Term
| Alternative Dispute Resolution |
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Definition
| A means of settling without using the courts |
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Term
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Definition
| If either party thinks that a legal error has been made by the trial court judge, the party may ask a higher court to review the case. This is called an appeal and is heard here. |
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Term
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Definition
| Provide the framework within which the federal and state governments must operate |
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Term
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Definition
| Power of federal courts to hear cases involving citizens of different states |
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Term
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Definition
| law based on the written opinions of appellate courts, called precedent |
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Term
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Definition
| The power of a court to hear a case |
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Term
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Definition
| A published opinion of an appellate court that serves as authority for determining a legal question in a later case that has substantially similar facts |
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Term
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Definition
| law enacted by local and state legislative bodies and by Congress |
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Term
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Definition
| a court whose function is to determine the facts and to apply the relevant law to these facts |
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Term
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Definition
| The process by which a secured party acquires a security interest in collateral |
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Term
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Definition
| The act of seizing a defendant's property by legal process to be held by a court to ensure satisfaction of a judgment that might be awarded |
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Term
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Definition
| An item that was once personal property but now becasuse of the nature of its relation to the property is deemed permanently affixed and thus treated as part of the realty |
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Term
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Definition
| an annual crop that was product of human effort |
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Term
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Definition
| crops that were produced on perennial roots, such as trees, bushes, and vines |
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Term
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Definition
| legal steps necessary to establish a valid mechanic's lien; acts by which a secured party establishes priority in collateral over claims of third parties |
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Term
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Definition
| property that is not real property, generally characterized as having substance and being movable |
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Term
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Definition
| legal rights that a person possesses with respect to a thing; rights that have economic value |
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Term
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Definition
| land, buildings, and other improvements permanently affixed to land |
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Term
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Definition
| a transaction in which the parties agree that personal property or fixtures will secure a loan or the pruchase of an item on credit |
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Term
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Definition
| items added to land or buildings by a tenant to be used in the tenant's trade or business |
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Term
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Definition
| the traditional theory that whoever owns the soil owns to the heavens |
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Term
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Definition
| The right of prior appropriation is limited to the extent that the water can be used beneficially |
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Term
| Correlative rights doctrine |
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Definition
| A legal doctrine that prohibits depletion of a common pool of oil or gas, sometimes applied to water |
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Term
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Definition
| encompasses the surface of the earth, everything above the surface and all that is below |
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Term
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Definition
| lands that border on an ocean, a sea, or a lake |
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Term
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Definition
| may be acquired by four different means: (1) mineral deed, (2) mineral reservation, (3) mineral lease, and (4) mineral rights option |
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Term
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Definition
| the riparian rights principle that each riparian owner possesses the right to the ordinary flow of water along his or her lad undiminished in quantity and unimpaired in quality |
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Term
| Nonownership theory (of oil and gas) |
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Definition
| the theory that oil and gas are not the subject of ownership because of their migratory nature |
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Term
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Definition
| An unreasonable interference by one party with another's use or enjoyment of his or her land |
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Term
| Ownership theory (of oil and gas) |
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Definition
| The theory under which oil and gas are minerals and are therefore as subject to absolute ownership as coal or any other solid mineral |
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Term
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Definition
| water that passes through the ground, not flowing ain a clearly defined underground stream or supplied by streams slowing on the surface |
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Term
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Definition
| Water rights doctrine giving primary rights to first users of water |
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Term
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Definition
| The riparian rights principle that allows a riparian owner to make reasonable use of the water that flows through his or her land |
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Term
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Definition
| land that border on a stream or water-course |
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Term
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Definition
| a legal principle of oil and gas law allowing a landowner the right to all oil and gas from wells on his or her land, including oil and gas migrating from the land of others |
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Term
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Definition
| a wrongful, physical invasion of the property of another |
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Term
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Definition
| Absolute ownership of land where the holder owes no obligation to a superior |
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Term
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Definition
| a fee simple estate the terminates on the occurrence of a specified condition; also called a qualified fee |
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Term
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Definition
| life estate of a widow in one-third of any real property to which her spouse had legal condition; also called a qualified fee |
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Term
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Definition
| a type of life estate that does not expire on the death of the owner; it continues in the owner's heirs until the death of the "other" measuring life |
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Term
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Definition
| the extent and character of a person's ownership interest in real property |
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Term
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Definition
| The most extensive estate in real property that an owner can possess |
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Term
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Definition
| a defeasible fee that terminates automatically if a stated act or event occurs |
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Term
| Fee simple subject to condition subsequent |
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Definition
| a fee that may be terminated by the grantor when a certain condition is fulfilled |
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Term
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Definition
| a principle where all land was held on the condition that certain duties and services be performed for a superior "landlord" |
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Term
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Definition
| an interest in real property created to last for an uncertain period of time |
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Term
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Definition
| An ownership interest in real property created to last for a person's life |
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Term
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Definition
| a form of co-ownership between husband and wife in which each has one-half interest in property acquired through the labor of either during marriage |
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Term
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Definition
| ownership of real estate in which two or more people have undivided interests |
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Term
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Definition
| a desirable business association as an investment vehicle because the investors, called shareholders, enjoy limited liability |
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Term
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Definition
| a trustee's responsibility to act solely in the best interests of the owner or beneficiary of the trust |
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Term
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Definition
| Co-ownership in which the entire estate passes to the survivor on the death of the other joint tenant or tenants |
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Term
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Definition
| a business entity in which two or more persons agree to carry out a single undertaking for profit |
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Term
| Limited liability company |
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Definition
| a business entity that resembles, and is usually taxed, like a partnership, but offers the advantages of limited liability for the owners, like a corporation |
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Term
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Definition
| a legal action in which a co-owner obtains a division of real property, terminating any interest of other co-owners in teh divided portion. Each form co-owner's share is now owned individually |
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Term
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Definition
| an association of two or more persons to organize a business venture and divide the profits |
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Term
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Definition
| a group of investors who combine funds and managerial resources to develop, manage, or purchase real estate for a profit or as a tax shelter |
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Term
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Definition
| a corporation that has elected to be treated as a partnership for tax purposes |
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Term
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Definition
| co-ownership of real property by husband and wife. The right of survivorship is a characteristic of a tenancy by the entirety. |
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Term
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Definition
| a form of co-ownership in which each owner possesses an undivided right to the entire property. Shares of co-owners need not be equal, and no right of survivorship exists |
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Term
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Definition
| a form of co-ownership in which each partner owns partnership property along with all other partners |
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Term
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Definition
| a legal relationship in which a person transfers legal title to property to a trustee who manages it for the beneficiaries of the trust |
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Term
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Definition
| The parts of the development property that are necessary or convenient for the residents of a condominium and are owned in common by all the condo residents |
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Term
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Definition
| The fee simple ownership of one unit in a multiple-unit structure, combined with an ownership of an undivided interest in th eland and all other parts of the structure held in common with the owners of the other individual units in the structure |
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Term
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Definition
| the organization stipulated by statute to administer the operation of the common elements of the condo |
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Term
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Definition
| a form of ownership in which the land and buildings are (usually) owned by a corporation; individual unit residents own stock in the corporation have a proprietary lease in a specific unit or apartment |
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Term
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Definition
| a document required by state law, which must accompany, and be recorded with, the master deed for the condo development |
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Term
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Definition
| the deed for each individual condo unit in the development |
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Term
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Definition
| an exemption from registration under federal securities law where the offering is made solely to residents of the state by a resident offeror doing business int eh same state |
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Term
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Definition
| a condo purchase that results from advertisements or other documents making reference to providing rental services for the buyer for the period the buyer is not using the condo |
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Term
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Definition
| an exemption from registration under federal securities law for offerings made to knowledgeable investors who have adequate information to evaluate fully the risks in the transaction |
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Term
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Definition
| A written document containing all the information necessary for an investor to make an independent and intelligent decision regarding a securities offering |
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Term
| Real Estate Investment Trust (REIT) |
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Definition
| A tax shelter that exempts certain qualified real estate investmeent syndications from corporate taxes where 90% or more of teh ordinary income is distributed annually to the beneficiaries or investors, and other income and asset tests are met |
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Term
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Definition
| any arrangement whereby a person invests money in a common enterprise involving real estate with the expectation of attaining profits from the efforts of a promoter or some other third party |
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Term
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Definition
| Complement and add specificity to the bylaws |
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Term
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Definition
| include several very different types of ownership. Some of these forms include ownership of an interest in the real property, and other forms are mere rights of use with no interest in the property itself |
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Term
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Definition
| this is accomplished when the holder discontinues use, states his or her intention to do so or acts in a manner consistent with discontinued use |
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Term
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Definition
| Sometimes terminated when the servient estate is sold to a person who has no knowledge of the easement's existence |
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Term
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Definition
| The parcel of land that benefits from an easement appurtenant; also called 'dominant tenement' |
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Term
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Definition
| a right to use another's real property for a particular purpose |
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Term
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Definition
| the right of an owner of a parcel of land to benefit from the use of another's land |
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Term
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Definition
| courts sometime presume that the parties intend to create an easement because certain facts exist when real estate is conveyed |
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Term
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Definition
| The idea that an owner who does not take some legal action against wrongful use of his or her property within a certain period of time is estopped, or legally prohibited, form asserting whatever rights he or she said |
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Term
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Definition
| an easement that exists as personal right apart from a dominant estate |
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Term
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Definition
| a doctrine by which a person is not permitted to deny the consequences of facts that are inconsistent with his or her previous actions or statements |
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Term
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Definition
| an easement created by an owner expressly granting in a deed a specific right to another to use the owner's property |
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Term
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Definition
| Where a property owner conveys title to another by deed specifically reserving within the deed an easement for himself or a third party |
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Term
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Definition
| a personal privilege to enter another's property for a specific purpose |
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Term
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Definition
| when the holder of either the dominant or the servient estate acquired the other an and easement terminates |
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Term
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Definition
| acquisition of an easement through wrongful use of another's land for a period of time designated by statute |
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Term
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Definition
| a nonpossessory interest in real property that permits the holder to remove part of the soil or produce of the land |
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Term
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Definition
| A document where the holder of an easement appurtenant or in gross may extinguish it by means of a written agreement to give up the right |
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Term
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Definition
| The parcel of land that is subject to an easement appurtenant; also called servient tenement |
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Term
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Definition
| assent to the terms of an offer |
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Term
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Definition
| Transfer of a property right from one person (the assignor) to another (the assignee) |
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Term
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Definition
| The unexcused failure to perform an obligation under a contract |
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Term
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Definition
| The legal ability to enter into a contract |
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Term
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Definition
| A promise, act, or forbearance bargained for and given in exchange for a promise, act, or forbearance |
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Term
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Definition
| A promise or an agreement that the law will enforce |
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Term
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Definition
| Money recoverable by one suffering a loss or injury due to breach of the contract |
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Term
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Definition
| The release of contractual obligations |
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Term
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Definition
| a contract must have a legal purpose |
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Term
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Definition
| An amount of money stipulated in a contract that will be awarded in the case of a breach, which amounts are reasonably calculated to approximate the actual changes |
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Term
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Definition
| a proposal intended to create a contract on acceptance by the person to whom it is made |
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Term
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Definition
| a cancellation of a contract that results in the parties being restored to the position they were in before teh contract was made |
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Term
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Definition
| a court decree mandating that a party perform according to the contract |
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Term
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Definition
| The extent of compliance under the terms of a contract that discharges a party from further obligation although failing to perform totally under the contract |
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Term
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Definition
| The final state of the real estate purchase transaction, when the deed and the purchase money are exchange |
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Term
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Definition
| A provision within a contract that makes performance under the contract conditional on the occurrence of a state event |
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Term
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Definition
| A cash deposit evidencing a good-faith intention to complete a transaction |
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Term
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Definition
| Where various private companies, for a fee, will contract to repair major systems and appliances for a period of time, normally one year |
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Term
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Definition
| a writing that contains essential terms in satisfaction of the statute of frauds |
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Term
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Definition
| Oral or other evidence extraneous to a written contract |
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Term
| Real Estate Purchase Contract |
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Definition
| An agreement whereby a seller promises to sell an interest in realty by conveying a deed to the designated estate for which a buyer promises to pay a specified purchase price |
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Term
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Definition
| A statute that necessitates that certain contracts, to be enforceable, be supported by a written memorandum and signed by the party against whom enforcement is sought |
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Term
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Definition
| a legal relationship in which one party, called the principal, authorizes another, called the agent, to act in the principal's behalf |
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Term
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Definition
| An agent who facilitates a transaction between parties |
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Term
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Definition
| a broker who has contracted to locate real estate for a buyer |
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Term
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Definition
| a transaction in which an agent represents both principals |
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Term
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Definition
| A listing in which the seller gives on broker authority to procure a buyer for property but also retains the right to sell the property without the broker's services |
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Term
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Definition
| A listing in which the seller gives one broker authority to procure a buyer for property, but the broker is entitled to a commission if the seller procures the buyer |
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Term
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Definition
| Authority a principal confers on an agent explicitly; it may be conferred orally or in writing |
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Term
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Definition
| An agent's authority to do those acts necessary and proper to accomplish the express terms of the agency |
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Term
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Definition
| A person who is retained to do a job, using his own judgment as to how the work will be done |
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Term
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Definition
| An organization among brokers who have contracted to agree to share listings with each other |
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Term
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Definition
| A brokerage agreement that entitles the broker to a fee only if his or her activities bring about the sale. The property may be listed with several brokers. |
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Term
| Ready, Willing, and Able Buyer |
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Definition
| Capable of present performance |
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Term
| Real Estate Sales Associate |
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Definition
| A person employed by a real estate broker who lists and sells real estate |
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Term
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Definition
| An approach where brokers act as finders, putting sellers and buyers in contact with one another, thereby facilitating the progress of the deal |
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Term
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Definition
| A deceptive act or statement deliberately made by one person in an attempt to gain an unfair advantage over another |
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Term
| Negligent Misrepresentation |
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Definition
| The person supplying false information who fails to exercise reasonable care in obtaining or communicating it is liable for actual loss suffered by the listener |
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Term
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Definition
| Statements of opinion made by a seller to induce the purchaser to buy |
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Term
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Definition
| Intentional surrender of a known right or privilege |
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Term
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Definition
| Surrender of possession and control of a document to a third party |
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Term
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Definition
| The third party who is the depositary in an escrow transaction |
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Term
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Definition
| An agreement that directs the escrow agent regarding terms and conditions under which the deed or other instruments are to be delivered to the parties and the disposition of the deed or other instruments on default |
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Term
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Definition
| a financing device the combines the land installment contract and the escrow |
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Term
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Definition
| where the money lent to the mortgagor is deposited |
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Term
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Definition
| A process by which money and/or documents are held by a third party until the terms and conditions of an agreement are satisfied |
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Term
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Definition
| a legal doctrine whereby the title acquired by a deed relates back to the moment of the first delivery to an escrow agent |
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Term
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Definition
| A lien that attaches to real property of a defendant when a plaintiff wins a judgment in the jurisdiction in which the property is located |
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Term
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Definition
| A claim against another's property securing either payment of a debt or fulfillment of some other monetary charge or obligation |
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Term
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Definition
| a notice filed for the purpose of warning people that legal action has been taken that might affect title or possession of specified real property |
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Term
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Definition
| The right of one who renders services or supplies materials in connection with improvements to real property to seek a judicial sale of the realty to satisfy unpaid claims |
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Term
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Definition
| The performance of those steps required by statute to sell real property under mechanic's lien laws |
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Term
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Definition
| A lien imposed against real property for payment of taxes |
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Term
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Definition
| The right of a seller to a lien against land conveyed for any unpaid or unsecured portion of the purchase price |
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Term
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Definition
| Typically involve agreements to build fences, maintain party walls, provide railroad crossings, and join and pay dues or an annual assessment to a homeowners' association for maintenace of, for example, roads, parks, or similar facilities |
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Term
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Definition
| A deed that conveys title buy makes no warranties |
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Term
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Definition
| a legal instrument that conveys title to real property on delivery and acceptance by the grantee |
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Term
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Definition
| A restriction in the instrument or a covenant used to regulate land use |
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Term
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Definition
| A deed that conveys title and contains no warranties except that the grantor has the authority to transfer title |
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Term
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Definition
| most commonly used deed that conveys the seller's title and contains convenants of title or warranties |
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Term
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Definition
| An instrument that conveys the grantor's interest in the property |
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Term
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Definition
| A provision in a deed limiting that uses that may be made of the property |
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Term
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Definition
| restricts the extent of the seller's warranties and the seller warrants only against acts that he or she has done that might adversely affect title |
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Term
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Definition
| A deed that conveys title and warrants that title is good, free of liens, and encumbrances, and that the grantor will defend against lawful claims |
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Term
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Definition
| Term used to refer to the different monuments, courses, and distances that make up a metes-and-bounds description |
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Term
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Definition
| A method of describing land using compass directions, monuments, or landmarks and linear measurements |
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Term
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Definition
| a map of a subdivision indicating boundaries of individual properties; it also includes details such as lot numbers, blocks, streets, public easements, and monuments |
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Term
| Rectangular Survey System |
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Definition
| system of land description that applies to most of the land in the US |
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Term
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Definition
| An area of land approx. one mile square, containing as nearly as possible 640 acres |
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Term
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Definition
| An area of land approx. six miles square, containing as nearly as possible 23,040 acres and divided into 36 square sections |
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Term
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Definition
| A summary of all the recorded transactions, including deeds, mortgages, judgments, and the like, that affect the title to a specific parcel of land |
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Term
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Definition
| in conveyancing, the act by which a person who has executed an instrument, before an authorized officer, usually a notary, declares that the instrument is genuine and executed volunatarily |
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Term
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Definition
| Title information that is acquired personally by the interest holder |
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Term
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Definition
| based on professional judgment, the attorney states his or her opinion as to the condition of the title based on teh facts revealed in teh abstract |
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Term
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Definition
| the recorded history of events that affect the title to a specific parcel of land, usually beginning with the original patent of grant |
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Term
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Definition
| the knowledge of certain facts that might be discovered by a carful inspection of public records, provided that such information is within the history of title, or discovered by an inspection of the premises |
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Term
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Definition
| legal notice that is imposed by the law when conditions exist that would lead a reasonable person to inquire further into the condition of the title |
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Term
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Definition
| Statutes that provide that the subsequent buyer prevails over all interested parties who have not recorded their interest at the time the buyer accepts the conveyance and pays consideration for the alnd without notice of the preexisting conveyance |
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Term
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Definition
| statutes that provide that a subsequent buyer will prevail only if he or she has no notice of the prior transaction at teh time of conveyance |
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Term
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Definition
| The comprehensive indemnity contract that insures the title holder against title defects and encumbrances that may exist at the time the policy is issued |
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Term
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Definition
| a document issued under the Torrens system; a type of land title registration |
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Term
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Definition
| a sworn statement verifying facts that satisfy certain objections to title |
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Term
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Definition
| a person who is confined to explaining the various documents to the client |
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Term
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Definition
| an agent who facilitates a transaction between parties |
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Term
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Definition
| the final state of the real estate purchase transaction, when the deed and the purchase money are exchanged |
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Term
| Real Estate Settlement Procedures Act |
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Definition
| a federal law that required that lending institutions disclose certain information to purchases of residential real estate and prohibits those institutions from engaging in certain fraudulent activities |
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Term
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Definition
| the person who is designated to coordinate the exchange of documents at the closing |
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Term
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Definition
| The person who is designated to coordinate the exchange of documents at the closing |
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Term
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Definition
| a booklet that contains information about the real estate purchase process, including negotiating a sales contract and home loan financing |
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