Shared Flashcard Set

Details

Law and Practice
CRESchool course
21
Real Estate & Planning
Professional
01/25/2015

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
grantor
Definition
seller
Term
vendor
Definition
seller
Term
trustor
Definition
The borrow on a deed of trust. Also called the grantor.
Term
grantee
Definition
buyer
Term
vendee
Definition
buyer
Term
covenant of seisin
Definition
A promise that the grantor actually owns the property interest that's being transferred to the grantee
Term
covenant of right to convey
Definition
A promise that the grantor has the power (legal capacity) to make the conveyance. Sometimes considered part of seisin.
Term
covenant against encumberances
Definition
warrants that the property is not burdened by any undisclosed easements, mortgages, liens, or other rights of third parties.
Term
covenant of quiet enjoyment
Definition
A guarantee that the grantee will be able to possess the property in peace, undisturbed by any lawful claim made by a third party.
Term
covenant of further assurances
Definition
Warrants that the grantor will provide the grantee with any additional instruments (legal documents) that are needed, or take any other steps required, to make the grantee's title good.
Term
covenant of warranty forever
Definition
A promise that the grantor will defend the grantee's title against any claims superior to the grantee's that existed when the conveyance was made.
Term
6 Covenants included in a General Warranty Deed
Definition
Seisin
Right to Convey
Against Encumberances
Quiet Enjoyment
Further Assurances
Warranty Forever
Term
Tenancy at Sufferance
Definition
Holdover tenant. Tenant continues in posession of the property after the lease has expired, but without consent of landlord.
Term
Tenancy at Will
Definition
Estate at will. Tenant has posession of the property with the landlord's consent for an indefinite period.
Term
Periodic Tenancy
Definition
e.g. month-to-month
Term
Tenancy in Common
Definition
2 or more individuals have an undivided interest in a single property
Term
Joint Tenancy
Definition
2 or more individuals are joint and equal owners of the property. RIGHT OF SURVIVORSHIP.
Term
Right of Survivorship
Definition
In Joint Tenancy, upon the death of one tenant, his interest automatically passes to the surviving tenant(s).
Term
4 Unities of Title
Definition
unity of interest
unity of title
unity of time
unity of possession
Term
Adverse Possession
Definition
actual, open, notorious, exclusive, hostile, and continuous
Term
Voidable Contract
Definition
Capable of being voided, but not void unless action is taken to void it. A real estate contract entered into by a minor is voidable only by the minor.
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