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KH_CH 3

Legal Issues

QuestionAnswer
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