Untitled Flashcards Set

Eminent domain

Government steps in and takes land.

Deed

The big document that transfers title of land.

Real estate commission

Refers to realtors, agents, and brokers.

Power of attorney

allows wife to sign on behalf of someone.

Notary republic

Requires in-person signing.

Inter vivos

Trust that operates while the person is alive.

Fee simple

Ownership rights that extend up to the moon and down into the earth.

Chattel

Personal property or things that you own.

Acre

43,560 square feet of land.

Joint tenancy with the right of survivorship

Ownership arrangement where property goes to surviving co-owners.

Recorder's office

Where all building records must be recorded.

Valuable consideration

Price, value, and money involved in a transaction.

Earnest Money

Good faith money, showing agreement between buyer and seller.

Liquidating

Another term for earnest money.

Option contract

Agreement that allows one party (the buyer) to walk away.

Real estate license

Not required for everyone in the industry.

As is

Sale condition meaning no changes will be made.

Community property

Property owned by married couples.

Chain of title

Record of everyone who has ever owned a property.

Real estate contract

Must be signed to be valid.

Seisin

Ownership or the right to the title.

Bundle of rights

Includes air rights, surface rights, subsurface rights.

Accretion

Land gradually added to a parcel through water action or settled land.