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Title

Title

ownership

bill of sale

personal property

severalty

one owner

concurrent

more than 2 owners

allodial

system of ownership (real property)

ambulatory

change the will

Joint Tenancy

equal shares, TTIP, don't need permission to sale, cant will it, at death it goes to the other owner

tenance in common

two or more owners, unequal shares, separate titles ,at death goes to the heirs /estate

community property/entities

husband and wife - undivided shares- death, divorce, agreement will terminate

short-rate

HOI

Sublease

possession not ownership

coinsurance clause

Homeowners' insurance policy requires fire insurance to 80% replacement cost of the dwelling (excludes the land).

Suit to partition

court order to sell or divide ownership

Less than Freehold Estate

a limited period of time

estate of years

possession for a limited time (summer rentals) no need to notice to terminate

estate at will

ends at any moment

periodic tenancy

month to month; week-to-weeek

estate of sufference

stays after their rights expired

4 government powers

P.E.T.E: Police power, eminent domain, taxation, escheat

police power

state power to enact laws promoting health, safety, and morals

escheat

goes to the government without no heirs

taxation

taxes

emient domain

take property for public use

involuntary liens

taxes, assessments, mech leins, mortages

voluntary liens

judgement, property tax, income tax

Easement Appurtenant

An easement created to benefit adjacent land.

tenancy of years

ends at a period of time

common elements

common areas /condo

real property

land and immovable land

personal property

movable items (chattle)

severance

real to personal

annexation

attaching an item to property

easement in gross

utilities (personal and corp.); doesnt transfer at sell

Easement by Prescription

OCEAN- 20 years

estate of inheritance

indefinite duration

life estate

own for someones life

freehold estate

fee estate, fee simple defeasible, life estate

fee simple

The greatest possible interest a person can have in real estate.

fee simple defeasible

owe but their is a restrictions

equitable title

presented right of possession

emblements

Crops. Fructus industriales/personal property

consumer price index

commercial leases

zoning ordiance

is to promote safety, public health, morals, and general welfare

gross lease

flat rate

percentage lease

based on income

net lease

pay insurance, taxes

sale and lease back

lease it back to seller at the time of title passes

graduated rental lease

starts an agreed upon payment, increases at set intervals as the lease terms

proprietary lease

co-ops- personal property interest

value

Scarcity, Transferability, Utility, Demand

expressed contracts

written or verbal agreements

implied contract

A contract that comes about simply from actions of the parties.

unilateral

1 party; listing agreement

bilateral

2 promises/party

valid and enforceable

A contract containing all the essential elements, including being in writing

Essentials of a valid contract

Mutual consent, lawful object, consideration, capable parties

void contract

missing an element

voidable contract

A contract that may be legally avoided at the option of one or both of the parties.

Unenforceable Contract

a contract for the breach of which the law provides no remedy

default

breach in contract

Liquidated Damages

Anticipated damages agreed upon prior to contract being signed. (earnest money)

Punitive Damages

punished by the court

compensatory damages

economic loss/court

Suit of Performance

court order to perform

termination of contract

mother-nature, death of principals, death of broker, mutual agreement, bankruptcy/foreclosure

rescession

cancle

time of the essence

bind one party to perform at a time limit

contingency

something has to happened before purchasing

amendment

change with mutual agreeemnt

Addenda/addendum

Additions to terms of the contract

Net Listing

broker keeps everything above a certain figure

Open Listing

pay broker who brought the buyer, seller sells = no commission, multiple brokers

exclusive agency listing

pay broker (1) that finds buyer; owner sells= no commsion, prove that you brought the buyer

exclusive right to sell

broker gets paid no matter who sells it, one firm brough the buyer

offers can be ... (seller point of view)

accepted, rejected, do nothing, counteroffer

withdrawal of offer

until time of acceptance by seller

executory period

have tasks to complete

executed period

all promises have been fulfilled

procurring cause

person who brings about a sale

Sherman Antitrust Act (1890)

price fixing, boycotting

deed

legal document used to transfer ownership of real property (receipt)

option contract

unilateral, seller is obligated to sell; buyer has the option to buy

land contract

agreement under which buyer pays in installments and waits for deed; seller holds title and buyer gets equitable title

Non-Exclusive Buyer Agency Agreement

A type of buyer agency in which the buyer is free to utilize other buyer agents and is not obligated to just one agent. This is the type of buyer agency that would exist if the agency agreement is not reduced to writing.

Exclusive buyer agency agreement

buyer must compensate no matter what.

due dilligence objective

detect problems; money goes to the seller

earnest money

trust account within 3 days

cancel contract before due diligence date

seller keeps dd, earnest money goes to the buyer

cancel contract after due diligence date

seller keeps both dd and earnest money

settlement

signs documnets

settlement date

when everything was signed

bundle of rights

(DEEPC) Disposition Exclusion Enjoyment Possession Control

deed must be

delivered and accpeted

metes and bounds

point of beginning, always clockwise

Recorded plat of subdivision

lot and block

rectangular survey system

Also called the Public Land Survey, the system was used by the US Land Office Survey to parcel land west of the Appalachian Mountains. The system divides land into a series of rectangular parcels.

Words of Conveyance

type of deed, how they plan to take title

recording of deed

gives constructive notice of the ownership of real property

actual notice

direct knowledge

can't transfer ownership with clouds until you...

quiet title claim