REAL ESTATE CH 3

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These flashcards cover key vocabulary related to conveying real property interests, including essential concepts, definitions, and legal principles that are critical for understanding the subject.

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65 Terms

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Real Property

A complex bundle of rights connected to land.

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Bundle of Rights

The various rights associated with ownership of real property.

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Grantor

The person or entity that conveys real property.

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Grantee

The recipient of real property.

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Deed

A special, written contract to convey a permanent interest in real property.

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Fee Simple Absolute

The highest form of property ownership with no limitations.

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Life Estate

A property interest for the life of a specified individual.

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Covenant

Legally binding promises in a deed.

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Habendum Clause

Defines the interest being conveyed in a deed.

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Chain of Title

The sequence of conveyances from the original owner to the current owner.

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Title Insurance

Insurance that protects against loss from defects in a title.

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Doctrine of Constructive Notice

Legal principle that implies parties are responsible for knowing certain information.

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Recital of Consideration

Statement that details what has been exchanged in the transaction.

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Covenant of Seizen

Promise that the grantor has good title and the right to convey it.

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Covenant Against Encumbrances

Promise that there are no undisclosed encumbrances on the property.

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Covenant of Quiet Enjoyment

Promise that the grantee will not be disturbed in their possession.

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Evidence of Title

Documentation proving ownership of property.

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Marketable Title

A claim considered free from reasonable doubt.

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Metes and Bounds

A method of describing land using boundaries and distances.

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Plat Map

A map used to describe property in urban areas with blocks and lots.

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Government Rectangular Survey

A system for describing land uses baseline and meridian references.

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Adverse Possession

A method of acquiring title by continuous possession without the owner's permission.

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Easement by Prescription

An easement established through continuous and uninterrupted use.

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Grantor's Signature

Required signature by the person conveying property in a deed.

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Acknowledgment

Confirmation that the grantor acted voluntarily.

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Delivery

Observable act indicating intent to transfer a deed to the grantee.

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Public Records

Official documents that provide evidence of title.

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Statute of Frauds

Legal requirement that certain contracts be in writing to be enforceable.

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Actual Notice

Knowledge obtained by direct observation.

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Title Search

The process of reviewing public records to establish a chain of title.

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Deed Restrictions

Limitations placed on the use of property in a deed.

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Exceptions Clause

Clause in a deed that lists specific rights not conveyed.

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Reservation Clause

Clause that retains specific rights in a property for the grantor.

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Boundary Errors

Mistakes in property boundary descriptions that can lead to legal disputes.

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Voluntary Conveyance

Transfer of property rights through mutual agreement.

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Involuntary Conveyance

Transfer of property rights through legal means without the owner's consent.

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Covenants in Deeds

Promises made by the grantor about the property.

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Quitclaim Deed

A deed that conveys whatever interest the grantor has without warranties.

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Special Warranty Deed

A deed that warrants title only during the grantor's period of ownership.

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General Warranty Deed

A deed that provides the highest level of protection to the grantee.

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Implied Easement

A right of use not expressly granted but inferred from the circumstances.

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Easement by Necessity

An easement created when land is landlocked.

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Action of Water

Changes in land ownership due to natural processes like erosion.

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Accretion

The gradual addition of land from natural causes, such as sediment deposits.

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Reliction

The process by which land is exposed as water recedes, adding land to property.

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Statute of Limitations

The time period within which legal action can be taken.

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Notarization

The act of having a document officially certified by a notary public.

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Land Descriptions

The detailed specifications of a property's boundaries.

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Trustee

An individual or organization that holds property in trust for the benefit of another.

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Conveyance

The act of transferring property from one person to another.

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Residential Squatting

The act of occupying an abandoned or unoccupied property without legal permission.

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Immediate Removal of Squatters

Legal process allowing property owners to remove squatters quickly.

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Florida HB 621

Legislation aimed at streamlining the process of dealing with squatters.

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Legal Description

A precise way of describing a piece of property generally using the metes and bounds system.

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Property Survey

An inspection that determines the boundaries and area of a property.

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Parcel Number

A unique identifier assigned to a parcel of land.

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Easement

A right to use another person's land for a specific purpose.

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Legally Competent

The ability to enter into a legally binding contract.

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Title Claim

A formal assertion of ownership over property.

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Lot and Block Number

A method of describing property in subdivisions using a numbered lot on a map.

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Deed of Bargain and Sale

A deed that implies ownership but offers no guarantees.

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Notorious Use

Public and observable use of land that can lead to an easement by prescription.

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Ownership History

The record of all previous ownership of a property.

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Legal Age

The age established by law at which a person can engage in contracts.

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Boundary Description Faults

Errors in defining the measurable confines of a property.