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Definition
| a written document that evidences ownership |
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Definition
| the party who transfers a freehold estate in real property to a grantee |
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Definition
| the party who receives a freehold estate in real property from a grantor |
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Definition
| a deed used to transfer any interest a grantor may or may not have in a property, without implying that the grantor has a valid interest to convey |
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Definition
| similar to general warranty deed, except the covenants and warranties apply only to events that occurred during the grantor's period of ownership |
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Definition
| a deed that simply states that the grantor has title to the property and the right to convey it but does not contain any express covenants or warranties to the title's validity |
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Definition
| a promise or guarantee made by a grantor in a deed |
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Definition
| anything that incurs legal detriment or the forgoing of legal benefit |
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Definition
| the process of planning one's signature on a legal document |
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Term
| covenant of further assurances |
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Definition
| an assurance made by the grantor that the grantor will execute any future documents needed to perfect the grantee's title |
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Definition
| the deed that offers the most protection to the grantee, complete with all relevant covenants and warranties |
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Definition
| a title free and clear of all past, present and future claims that would cause a reasonable purchaser to reject such title |
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Definition
| an insurance policy that protects property owners and lenders against undiscovered defects in a property's chain of title |
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Definition
| a written history of a property's chain of title |
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Definition
| an attorney's of the quality of the title for a specific property |
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Definition
| ownership history of a specific property |
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Term
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Definition
| a law designed to prevent fraudulent practices involving contracts |
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Term
| sales contract (gap filler) |
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Definition
| a contract providing for the transfer of property |
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Term
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Definition
| terms of a contract that may result in the contract being canceled if certain events occur (loopholes) |
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Term
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Definition
| a legal device used by two or more persons to indicate they have reached an agreement |
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Term
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Definition
| a third party who facilitates a real estate closing |
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Definition
| a closing using an escrow agent |
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Term
| right of the first refusal |
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Definition
| the right of a person to have the first opportunity to either purchase or lease real property |
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Term
| option to buy contract (**option to buy....) |
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Definition
| a contract that gives one party the right , but not an obligation, to purchase a property within a specified time horizon at a specific price |
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Definition
| the receiving party in a contract |
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Term
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Definition
| a response to an offer that represents a new offet |
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Term
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Definition
| a requirement that the terms of a contract be exactly complied with |
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Term
| loan origination (***loan origination fee) |
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Definition
| the process of creating a new loan agreement between a borrower and lender |
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Definition
| a legal agreement authorizing a property manager to conduct business on behalf of the landlord |
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Definition
| the act of transferring a portion of the leasehold estate to a third party |
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Definition
| a lease for a property used for commercial purposes under which the rental payments are based on some percentage of sales made on the premises |
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Term
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Definition
| a lease that stipulates that the rent will be adjusted periodically as the value of the building changes, as determines by the appraisal |
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Term
| graduated rent lease (graduated lease) |
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Definition
| a lease contract that stipulates scheduled rent increases over the period of the lease |
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Term
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Definition
| the person who gives a leasehold interest in a property to a lessee |
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Term
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Definition
| the person who receives a leasehold interest in a property from a lessor |
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Term
| voidable (**void/voidable) |
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Definition
| capable of being rescinded, as a contract entered into by a minor or a person who has been declared insane |
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Term
| tenancy for a stated period |
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Definition
| a leasehold estate that has defined started and ending dates |
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Term
| tenancy for period to period |
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Definition
| a leasehold estate that continues to automatically renewed each period unless terminated by either party |
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Term
| tenancy to will (***tenancy at will) |
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Definition
| an informal leasehold estate or indeterminable length that may last as long as the parties agree |
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Term
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Definition
| a long-term lease for vacant land |
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Term
| net-net-net lease (yes actually three nets) |
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Definition
| a lease that stipulates that the lessee will pay operating expenses, insurance, and property taxes for the property during the lease period |
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Term
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Definition
| a clause on a lease that states that if no notice of renewal is given, properly, normally one to two months to the expiration of the lease, the lease terminates at the end of the lease period |
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Term
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Definition
| a clause in lease contract that automatically renews the lease in the event that neither party desires to terminate the agreement |
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Term
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Definition
| a limit on the amount of operating costs to be borne by the landlord in a commercial lease agreement |
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Term
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Definition
| a lease that stipulates that the lease will pay operating expenses for a property during the lease period |
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Term
| covenant against encumbrances |
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Definition
| an assurance made by the grantor that no liens or encumbrances other than those of public record exist against a property |
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Term
| covenant of quiet enjoyment |
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Definition
| an assurance made by the grantor that no other party will disturb the grantee claiming to own the property or to have a lien on it; a promise from the lessor that the tenant has the right of exclusive possession of the the property during the term of the lease |
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Term
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Definition
| an assurance made by the grantor that he or she is in full possession of the interest being conveyed by a deed and thus has the right to convey it |
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Term
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Definition
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Term
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Definition
| restriction or limitation on ownership |
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