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LEGA TERM FINAL
LEGAL TERMS CRIMINAL LAW AND PROPERTY LAW
Question | Answer |
---|---|
REAL PROPERTY | LAND & ALLPERMANET FIXTURES: PLANT LIFE & LIVE VEGETATION, AIR CONDITIONER, CABINETS ETC |
PERSONAL PROPERTY | TANGIBLE OR INTAGIBLE READILY MOVEABLE |
ESTATES & LAND | BUNDLES OF RIGHTS |
SUBSURFACE RIGHTS | ALL BELOW LAND: OIL, PRECIOUS METALS, NATURAL GASSES |
FEE SIMPLE ABSOLUTE | RIGHTS IN LAND: SUBSURFACE & SURFACE |
LEASE HOLD ESTATE | LEASEE (TENANT) HAS RIGHTS TO LIVE THERE FOR TERM OF LEASE |
LIFE ESTATE IN PROPERTY | GRANTEE WAS DEEDED THE RIGTH TO ENJOY LIVING THERE AS OWNER TILL GRANTEE DIES THEN PROPERTY GOES BACK TO GRANTOR. MUST BE IN WRITING |
DEED | PROOF OF SALE IN WRITTING THAT INCLUDES LEGAL ADDRESS, ALL PERTINENT INFORMATION TRANSFERING OWNERSHIP RIGHTS IN REAL PROPERTY AND IS RECORDED BY THE "RECORDER OF DEEDS" OFFICE |
EASEMENT | TRASFER OF RIGHTS ALOWING ONE TO GAIN ACCESS TO AN AREA ON LAND> DESCRIBES SPECIFIC PART OF LAND BEING USED, FOR WHAT PURPOSE AND FOR WHOM: FPL, CABLE, RIGHT OF PASSAGE TO LAKE ETC. |
CONCURRENT OWNERSHIP | CO OWNERSHIP |
TENANCY BY ENTIRETY | MUST BE MARRIED, NOTED IN DEED. RULE: IF SPOUSE DIES THE OTHER SPOUSE GETS IT. INTERESTS CANNOT BE TRANSFERRED WITHOUT OTHER SPOUSE SIGNATURE. |
JOINT TENANTS | UNMARRIED OWNERS. JOINT TENANTS WITH RIGHT OF SURVIVORSHIP. *WHEN ONE DIES THE INTEREST AUTOMATICALLY PASSES TO CO-TENANT. *PROPERTY CAN TRANSFER WITHOUT BOTH SIGNATURES. *ONE TRANSFERRED IT IS NOW KNOW AS "TENANTS IN COMMON" |
TENANTS IN COMMON | DECEASED TENANTS SHARE TRANSFERS TO AIRES (CHILDREN, FAMILY). ANY TENANT CAN TRANSFER INTERESTS WITHOUT THE CONSENT OF THE OTHER. |
SATISFIED | ALL OBLIGATIONS HAVE BEEN MET |
GARNISHMENT | TO ATTACH WAGES |
EXECUTE/EXECUTION | TO ENFORCE A JUDGEMENT/ TO ACT ON A JUDGEMENT |
ATTACH | TO ATACH BANCK ACCOUNTS AND ANY PERSONAL INTERESTS OF VALUE TO PROPERTY, ETC... |
CONVEY/ CONVEYANCE | TO SELL / GRANTOR VIA DEED TRANSFERED ALL RIGHTS TO GRANTEE 'SOLD'. |
MARKETABLE TITLE | FREE FROM ANY ENCUMBERANCES OR DEFECTS THAT WILL AFFECT VALUE OF PROPERTY |
AGREEMENT OF SALE | REAL ESTATE CONTRACT SIGNED BY GRANTOR AND GRANTEE |
TITLE SEARCH | SEARCH DONE TO INSURE THE TITLE IS MARKETABLE |
MORTGAGE | WRITTEN DOCUMENT FILES IN COURT HOUSE MORTGAGOR IS THE BUYER |
INSPECTION | AN OPINION GIVEN BY INSPECTOR THAT THE REAL ESTATE IS UP TO PAR |
FORECLOSURE | BANK SALE |
NOTE | PROMISSORY NOTE SAYING LOAN WILL BE PAID BACK WITHIN THE TERMS AGREED, GIVES THE BANK THE RIGHT TO ATTACH BORROWERS PERSONAL PROPERTY AND ASSETS BEYOND REAL ESTATE |
CLOSING | SAME AS SETTLEMENT |
TAX SALE | LOCAL GOVERNMENT SEIZES PROPERTY SAME END RESULT AS FORECLOSURE |
QUIET TITLE ACTION | WHEN THE COURT DETERMINES THE RIGHTS REGARDING OWNERSHIP OF LAND (FENCE PLACEMENT, ENCROACHMENTS ETC) |
EMINENT DOMAIN / CONDEMNATON | GOVERNEMTN TAKES YOUR PORPERTY FOR PUBLIC USE BUT MUST PAY YOU FAIR MARKET VALUE |
PARTITIONS | THE ACTUAL DIVISION OF PROPERTY BASED ON OWNERSHIP PERCENTS INVESTED IN PURCHASE |
RECORD OF OWNERSHIP | THE PERSON WHO'S NAME APPEARS IN COURT AS OWNER. |
SHERIFF SALE | ENFORCEMENT OF JUDGMENT FOR GOOD ATTACHED TO SEIZED PROPERTY |
VENDEE / VENDOR | BUYER / SELLER |
MORTGAGEE / MORTGAGOR | BANK / BORROWER HOME OWNER |
GRANTEE / GRANTOR | PERSON WHOM TITLE IS BEING TRANSFERRED TO BUYER / SELLER PERSON TRANSFERRING TITLE |
ACKNOWLEDGMENT | STATEMENT ON DOCUMENT THAT SIGNER OF DOCUMENT IS SIGNING BECAUSE SHE CONCURS WITH TERMS |
ENCUMBERANCE | LIEN |
QUIT CLAIM DEED | A DEED THAT HAS NO GUARANTEES OF EXISTING LIENS ON PROPERTY BEING TRANSFERRED. NOT GOOD! |
WARRANT | A GUARANTEE IN A DEED THAT OWNER OWNS PROPERTY |
ABSTRACT OF TITLE | THE RESULT OF A TITLE COMPANIES FINDINGS "A SUMMARY OF FINDINGS" |
CLEAR TITLE | PROOF PERSON OWNS PROPERTY |
CHAIN OF TITLE | THE HISTORY OF OWNERSHIP |
ET AL. | AND ALL OTHERS INVOLVED IN CASE |
ORDINANCE | LOCAL LAWS PASSED BY OUR LOCAL GOVT |
ZONING LAWS | OUTLINE THE PROPER USE OF PROPERTY |
VARIANCE | EXCEPTIONS TO ZONING LAWS |
TENANCY FOR YEARS / TENANCY FOR PERIODIC | MORE THEN 1 YEAR / TERM TO TERM MONTH TO MONTH |