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Unit 9

Definitions

TermDefinition
abstract of title Condensed history of title to real property consisting of a summary of the links in the "chain title'' extracted from documents bearing on the title status
acknowledgment Formal declaration before an authorized official, by the person who executed the instrument, that it is a free act
actual notice Information to a person who actually learned by reading, seeing, or hearing
adverse possession A method of obtaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner
alienation The act of transferring ownership, title, or an interest or estate in real property
appurtenance A right or privilege associated with the property, such as a parking space in a multiunit building
assignment Written instrument that serves to transfer the rights or interests of one person to another
chain of title A successive listing of all previous holders of title (owners) back to an acceptable starting point
condemnation The taking of real private property for a public purpose under the right of eminent domain for a fair public purpose under the right of eminent domain for a fair price
construction lien A claim based on the principle of "unjust enrichment"; favors parties who have performed labor or delivered material or supplies for the repair or building of an improvement to real property
constructive notice The recording of a document or an instrument in the public records designed to give adequate notice to all
deed A type of conveyance; a written instrument to transfer title to real property from one party to another
deed restrictions Provision places in deeds to control future uses of the property
easement A right, privilege, or interest in real property that one individual has in lands belonging to another; a legal right to trespass; right-of-way authorizing access to or over land
easement appurtenant An easement that runs with the land and benefits an adjacent parcel of land
easement by necessity An easement created by a court of law in cases where justice and necessity dictate it, such as when property is landlocked
easement by prescription A right acquired by an adverse user to use the land of another, created through a court of law after long and uninterrupted use
easement in gross A type of easement that benefits an individual or business entity and is not related to a specific adjacent parcel, for example, utility easements
eminent domain The constitutional right given to a united of government to take private property involuntarily, if taken for public use and a fair price is paid to the owner
encroachment Unauthorized use of another person's property
equitable title The beneficial interest in real estate that implies that an individual will receive legal title at a future date
escheat Reversion of property to the state when an owner dies without leaving a will or any known heirs
further assurance A provision in a deed containing a covenant or warranty to perform any further acts the grantee(buyer) might require to perfect title to the property
general lien A claim that may affect all the properties of a debtor
general warranty deed An instrument of conveyance containing the strongest and most comprehensive promises of further assurance possible for a grantor(seller) to convey to a grantee(buyer)
grantee Party who receives a deed or grant; buyer
granting clause The provision in a deed that specifies the names of the parties involved, the words of conveyance, and a description of the property
grantor Party who signs and gives the deed; seller
gross lease An agreement for the tenant to pay a fixed (base) rent with the landlord paying all the expenses associated with the property
habendum clause A provision in a deed to real property that stipulates the estate or interest the grantee is to receive and the type of title conveyed
intestate Without a will
involuntary alienation When a person dies intestate and the property either descends to the descendant or their heirs or transfers to the state through escheat
junior lien Priority is based on the date of recording in the public records
legal title
lender's policy Title insurance issued for the unpaid mortgage amount to protect the lender against title defects
lien A claim on property for payment of some obligation or debt
mechanic's lien Construction lien- A claim based on the principle of "unjust enrichment"; favors parties who have performed labor of delivered materials or supplies for the repair or building of an improvement to real property
net lease An agreement for the tenant to pay fixed rent plus property costs, such as taxes, insurance, and utilities
opinion of title A formal statement by an attorney regarding the status of a title after examination of the chain of title
owner's policy Title insurance issued for the total purchase price of the property to protect the new owner against unexpected risks
percentage lease An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property
police power The authority of government to protect the property, life, health, and welfare of its citizens
quiet enjoyment A provision in a deed guaranteeing that the buyer may enjoy possession of the property in peace and without disturbance by reason of other claims on the title by the seller or anyone else
quitclaim deed A type of deed that will effectively convey any present interest, claim, or title to real property that the seller(grantor)may own
restrictive covenants Conditions placed by developers that affect how the land can be used in an entire subdivision
seisin A covenant in a deed that warrants that the grantor(seller) holds the property by virtue of a fee simple title and had a complete right to dispose of same. Also called a seizin clause
specific lien Claims that affect only the property designated in the lien instruments or agreements
sublease A lessee leasing a property to a third party for a period of time less than the original lease. Also called subletting
superior lien A lien that takes priority over all other liens
testate Having left a will
title Evidence of ownership of real property; such as a deed
title insurance A policy of insurance that protects the holder from any loss resulting from defects in the title
variable lease An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates
voluntary alienation The transfer of title is accomplished with the owner's control and consent
warranty forever A provision in a deed guaranteeing that the seller will for all time defend the title and possession for the buyer
Created by: happythivo