Term
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Definition
| Ownership of tangible or intangible property |
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Term
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Definition
| Land and/or anything permanently attached to land |
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Term
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Definition
| Includes land and improvements that are permanently attached, also intangible characteristics like property rights. |
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Term
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Definition
Realty: buying a house with a washer
Personalty: bringing your own washer |
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Term
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Definition
| putting court cases in writing |
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Term
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Definition
Reversion: the right retained by the heirs.
Remainder: A future estate for a 3rd person. Contingent - grad from college. |
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Term
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Definition
A type of possessory estate that lasts for an indefinite period of time.
- Fee simple estate
- Life estate |
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Term
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Definition
Posses and use an estate owned by another person.
Expires on a definite date. It is a "nonfreehold estate."
Ex: Estate for years (buy lease for specified amt of yrs)
Estate Yr to Yr (Indefinite, but determined on a yearly basis) |
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Term
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Definition
Right of use. General or specific purposes.
Servient - utility co. just maintain pwr lines
Dominant - do what they want/need |
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Term
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Definition
| burden with legal claim. Anything that restricts title of property like a mortgage, lien, easement. |
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Term
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Definition
| Record of ownership. Owning it free and clear. |
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Term
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Definition
| "summary" of historical evidence |
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Definition
| looking at past owners, very detailed ("go-to" for a title company if there are issues) |
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Term
| Good and Marketable Title |
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Definition
| to ties or issues from past |
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Term
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Definition
| when someone owns a property when they didn't rightfully own it. |
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Term
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Definition
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Term
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Definition
| Which a title is conveyed from one person (grantor) to another (Grantee) in writing. |
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Term
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Definition
| Most complete set of assurances. Strongest deed for grantee to receive. Putting yourself out as the seller that the sale is good and marketable. No encumbrances. |
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Term
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Definition
| Limits covenants to ownership duration of current grantor. No guarantees of ownership of prior grantors. |
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Term
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Definition
| Least protection to grantee. No covenants. |
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Term
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Definition
| any restriction on land like an easement, or encumbrance. |
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Term
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Definition
| after title is checked, owner purchases insurance to cover if anything happens. Protect against unseen hazards in public records, owners policy, lender's policy. |
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Term
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Definition
| within 90 days of sale. someone has work done and does not pay for it. |
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Term
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Definition
| nothing is withheld when you sell |
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Term
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Definition
| government has the right to control property in extreme circumstances like the highway system in the 50/60s |
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