all vocab

or rule

giver: mortgagor, lender , vendor

ee rule

reciever: mortgagee, lendee, vendee

bundle of rights

right that come with the ownership of property

real property

runs with the land generally immovable

personal property

movable

chattel real

personal property ex) dogs

fixture

an item that was attached/ installed becomes part of the property and is no longer personal property such as a cieling fan

trade fixture

business property/ personal property

riparian rights

rights the a moving body of water such as a river

littoral rights

rights to a still body of water such as a lake

Acreation

increase in the size of the property

avulsion

The sudden tearing away of land.

Reliction

Water recedes and dry land appears.

Appurtance

Something that belongs to property and passes with property, but need not be attached to it. ex) trees, mineral , oil, easments

freehold estate

Unlimited in duration/ownership

Fee Simple Estate

absolute ownership , not free from all encumberances

Fee Simple Defeasible

condition that can cause loss of title

life estate

estate based on the life of someone

holder of the life estate

entitled to use the property that is held in a life estate

estate in reversion

held by the grantor of the original conveyance

less than freehold estate

limited in duration (opposite of freehold)

estate for years

Estate from period to period.. lease ending date is specified from the beginning

periodic tenancy

From period to period / month to month / week to week. no specific ending date

estate at will

end at any time

estate at sufferance

tenant stays after lease expires. the landlord is suffering

lease

a kind of encumberance/ personal property

percentage lease

a flat rent plus a percentage of the revenue made on the property

net lease

triple net lease. insurance, taxes, maintnance

gross lease

set free: could have maintnance, utilities, taxes but varies from contract to contract

sandwich lease

sublet aka the lessor is also the lessee

subleases

sandwich lease

Tenant Improvement Allowance

landlord agrees to reimburse the tenant for all or a portion of the funds used to improve the property

abandonment

the owner voluntarily relieves themselves of the property posession an ownership

assignment

the person who is the "assignor" transfers rights, property or other benefits to another known as the assignee

surrender

to give up ownership

constructive eviction

landlord either does something or fails to do something that is thier legal duty to fullfill

estoppel statement

Signed statement by the party certifying for another's benefit that certain facts are correct. It defines each parties responsibilities in a commercial lease

deeds

Evidence of transfer

a quitclaim deed

imidiate transfer of ownership

warranty deed

grantor guaranteed that he or she will hold clear title and has right to sell

special warranty deed

the previous owners guarantee clear title during thier ownership

general warranty deed

guarantees clear title for the life of the property

title

proof of ownership

legal title

right to sell

equitable title

right of possesion and the right to gain equity

equity

the difference between what you owe on your mortgage and what your home is currently worth

chain of title

history of previous owners/ encumberances/ conveyances

abstract of title

summary of title

cloud on title

defect in the title such as a single married woman or misspelled adress

alienation of title

voluntary act if owner disposing of the property

title insurance

insures against defects in the title

severalty

only one person is in ownership of the property

concurrent estate

more than one person owns

joint tenancy

right of survivorship TTIP ( time , title , interest and possession )

tenancy in common

unity of posession, no right of survivorship

encumberances

something that limits a property such as a mortgage

easement

the right to cross another person's land

dominant tenement

Property with the right of crossing

Servient Tenement

the property that is encumbered. there to serve the dominant tenement

Easement by Prescription

implies easement granted after the dominant tenement has used the property in an open hostile and continuous open manner for a statutory prescribes years

Appurtenant Easement

easement that transfers with the transfer of title

easement in gross

no dominant tenement

government powers

PETE - Police Power, Escheat, Taxation, Eminent Domain

police power

Regulations implemented for public health, safety and general welfare

zoning

codes and uses for buildings

building codes

building codes of rules that specify the standards for construction. building codes is a police power

r3

multii family residential use

variance

exception to the rule

down zoning

commercial to residential

nonconforming use

old zoning rules that still apply to some areas and some people still live by them

grandfather clause

old zoning rule

Escheat

property goes to the state if person dies with no will or hier

intestate

dying without a will

testate

to die with a valid will

holographic will

entirely handwritten will

probate

process of allocating desceased persons assets

1031 Tax Deferred Exchange

like kind 45 to identify 180 days to close

boot

cash or other property added to an exchange to make the value equal

ad valorem

according to value

eminent domain

Power of a government to take private property for public use.

condemnation

process of private propery bieng taken for public use and bieng paid only compensation

Inverse Condemnation

suing the government for not paying compensation after eminent domain

encroachment

a property line crosses onto another property

liens

Owe money. Private restrictions and easements are not liens

general liens

can take all property ex. income tax, judgement lien

specific liens

Can take a specific property ex. Mortgage, property tax

voluntary lien

A lien created by the borrower's choice - taking out a mortgage or home improvement loan

Involuntary Lien

involuntary encumberance put on your house ex) mortgages on your house

mechanics lien

security interest in the properties title for the benefit of those who have provided materials or labor in order to improve a property

judgment lien

Court ordered debt

lis pendis

lawsuit pending

injunction

stop

constructive notice

a person or entity should have knows as a reasonable person would have

actual notice

To give legally sufficient assurance that actual knowledge of the matter has been conveyed

acknowledgement

authenticate legal instruments, which may give the instrument legal validity

escrow

neutral 3rd party

a debit

you owe money

a credit

you are given money

short rate

penalty method of calculating return premium of an insurance policy

RESPA

disclosures of settlement costs and to eliminate abusive practices