Government entities can create easements through the exercise of eminent domain, wherein they condemn a portion of a property and cause it to be sold "for the greater good."
Encroachment The unauthorized, physical intrusion of one owner's real property into that of another.
License Like a personal easement in gross, is a personal right that a property owner grants to another to use the property for a specific purpose.
Deed restriction A limitation imposed on a buyer's use of a property by stipulation in the deed of conveyance or recorded subdivision plat.
Covenant Can be created by mutual agreement. If breached, an injunction can force compliance or payment of compensatory damages.
Condition Can only be created within a transfer of ownership. If later violated, a suit can force the owner to forfeit ownership to the previous owner.
Lien A creditor's claim against personal or real property as security for a debt of the property owner.
Lienor The creditor who places a lien on a property
Lienee The debtor who owns the property
Title Insurance Can protect a buyer by performing a title search that will uncover any liens against the property. Serves as notice to the prospective buyer of the condition of the title.
Voluntary Lien Created by a property owner to borrow money or some other asset secured by a mortgage.
Involuntary Lien A legal process places against a property regardless of the owner's desires.
Statutory Lien An involuntary lien imposed by statutory law. Example: Real estate tax lien
Equitable Lien An involuntary lien imposed by a court action. Example: judgement lien placed on property as security for a money judgement.
General Lien Placed against any and all real and personal property owned by a particular debtor. Example: an inheritance tax lien placed against all property owned by the heir.
Specific Lien Attaches to a single item of real or personal property and does not affect other property owned by the debtor. Example: A conventional mortgage lien
Lineor Capable of changing the priority of a junior lien by voluntarily agreeing to subordinate the lien's position in the hierarchy.
Real Estate Tax Lien aka Ad valorem tax lien; placed annually by the local legal taxing authority against properties as security for payment of the annual property tax.
Special Assessment Lien Placed by local government entities against certain properties to ensure payment for local improvement projects, such as new roads, schools, sewers, or libraries.
Federal And State Inheritance Tax Liens Arise from taxes owed by a decedent's estate. The lien amount is determined through probate and attaches to both real and personal property.
Federal income tax lien Placed on a taxpayer's real and personal property for failure to pay income taxes.
State corporate income tax lien Filed against corporate property for failure to pay taxes.
State intangible tax lien Filed for non-payment of taxes on intangible property.
State Corporation Franchise Tax Lien Filed to ensure collection of fees to do business within a state.
Judgement Lien Attaches to real and personal property as a result of a money judgment issued by a court in favor of a creditor.
Writ of Execution Obtained by the creditor. Forces the sale of attached property and collect the debt.
Satisfaction of judgment aka release of judgment; Obtained by the debtor to clear the title records on other real property that remains unsold.
Writ of attachment The plaintiff creditor may secure to prevent the debtor from selling or concealing property.
Vendor's Lien aka Seller's lien; secures a purchase money mortgage, a seller's loan to a buyer to finance the sale of a property.
Vendee's Lien May be placed by a buyer when the seller has not delivered the title after all other terms of the contract have been satisfied.
Municipal Utility Lien Placed by a municipality against a resident's real property for failure to pay utility bills.
Surety Bail Bond Lien When real estate is put up instead of cash to pay bail if he or she has been charged with a crime.
Wage Lien Can be set against all real and personal property of the employer. If the money cannot be collected, then a lien may be filed as a permanent record of the debt owed to the claimant by the employer.
Mechanic's Lien Secures the costs of labor, materials, and supplies incurred in the repair or construction of real property improvements.
Easement A non-possessory interest in property owned by someone else. Affected area must be defined.
Created by: amybeth1105