Term
| Introduction to Transferring Real Property |
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Definition
| Transferring real property requires that the land be described with accuracy. Real proeprty can be trasnferred either voluntarily or involuntarily |
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Term
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Definition
| The legal description describes the property based on its boundary lines and distances or, incommon law terms, its metes and bounds. The accuract of hte legal descritption is critical. Only the actual parcel described is transferred. If the description is not accurate and part of the original parcel is not included, the portion mottieed is not transferred and remains in the ownership of the grantor. |
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Term
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Definition
| Chain of title refers to list of deeds transferring ownership of a parcel of land from one person to the next. |
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Term
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Definition
| A mounment is a natural or artifical object permanently affixed to the land, used as a marker along the boundaries of a property |
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Term
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Definition
| Metes and bounds are the distances and boundary lines of property starting from a designated marker or monument. |
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Term
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Definition
| A plat map is a map of a subdivision or munipaolity that includes a metes and bounds description for every piece of real estate, usually including a lot and block number or tax parcel number. |
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Term
| Government rectangular survey |
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Definition
| Government rectangular survey is a system of describing real property used primarily in areas of the United States west of the mississippi river |
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Term
| Voluntary Methods of Transfer |
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Definition
| The most common method of voluntary transfer of real property is the sale by an owner using a deed of cnveyance. |
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Term
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Definition
| Inheritance si the right of someone to receive a deceased person's real and personal property |
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Term
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Definition
| A gift is the voluntary transfer or property by the donot (owner) to the donee (the receipt of the gift). A gift is characterized by a lack of consideration; nothing is given in exchange for the time received. Gifts can be made duringsomeone's lifetime or at the time of death. |
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Term
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Definition
| Sale of real estate is the most common form of volunatry transfer or real estate. A sale is the transfer of real estate for good and valuable consideration, usually the sale price. |
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Term
| Involuntary methods of transfer |
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Definition
| The most common methods of involuntary transfer of real property are eminent domain, advers possession and foreclosure |
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Term
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Definition
| Eminent Domain is the right of the government to take private property for uses that will benefit the general public. The right belongs to the federal state, and local governments under the 5th amendment (the feds) and the 14 amendment (the states/local governments) and can be granted by the government to certain business and agencies that provide public services such as utility companies. |
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Term
Adverse Possession
(OCEANS)
How is it different than an easement by Prescription. |
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Definition
Adverse possession is an involuntary taking of ownership of another's land, without a deed. Adverse possession is granted follow a court proceeding tha confirms the transfer based n use by another party that is adverse to the interests of the land owener.
Easement by prescription is the same thing except it is the right to enter the property for a purpose. Think of someone who shortcuts through the land w/o the owner's permission.
O- Open
C- Continous
E- Exclusive
A- Adverse
N- Notorious
S- Statutotry period (usually 21 years) |
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Term
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Definition
| Foreclosure is the process by which a mortgagee (lender) terminates interst of the mortgagor (borrower) in real property. The mortgagee's right to do so arises when the mortgagor defaults- that is, fails to meet any of the obligations under the terms of the mortgage loan agreement. |
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