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Unit *6
| Term | Definition |
|---|---|
| Construction Lien | Claim placed against property by a worker who has not been paid |
| Convey | To transfer ownership by sale or gift |
| Dominant Estate | A property that includes in its ownership the right to use an easement over another's property for a specific purpose |
| Easement | A right to use the land of another for a specific purpose, as for a right-of-way or utilities (can have a time limit) |
| Easement Appurtenant | An easement that passes with the land when conveyed |
| Easement by necessity | An easement allowed by law as necessary for the full enjoyment of a parcel of real estate |
| Easement by prescription | An easement acquired by continuous, open, uninterrupted, exclusive, and adverse use of the property for the period of time prescribed by state law |
| Easement in gross | An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner (utilities, sewer etc..) |
| Encroachment | The extension of an improvement beyond the land of the owner, illegally intruding on the land of adjoining owner |
| Encumbrance | A claim by another - such as a mortgage, taxes, or judgement lien, an easement, encroachment, or a deed restriction on the use of the land |
| Fee simple | The maximum possible estate or right of ownership of real property, continuing forever |
| Freehold Estate | An estate in land in which ownership is for an indeterminable length of time |
| General lien | Financial claim placed against all property owned by the debtor |
| Involuntary lien | A lien imposed against property without consent of the owners (taxes, special assesments) |
| Leasehold Estate | A tenants right to occupy real estate during the term of a lease, generally considered to be personal property |
| License | A privilege or right granted to a person by a state to operate aws a real estate broker or salesperson The revocable permission for a temporary use of land |
| Lien | A right given by law to certain creditors to have their debt paid out of the property of defaulting debtor, usually by means of a court sale |
| Life estate | An interest in real or personal property that is limited in duration to the lifetime of its owner or some designated person |
| Lis Pendens | A recorded legal document giving constructive notice that court action affecting a particular property is pending (suit pending) |
| Mortgage Lien | Lenders claim against specific parcel of real estate pledged as security for a debt |
| Party Wall | A building that is located on or at a boundary line between 2 adjoining parcels of land is used by the owners of both properties |
| Remainderman | A person who is to receive the property after the death of a life tenant |
| Reversionary Interest | An owners right to regain possession of leased property upon termination of the lease agreement |
| Servient Estate / Servient Tenement | Land on which an easement exist in favor of an adjacent property |
| Specific Lien | A lien affecting or attaching only to a certain, specific parcel of land or piece of property |
| Voluntary Lien | Financial claim placed against property by the owner (mortgage) |
Created by:
MAK89
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