Term
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Definition
| Interest, share, right, or equity in real estate that varies from minimal right of a renter to the maximum right of an owner. Estate is an ownernship interest in land. |
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Term
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Definition
| Real Property. The greatest degree of ownership you can have under the law. Two types-- 1. fee simple estate 2. life estate |
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Term
| Less-than-freehold Estates |
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Definition
| Personal Property rights to use real property for a period of time. AKA a leasehold estate. There are 4 types-- 1. estate for years 2. estate from period-to-period 3. estate at will 4. estate/tenancy at sufferance |
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Term
| Estate in Fee (or Fee Simple) |
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Definition
| Most complete form of ownership and most common in CA. Owner has transferred all rights of a property to the new owner for an indefinite duration of time. (It is a freehold estate) |
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Term
| Fee Simple Defeasible Estate (or Qualified Fee Estate) |
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Definition
| A fee estate that is subject to particular limitations imposed by the grantor of the estate. Breaking any condition of transfer may be grounds for terminating or revoking the prop. transfer. (see more in Covenants, Conditions, and Restrictions in Ch 3) |
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Term
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Definition
| Ownership interest in real property that only exists for the life of any designated person. It is a lifetime residence for an indvidual. You can't transfer ownernshi.. You aren't building any equity, but you also aren't paying anything. (It is a type of freehold estate) |
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Term
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Definition
| Tenancy for a fixed term. Lease. Period can be a few days or 99 years. No notice is required to terminate. (It is a type of less-than-freehold estate) |
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Term
| Estate from period to period |
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Definition
| Month to Month. Renewable agreement to rent or lease a property for a period of time. Lease/Rent amount is fixed per week/month/year. A notice to terminate IS required. (it is type of less-than-freehold estate) |
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Term
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Definition
| Rental agreement that can be terminated by either party at any time. (In CA, you must give 30 days however). (It is a type of less than freehold estate). |
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Term
| Estate at Sufferance (Tenancy at Sufferance) |
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Definition
Estate at sufferance- when the person renting/leasing a property remains after the expiration of the stated term. (It is type of less than freehold estate).
Tenancy at sufferance- when the tenant remains in the prop. after the expiration of a lease without the owner's consent. |
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Term
| Longest lease allowed (regular and agriculture?) |
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Definition
Regular - 99 years
Ag lease- 51 years |
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Term
| 7 different ways to transfer real property |
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Definition
| 1. deed 2. will 3. probate 4. intestate succession 5. accession 6. occupancy 7. dedication |
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Term
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Definition
| Most common method of tranferring. In CA, conveyance is the document used to effect the transfer of title. This is accomplished by a deed (written instrument that conveys an evidences title) |
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Term
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Definition
| Person who grants the property or property rights. AKA the SELLER! |
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Term
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Definition
| Person to whom the grant is made. AKA the BUYER! |
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Term
| Two types of deeds- 1. Grant Deed |
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Definition
| Document that transfers title. Key word "grant". It is automatic promise (2 implied warranties- not in writing) that the owner has not conveyed title to anyone else and the property is free of encumbrances other than those disclosed. |
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Term
| Two types of deed-- 2. Quitclaim deed |
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Definition
| Deed that conveys all the present rights or interest that a person may have in a property WITHOUT ANY WARRANTY, title, or interest. They make no "covenants". This deed can elimite a cloud on title. |
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Term
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Definition
| A claim, encumbrance, or condition that impairs the title to real property until disproved or eliminated. Can be elminated through a quitclaim deed or a quiet title action (court processing to remove the cloud) |
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Term
| THIRD TYPE OF DEED - Warranty deed |
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Definition
| Not used in California. There is a warranty attached to the deed. |
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Term
| requirements of valid deed |
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Definition
| 1. in writing 2. parties must be properly named 3. property adequately described 4. granting (or action) clause 5. must be signed by GRANTOR party (the seller)... A valid deed passes title when the deed is recorded, thereby giving constructive notice. |
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Term
| Three basic methods of delivery of deed |
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Definition
| 1. manual delivery- direct transfer of deed from Grantor to Grantee. 2. delivery through recording- act of putting the title of record in the grantee's name at the county recorder's office. 3. conditional delivery- a specific event must take place before title is passed. must be handled by a disinterested third party. after event occurs, the deed is delivered manually. |
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Term
| Transfer by WILL (Testate) |
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Definition
| Property is transferred by instructions on will, distributed upon his or her death. The person who makes the will,testator or testatrix, is dying testate (having made/left a valid will). |
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Term
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Definition
| To transfer PERSONAL property by will |
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Term
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Definition
| To transfer REAL property by will. |
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Term
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Definition
1. Witnessed (typed)prepared by attorney, dated, signed by prop owners and declared valid by two witnesses (three sigs required).
2. Holographic (handwritten) must be handwritten by owner, dated, and signed. |
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Term
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Definition
| change in will before the maker's death. |
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Term
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Definition
| Trust that is only effective during the life of the maker. |
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Term
| Transfer by probate (superior court approval) |
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Definition
| Probate- superior court procedure to determine a will's validity, any creditor's claims, and establish the identity of the beneficiaries. When a property is "in probate" is going through the procedures to figure out who owns it now. During the procedures an administrator is appointed by court to take temporarily take possession until probate is finalized. Minimum length is 6 mo. Party has four months to file claim for probate after death of owner. |
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Term
| Transfer by Intestate Succession |
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Definition
| When there is no will. The property is transferred through intestate succession. The rules are complex and dependent on the relationship of children/heirs. Lease one spouse, one child it's split 50/50. Spouse and two or more kinds 1/3 goes to spouse 2/3 split between kids. No spouse, its split between kids. |
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Term
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Definition
| If there is no will and no heirs..The property will go to the state of CA... NOT AUTOMATIC... there is 5 year period for heirs to make claims on prop. |
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Term
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Definition
| Natural Causes. When the owner acquires the property by natural causes (like natural growth, earthquake, volcano, moving water, etc). |
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Term
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Definition
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Term
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Definition
| Deposits of earth make through the natural action of water... becomes real prop of the landowner who holds the title to the river BANK. |
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Term
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Definition
| sudden, violent tearing away of land... for example, by a river. Title to the land is lost by owner. The adjacent owner may gain title to the land. |
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Term
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Definition
| Placement of improvements or permanent fixtures on the property that do not legally belong to the person who placed them. (ie: fence built over property line.. the neighboring landowner has three years after discovery to take action) |
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Term
| Transfer by occupancy (three types of occupancy) |
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Definition
| 1. abandonment- relinquishing right, intending to never reclaim it 2. adverse possession- acquire title through continuous and notorious occupancy for five years, hostile and adverse, uninterrupted for 5 yrs, right/color of title, paying property taxes for 5 consecutive yrs. 3.easement by prescription- right to use another's land ...all conditions are same as adverse possession, the taxes are still being paid by the property owner. Prescription is not trying to get ownership of land, just the use. |
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Term
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Definition
| Gift by its owner for some public use... Must be authorized by public officials. Can be Voluntary or Mandated by State. |
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Term
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Definition
| Right to ownership of land and the evidence of that ownership. 6 ways of holding title. |
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Term
| Six ways of holing title (Seven) |
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Definition
1. Severalty
2. Tenancy in Common
3. Joint Tenancy
4. Tenancy in parternship
5. Community Property (Fermanian doesn't really use this one)
6. Community Property (with right of survivorship)
7. (added from class, not it's own section in book) limited partnership |
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Term
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Definition
| Sole Ownernship. One individual owner or corporation. |
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Term
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Definition
| Unity of possession. When two or more people own property together with the right to will or sell it (but no survivorship rights).. most of the time equal interest in property. All tenants of UNITY OF POSSESSION (right to occupy). Owners can sell their share. If one of the owners dies, his heirs inherit his interest in property. |
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Term
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Definition
| Right of survivorship included. When two or more ppl have identical interests in the whole property with the same right of possession and the right of survivorship. If one joint tenant dies, their interest gets divided evenly with surviving owners. CAN NEVER BE WILLED. There are four necessary unitities of joint tenancy.-- no probate (procedure to prove will) is needed, it automatically goes to other owners. |
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Term
| 4 Necessary unities of Joint Tenancy (TTIP) |
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Definition
Title-all owners are granted title by the same instrument.
Time-all owners obtain title at the same time.
Interest-All owners share equal interest
Possession-all owners have equal right of possession. |
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Term
| Tenancy in partnership (general partnership) |
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Definition
| tow or more people who are co-owners in a business, they share all profits and lossess and management responsibilities. All partners must agree is sales and transfers of property. If partner dies, it is inherited and they then have right in the partnership, but not in particular any property. |
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Term
| Tenancy in partnership (limited partnership) |
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Definition
| (is not it's own section in book, GF thinks it should be) It is a tax shelter consisting of one or more general partners and limited partners. The limited partner's losses are limited to the amount of his or her investment and they do not share in mgmt responsbilities. He only looses how much he puts in. |
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Term
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Definition
| (GF doesn't think this should be it's own section in the book, he's never even heard of it)-- All the property acquired by a husband and wife during marriage are community property. Shared equally. Both must sign all documents. Wages earned in marriage are considered comm. property. Property acquired before the marriage may remain separate property. |
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Term
| Community property with right of survivorship |
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Definition
| Transfers ownership to the spouse at death, with income tax benefits. Probate not necessary. |
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Term
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Definition
| legal process of making an instrument an official part of the record of a county after it has been acknowledged. Recording gives CONSTRUCTIVE NOTICE. |
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Term
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Definition
| Notice of documents presumed by law to have been acquired by a person whether or not they have actually examined them. It can be accomplished by recording a deed or taking possession of the property. |
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Term
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Definition
| Knowing (or one's responsiblity for knowing) that a transation has taken place. |
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Term
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Definition
| A signed or verbal statement by the named person that he/she has signed that document of his/her own free will. Acknowledgement must be performed in the presence of a witness.. Notary Public. |
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Term
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Definition
| Oath or affirmation made before a notary public that the content of an instrument is true. |
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