PA Real Estate Terms/Definitions

Right of Survivorship

When the surviving co-owner(s) will own the property if a joint tenant dies

Joint Tenancy

Co-ownership where there is equal interest that requires unity of time, title, interest, and possession.

Tenancy by the Entirety

Co-ownership only available to married couples; includes survivorship rights.

Tenancy in Common

Co-ownership where each person/party is entitled to possession of the whole. (Usually inheritable)

Estate in Severalty

When one person owns the property and all other interests are severed.

Cloud on the Title

When owners are unable to pay their mortgage; assuming they most likely haven't paid their property taxes, liens or other bills. This results in foreclosure.

Deed in Trust w Example

Conveys real estate to a trustee on behalf of the beneficiary.

- Deeds is given to a trustee who holds it until the mortgage is paid in full OR the borrower defaults and lender forecloses. (ONLY IN STATES THAT USE NON-JUDICIAL FORE. PROCESSES)

Executor Deed

A court-ordered deed that conveys property from a decedent's estate.

Quitclaim Deed

Releases grantor's property rights to the grantee. Used to clear up cloud on title.

Referee Deed

Used to convey foreclosed property or property sold for tax liens.

Estate at Sufferance

When a holdover tenant didn't leave when the lease expired.

Estate at Will

Lease without an ending date that can be terminated by any party

Estate for Years

An estate for a specific period of time (1 year or 6 month leases)

Covenant of Seisin

Seller/grantor promises they own the property their selling

Covenant of Right to Convey

Seller/grantor has legal right to convey property to the buyer.

Covenant Against Encumbrances

Seller/grantor promises there are no hidden problems with the property (unpaid mortgages, liens, easements not previously mentioned)

Covenant of Quiet Enjoyment

Seller/grantor assures the buyer that no one will disrupt the use and enjoyment of their (soon-to-be) new property.

Covenant of Further Assurance

Seller/grantor is required to take any steps to defend the new owner and title from any issues or defects that come up in the future.

Covenant of Warranty

Seller/grantor defends title against all lawful claims

Adverse Possession

When someone claims ownership of a property by using it as their own for an extended period of time.

Court-Ordered Partitioning

The legal action taken when tenants in common cannot agree on how to divide a property up.

Escheat

When the state takes a property after the owner dies intestate and no heirs/creditors exist.

Eminent Domain

When the government takes private (your own land) for public use.

Probate

Refers to the legal process of transferring ownership of a property after their death.

Periodic Estate (aka Estate for Months)

When the lease is automatically renewed at the end of its term. (month to month)