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Title of RE

Transference of ownership/Marketable title

QuestionAnswer
Abstract of Title a condensed history of the title to a particular piece of real estate showing, in chronological sequence, matters such as conveyances, liens, and encumbrances which have been recorded against the office of the register of deeds or other public recording .
Ad Valorem latin for according to valuation, it refers to a type of tax, such as property taxes, which is based on the property's value, not the personal income of the person owning the property.
Appurtenant Easement exist between two adjacent land owners, one being the dominant tenement and the other being the servient tenement. the easement attaches to the land and transfers to future owners.
Assessed Value the determination of a property's worth for property tax purposes. assessed value is usually a percentage of the appraised value.
Chain of Title chronological record of a property's ownership. each owner should be linked to subsequent owners.
Commercial Easement in Gross occurs between a landowner and a company. these easements are transferable and survive the lifetime of the parties. ex: a railroad right-of-way or utility easement for a pipeline or power line.
Deed a document which transfers ownership of title.
Dominant Tenement the party of an easement who has asked for the right to use the land. the owner of the easement right.
Easement an incorporeal right held by one party to make use of the land of another for a limited purpose.
Easement by Condemnation easement acquired through operation of law by the government for a public use.
Easement by Necessity an easement which is acquired through the operation of law allowing a purchaser of land ingress and egress.
Easement by Prescription a way of acquiring a legal right to use the property of another by demonstrating long-term use of that property in an open, notorious, hostile, and continuous manner.
Easement in Gross a personal easement in gross is an interest to use another's land which usually ends with the death of the grantee or transfer of property. a commercial easement in gross is an interest granted to a company and binds successive owners.
Encroachment Encroachment is a situation in real estate where a property owner violates the property rights of his neighbor by building on or extending a structure to the neighbor's land or property.
Gap Endorsement `clears the gap exception, causing the title company to provide coverage for liens that occur between the title commitment and the recording of the deed.
Gap Period title defects which appear of record after the effective date of the title commitment and before the interest of the buyer is recorded.
General Lien a claim on all property, both real and personal, owned by an individual.
Judgement the official decision of a court regarding the rights and obligations of the parties of a law suit.
Lien a legal right to claim or encumbrance on property or have it sold for payment of a debt.
Lis Pendens litigation pending; a notice filed on public record to give constructive notice that the property in in litigation and there may be a forthcoming lien.
Marketable Title a title which is free from defects and encumbrances and may be transferred to another party.
Mortgage lien lien rights given to the lender by the borrower in exchange for the loan.
Party Wall Easement a wall that is located on a boundary line between two adjoining parcels of land.
Personal Representative's Deed a deed most likely to be used by a personal representative when conveying property in settlement of a probate estate. the deed does not contain warranties.
Property Taxes used for the general operation of the government agency imposing the tax. taxes are based upon the assessed value of a property.
Quitclaim Deed a deed which conveys title to real property without making any warranties or representations regarding the quality of the deed.
Recording written instruments affecting any estate, right, title or interest in land that is recorded in the book of public records in the county where the land is located.
Servient Tenement the landowner who grants or serves the right to use their land to another in an appurtenant easement.
Special Assessements a tax placed against property owners in the area of the improvement such as new curbs and gutters.
Specific lien a claim against a particular piece of property, instead of a claim against all of the property.
Suit to Quiet Title a court action intended to establish the title to a particular property where there is a cloud on title.
Title the legal right to the possession of property. it implies that the title owner has acquired the property and the bundle of legal rights which accompany ownership.
Title Insurance Policy an insurance policy which protects the insured against loss or defects which may occur in the title.
Use-Value Assessment a method of assessing WI agricultural land for property tax purposes. the land is assessed based upon its agricultural productivity rather than its potential for development or fair market value.
Warranty Deed a deed in which the grantor warrants clear title to the property. the warranty deed is the most protective of all deeds, and offers the grantee five covenants; seisin, against encumbrances, further assurance, quiet enjoyment, warranty forever
Writ of Attachment the method by which the court gains custody of a deed to assure that the collateral will not be sold without satisfaction of a court ordered judgement
Writ of Execution a court order instructing the officer of the court t carry out the decision of the court.
Created by: bunkiebaby
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