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Definition
| Compass direction to the next marker or monument |
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Term
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| map of a subdivision or municipality that includes a metes and bounds description for every piece of real estate |
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| Government Rectangular Survey |
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| System of describing real property used primarily in areas of the United States west of the Mississippi River |
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Definition
| imaginary parallel lines running from the North Pole to the South Pole |
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Definition
| imaginary lines prependicular to lines of longitude, circiling the globe from east to west |
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| imaginary lines that run north and south like longitudes |
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Definition
| imaginary lines that run east and west, parrallel to latitude lines |
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| basic united division, which represents 24 square miles defined by a principal meridian and base line |
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Definition
| the result of dividing a range into four 6-square-mil units |
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| 6- square-mile township divided into 36 lots are 1 square mile each |
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Definition
| method of volunatry transfer of real roperty |
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Definition
| transfer of owership determine by a particular set of facts adn the law that governs |
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Definition
| right of someone to receive a deceased person's real and personal property |
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Definition
| form of joint ownership reserved for married parties |
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Term
| joint tnenats with right of survivorship |
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Definition
| form of ownership where two or more entities own real estate, hving taken title at the same time, from the same grantro, and with equal interests, having specfically stated their intention to take title with the right of survivorship |
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Term
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Definition
| form of ownership where two or more parties down the real estate without any right of survivorship |
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Term
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Definition
| Statutory scheme that determines who will inherit someone's property if there is no will |
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Term
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Definition
| voluntary transfer of property without consideration |
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Definition
| the owner and giver of a gift |
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Term
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Definition
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Term
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Definition
| gift that is given while someone is alive |
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| a written document that disposes of all property, real and persona owned by someone at the time of death |
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Definition
| the transfer for good and valuable consideratin, sually the sale price |
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Term
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Definition
| right of the government to take private property for uses that will benefit the general public |
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Term
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Definition
| eminant domain legal proceeding which determins a location or parcel or land would be a suitable location for a use that will benefit the health, safety, or general welfare of the citizenry |
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Term
| fair value or just compensation |
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Definition
| The compensation assigned to a parcel of land acquired through condmenation proceedings, it can include fiar market value plus compensation for additinal losses related to being forced to relocate |
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Term
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Definition
| represents whata wiling buyer will pay a willing seller in an arms-length to purchase the real estate |
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Term
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Definition
| condemnation of an entire proprety |
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Term
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Definition
| an involuntary taking of ownership of another's land, without a deed |
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Term
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Definition
| the process by which a mortagee (lender_ terminates the interest of hte mortgagor (borrower) in rel property |
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Term
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Definition
| fails to meet any of the obligations under the terms of the mortgage loan agreement |
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Term
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Definition
| gives the mortgagee the right to declare the entire loan amount due immediately because the mortgagor is in default on the loan |
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Term
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Definition
| the process by which mortgaged proeprly is sold under the supervision of a court |
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Term
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Definition
| partners who have claim, such as a second mortgage, and who are notified and included in the foreclosure action, whose interest may be extinguished |
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Term
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Definition
| A claim against the mortgagor for the balance of the mortgage debt that was now receovered by the lender through the foreclosure sale |
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Term
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Definition
| a rule that requires a deficiency action be brought at the same time as the mortgage foreclosure action |
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Term
| redemption or the equity right of redemption |
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Definition
| right of the mortgagor to recover the property after default by paying the outstanding debt |
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Term
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Definition
| state's law allowing the mortgagor a window of time to buy back the foreclosed property, usually by paying the sale price. |
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