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condensed history of a title to a particular parcel of real estate.
- summary of original grant
- all subsequent conveyances
- cert by abstractor that the history is complete and accurate |
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| clause in a mortgage or deed of trust that can be enforced to make entire debt due immediately if the borrower defaults on an installment payment. |
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| aquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams |
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| the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea. |
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| loss in value resulting from the property's physical deterioration, external depreciation, and functional obsolescence. |
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items of expense that are incurred by not yet payable, such as interest on a mortgage loan or taxes on real property
(found on closing statement) |
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| a formal declaration made before a notary public by a person who has signed a document. |
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a measurement of land
= 43,560 sq. feet
= 4,840 sq. yards
= 4,047 sq. meters
= 160 sq. rods
= 0.4047 hectares |
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| the legal process that results in the tenant's being physically removed from the leased premises. |
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| express information or fact; that which is known; direct knowledge |
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"general tax"
"real estate tax"
tax levied according to value |
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Definition
a provision added to an existing contract without altering the content of the original.
Must be signed by all parties. |
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| adjustable-rate mortgage - ARM |
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Definition
| A loan characterized by a fluctuating interest rate |
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Term
| adminstrator/administratrix |
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Definition
| court-selected person who assists with the settlement of an estate of a person who died w/o leaving a will |
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Definition
| The actual, open, notorious, hostile, and continuous possession of another's land under a claim of title. Possession for a statutory period may be a means of acquiring title. |
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Definition
written statement made under oath by a seller or grantor of real property and acknowledged by a notary public in which the grantor:
- identifies himself or herself and indicates marital satus
- certifies that since the examination of the title, on the date of the contract, no defects have occurred in the title
- certifies that he or she is in possession of the property |
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Definition
| the relationship between a principal (client/customer) and an agent (salesperson/licensee) wherein the agent is authorized to represent the principal in certain transactions. |
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Term
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| an agency relationship created after the fact |
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| one who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent. |
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| Designated airspace over a piece of land. Can be transferred just like surface property. |
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| The right to use the open space above a property, usually allowing the surfact to be used for another purpose. |
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| act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary as through eminent domain or adverse possession. |
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| a system of land ownership in which land is owned free and clear or and rent or service due to the gov't. |
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| change to the existing content of a contract - must be initialed by all parties. |
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| American Land Title Association (ALTA) policy |
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Definition
| A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan |
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| Americans with Disabilities Act (ADA) |
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Definition
| Act addresses rights of individuals with disabilities in employment and public accommodations. |
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Definition
| A loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan. |
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Term
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Definition
| process of converting personal property into real estate property |
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Term
| annual percentage rate (APR) |
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Definition
| The relationship of the total finance charges associated with a loan. This must be disclosed to borrowers by lenders under the Truth in Lending Act. |
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| The appraisal principle that holds that value can increase or decrease based on the expectation of some future benefit or detriment produced by the property. |
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| laws designed to preserve the free enterprise of the open marketplace |
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| An estimate of the quantity, quality, or value of something. Also refers to the report that sets forth the process of estimation and conclusion of value |
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| an independent person trained to provide an unbiased estimate of value |
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| an increase in the worth of value of a property due to economic or related causes, which may prove to be either temporary or permanent; opposite of depreciation |
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| a right, privilege, or improvement belonging to, and passing with, the land; "runs with the land" |
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| an easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbors land. |
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| a level surface or piece of ground; the size of a surface; the amount of a two-dimensional object |
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| People's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location |
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