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Chapter 8
Title of Real Estate Sales
| Question | Answer |
|---|---|
| Lien rights given to the lender by the borrower in exchange for the loan. | mortgage lien |
| A court order instructing the officer of the court to carry out the decision of the court. | writ of execution |
| A method of assessing Wisconsin agricultural for property tax purposes. The land is assessed based upon its agricultural productivity rather than its potential for development or fair market value. | use-value assessment |
| An easement that exists between a landowner and another person. The easement is not assignable and will terminate upon the death of the easement owner or transfer of title. | personal easement in gross |
| 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 judgment | writ of attachment |
| A wall that is located on a boundary line between two adjoining parcels of land. | party wall easement |
| A specific, involuntary lien placed against real property for the purpose of securing a debt. The lien may be placed by those who perform labor, furnish material or professional services in the improvement of real estate. | mechanic's lien |
| 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 endorsement |
| An incorporeal right held by one person to make use of the land of another for a limited purpose. | easement |
| A title which is free from defects and encumbrances and may be transferred to another party. | marketable title |
| An easement which is acquired through the operation of law allowing a purchaser of land ingress and egress. | easement by necessity |
| An instrument by which some estate or interest in land is transferred from one person to another, such as a deed, mortgage, lease, or contract for sale. | conveyance |
| Timeframe where title defects may appear of record after the effective date of the title commitment and before the interest of the buyer is recorded. | gap period |
| A claim against a specific parcel of property such as a mortgage. | specific lien |
| A state imposed fee on the sale of property. The rate of the transfer fee is 30 cents for each 100 dollars of value. | transfer fee |
| The landowner who grants or serves the right to use their land to another in an appurtenant easement. | servient tenement |
| A claim on all property, both real and personal, owned by an individual. | general lien |
| Chronological record of a properties ownership. Each owner should be linked to subsequent owners. | chain of title |
| The order in which liens are paid in a foreclosure sale. | priority of liens |
| An appurtenant easement exists 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. | appurtenant easement |
| 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 |
| 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, and warranty forever. | warranty deed |
| A break in the chain of title, such as when the records do not reflect any transfer to a particular grantor. | gap in title |
| Knowledge which the law presumes a person has, as in the case of documents which have been recorded as a matter of public record. | constructive notice |
| A court action intended to establish the title to a particular property where there is a cloud of title. | suit to quiet title |
| Easement acquired through operation of law by the government for a public use. | easement by condemnation |
| 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. | personal representative's deed |
| Latin for according to value, it refers to type of the tax, such as property taxes, which is based on the value of the property not the personal income of the person owning the property. | ad valorem |
| A claim or encumbrance that would affect or burden an owner's title to real estate. | cloud of title |
| An opinion by a person competent in examining title, usually an attorney, as to the status of the record title of a property. | opinion of title |
| A deed which conveys title to real property without making any warranties or representations regarding the quality of the deed. | quitclaim deed |
| A lien binding the real estate of one who is in debt to the holder of a judgment, giving the holder a right to foreclose on the land for the satisfaction of his judgment. | judgment lien |
| To advance upon, or trespass upon the property of another as in the extension of some improvement or object across the boundary of a neighboring tract. | encroachment's |
| A document which transfers ownership of title. | deed |
| An easement that occurs between a landowner and a company. The easement is transferable and will survive the lifetime of the parties. | commercial easement in gross |
| The official decision of a court regarding the rights and obligations of the parties to a suit. | judgment |
| The party of an easement who has asked for the right to use the land. The owner of the easement right. | dominant tenement |
| The act of entering or recording documents affecting or conveying interests in real estate in the register of deeds office. Until it is recorded, a deed or mortgage is not usually effective against subsequent purchasers or mortgagees. The buyer and seller will be required to pay a fee to record their documents in public records. | recording |
| Litigation Pending; A notice filed on public record to give constructive notice that the property is in litigation and there may be a forthcoming lien. | lis pendens |
| 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 by prescription |
| An insurance policy which protects the insured against loss or defects which may occur in the title. | title insurance policy |
| 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 title in the office of the register of deeds or other public recording place. | abstract of title |
| A legal right to place a claim or encumbrance on property or have it sold for payment of a debt. | lien |
| A tax placed against property owners in the area of the improvement such as new curbs and gutters. | special assessment |
| The determination by the state of the property's worth, for property tax purposes. Assessed value is usually a percentage of the appraised value. | assessed value |
Created by:
lisahale782006
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