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KH_CH 3
Legal Issues
| Question | Answer |
|---|---|
| abstract of title | The history of a title and the current status of a title based on a title examination |
| accession rights | Property owners rights to all that the land produces or to all that is added to the land, either intentionally or by mistake |
| acknowledgment | A formatl statement made before an authorized official (ie: notary public)by a person who executed a deed,a contract or another document that it was a free act |
| act of waste | Abuse or misuse of property by a life tenant |
| adverse possession1 | A method of acquiring title to real property by conforming to statutory requirement |
| air rights | Rights to the air space above the surface of the land |
| alienation | Transfer of title to real property |
| alluvion | Increased soil, gravel or sand on a stream bank resulting from flow or current of the water |
| appurtenances | All rights or privileges that result from ownership of a specific property and move with the title |
| assessments | A percentage of a propery's market value;this figure is used for property tax purposes and ultimately determines how the total tax is shared among property owners |
| avulsion | Sudden loss of gain of land as a result of water or shift in a riverbed that has been used as a boundary |
| bargain and sale deed | A form of deed with or without covenants of title |
| beneficiary1 | The recipient of personal property by will |
| beneficiary2 | The lender in a deed of trust |
| adverse possession2 | A form of involuntary alienation of title |
| block and lot | A valid legal description of property on the tax map or a prior recorded legal instrument |
| bundle of rights | The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property |
| chain of title | Successive conveyances of title to a specific parcel of land |
| chattel | Personal Property |
| closing statement | An accounting of the funds received and disbursed in a real estate transaction |
| consideration | Anything of value, as recognized by law, that is offered as an inducement to a contract |
| constructive notice | Notice in which all affected parties are bound by the knowledge of a fact even though they have not been actually notified of such fact |
| active notice | The knowledge a person has of a fact |
| conveyance | Transfer of title to real property |
| credits | In a closing statement, money to be received or credit given for money or an obligation given |
| debits | In a closing statement,an expense or money received against a credit |
| curtesy | A husband's interest in the real property of his wife |
| dower | A wife's interest in her husband's real property |
| dedication | An appropriation of land or an easement therein given by the owner to the public |
| dedicatiton by deed | The deeding of a parcel of land to a municipality |
| delivery and acceptance | The transfer of a title by deed requiring the grantor to deliver and the grantee to accept a given deed |
| acceptabe types of property description | metes and bounds;reference,lot and block and monuments |
| dominant tenement | land benefiting from an easement appurtenant |
| easement | A nonpossessory right of use in the land owned by another |
| easement appurtenant | A right of use in the adjoining land of another that moves with the title to the property benfiting from the easement |
| easement by condemnation | Created by the excercise of the government's right of eminent domain |
| easement for light and air | A type of negative easement restraining a property owner from developing his or her propety so as to block the view of another |
| easements by grant | Created by the express written agreement of the landowners, usually in a deed |
| easements by implication | Arising by implication from the conduct of the parties |
| easements by necessity | Exists when a landowner has no access to roads and is landlocked |
| easements by prescription | Obtained by use of the land of another for the legally prescribed length of time |
| easements in gross | A right of use in the land of another without the requirement that the holder of the right own adjoining land |
| encroachment | Trespass on the land of another as a result of intrusion by some structure or other object |
| encumbrance | A claim, lien, charge or liability attached to and binding upon real property |
| executor | A male appointed in a will to see that the terms of the will are carried out |
| executrix | A female appointed in a will to see that the terms of the will are carried out |
| fee simple estate | The ownership and right of title to land for an undetermined period of time and can be inherited |
| fixture | Personal property that has become real property by having been permanently attached to real property |
| full covenant and warranty deed | A deed containing the strongest and broadest form of guarantee of title |
| general lien | A lien that attaches to all of the property of a person within the court's jurisdiction |
| specific lien | A lien that attaches to one particular property only |
| grantor | A person who conveys title to real property by deed |
| grantee | A person who receives title to real property by deed |
| habendum clause | The statement in a deed beginning with the words 'to have and to hold' and describing the estate granted |
| homestead | Properties that are wholly or partly used as owners' residences and are classified as such for property tax purposes |
| illiquid | An investment that is not easily convertible to cash |
| involuntary alienation | Transfer to title of real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the state when there are no heirs |
| voluntary alienation | The transfer of title freely by the owner |
| involuntary lien | An act in which a creditor places a claim on real and or personal property of another to obtain payment of a debt |
| voluntary lien | A type of lien in which individuals consent to placing a security against themselves or their property |
| joint tenancy | A form of co-ownership that includes the right of survivorship |
| joint venture | Participation of two or more parties in a single undertaking |
| land patent | A document conveying public land to an individual |
| license | A personal privilege to do a particular act or a series of acts on the land of another |
| life estate1 | A freehold estate created for the duration of the life or lives of certain named persons |
| life estate2 | A noninheritable estate |
| life estate in reversion | A form of life estate that goes back to the creator of the estate in fee simple upon termination |
| lis pendens | A lawsuit pending |
| littoral rights | Rights belonging to the owner of land that borders a lake, an ocean, or a sea |
| marketable title | A title that is free from reasonable doubt and that a court would require a purchaser to accept |
| mechanics lien | A statutory lien available to persons supplying labor (mechanics) or material (materialmen)to the construction of an improvement on land when they are not paid |
| metes and bounds | A system of land description by distances and directions |
| ownership in severalty | Title to real property held in the name of only one person |
| parcel | A specific portion of land, such as a lot |
| partition | A legal proceeding dividing property of co-owners so each will hold title in severalty |
| party wall | A common wall used by two adjoining structures |
| personal property1 | All property that is not land and that is not permanently attached to the land |
| personal property2 | chattel |
| personal property3 | Everything that is movable |
| possession1 | A person who either actively or constructively occupies a property |
| possession2 | implies constructive notice that the possessor has certain legal rights |
| possessory | The act of occupying a property, which implies certain rights |
| nonpossessory | An individual does not occupy a property; easements imply a nonpossessory interest in land owned by another |
| proration | Division of certain settlement costs between buyer and seller |
| public grant | A grant of power, license or real property from the state or government to a private individual |
| quitclaim deed1 | A deed of release that contains no warranty of title |
| quitclaim deed2 | Used to remove a cloud on a title |
| RESPA | Real Estate Settlement Procedures Act |
| Real Estate Settlement Procedures Act | A federal law regulating activities of lending institutions in making mortgage loans for housing |
| real property | The aggregate of rights, powers and privileges conveyed with ownership of real estate |
| real property tax lien | Taxes levied against real property by the local government that have priority over all other liens |
| referee's deed | Used to convey real property when a court appointed individual (referee) acts as directed by the court in a bankruptcy or similar case |
| reference to a plat | A description on a deed that may refer to a plat map and lot number as part of a recorded subdivision |
| reliction | the gradual change of a water line on real property which gives the owner more dry land |
| remainder interest | A future interest in a life estate |
| remainderman | A person who has a future interest in a life estate |
| reversionary interest | A provision stating the owners's interest-that possession of property will go back to the overn at the end of the lease |
| right of survivorship | The right of an owner to receive the title to a co-owner's share upon death of a co-owner, as in the case of joint tenancy and tenancy by the entirety |
| right of way | An easement allowing someone to use the land of another |
| riparian rights | The rights of an owner of property adjoining a watercourse such as a river, including access to and use of the water |
| servient tenement | Land encumbered by an easement |
| special purpose real estate | A category of real property created as a result of combining the land and its improvements for a single highest and best use |
| subordination agreement | Modifies the priority of certain liens; an earlier lienholder may 'take a backseat' to a later lienholder |
| subsurface rights | Rights to the area below the earth's surface |
| survey | A document showing measurements, boundaries and area of a property |
| tenancy by the entirety | A form of co-ownership limited to husband and wife, with the right of survivorship |
| tenancy in common | A form of co-ownership that does not include the right of survivorship |
| title | Evidence of the right to possess property |
| title closing1 | The consummation of a real estate contract |
| title closing2 | A meeting in which the buyer,seller and closing agent meet for execution of documents and disbursement of funds |
| title insurance | An insurance policy protecting the insured from a financial loss caused by a defect in a title to real property |
| title search | An examination of the public record to determine the quality of a title to real property; finds evidence of a marketable title |
| trade fixtures | Items that are installed by a commercial tenant and are removable upon termination of the tenancy |
| trustee | A person who holds title to property for the benefit of another called a beneficiary |
| trustor | A person who conveys title to a trustee |
| undivided interest | Ownership of fractional parts not physically divided |
| unity of interest | Created when all co-owners have the same percentage of ownership in a property |
| unity of possession | Created when all co-owners have the right to possess any and all portions of the property owned, without physical division |
| unity of title | Created when co-owners have the same type of ownership in a property |
| unity of time | Created when co-owners receive title at the same time in the same conveyance |
Created by:
kathleen-harrison
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