Real Estate Law and Property Ownership Flashcards

Vocabulary flashcards based on the lecture transcript regarding real estate legal structures, property ownership forms, easements, and purchase contracts.

Lien

A legal claim placed on a property or asset by a creditor to secure the repayment of a debt (in this case a judgement).

Judgement

A legal ruling that states who wins, who loses, and what must be done next (in this case payment).

Reporter of Deeds

The location where a judgement is recorded if a lien is placed on a house.

General Warranty

A deed type that defends the buyer against title claims on the property from any point of the property's history.

Special Warranty

A deed type that defends the buyer against title claims arising from the prior owner's period of ownership.

Quit Claim

A deed type that transfers ownership without any stipulations.

Suis Juri

An individual recognized as legally competent under the law, which must be included on every deed.

Acknowledgement

A confirmation by a notary that the person signing a deed was properly identified and signed voluntarily.

Valuable Consideration

Something of value given by one party to another in a transaction.

Legal Description

The official manner in which the county records the specific location of a property.

Absolute title / Fee Simple

Complete, formal, and permanent ownership of a property for an individual.

Tenancy in Common

A form of ownership by 1 or more people that can be dissolved by mutual agreement or through separate appraisals and a partition lawsuit.

Joint Tenancy

A form of property ownership where each tenant obtains interest at the same time, holds an equal share (e.g., $25\%$), shares unity of title, and possesses equal rights to the entire property.

Tenancy by the Entireties

A form of joint ownership specific to a married couple where both individuals are recognized under the law as one single entity.

Dominant estate

The property or holder that holds the right to use another's land for an agreed purpose without owning it.

Servient estate

The property that bears the burden of allowing the dominant estate holder to use or pass through the land.

Zoning

Land use regulations required to construct properties or to subdivide and merge separate building sections into one.

Condominium regime

A legal structure granting individual, separate ownership of a specific unit coupled with shared common areas.

Cross-Parking Easement

A shared legal agreement allowing vehicles or pedestrians to move directly between adjacent properties.

Easement by Prescription

An easement acquired through long-term, visible, unauthorized use of another's property rather than through a formal written agreement.

Adverse Possession

Gaining legal ownership of land without purchasing it, by occupying it openly, hostilly, exclusively, and notoriously for a required number of years.

Easement by Necessity

The legal right of a landlocked property owner to cross another's driveway to reach a public road.

Pertinent Easement

An easement created specifically to serve neighboring buildings.

Merger

The extinguishment of an easement when two adjacent parcels with cross-easements come under single ownership, requiring a new easement if sold to a third party.

Statute to Fraud

A rule established in 1667 requiring every real estate contract, sale, or usage agreement to be in writing to be legally enforceable.

Letter of Intent

A concise agreement between two parties stating their intention to purchase a property provided no major negative details are uncovered.

Provision survives closing

A clause in an agreement of sale specifying that particular rights, obligations, representations, or warranties remain legally enforceable after closing.

Limited Partnership

A partnership structure where limited partners have no personal liability beyond their investment interest in the business.

General Partnership

A partnership structure that typically operates or develops property and shares full ownership, profits, and liabilities.

Due Diligence Period

A designated timeframe during a real estate transaction to conduct official inspections, review documentation, check tenant estoppels, and confirm financing.

Estoppel

A legal principle preventing a party from breaking a promise, used in due diligence to verify details such as rent rolls, lease lengths, and lease amounts.

AS-IS, WHERE-IS

A purchase condition where the buyer accepts the property in its present physical state and location without seller warranties on existing conditions.