Estates & Interests, Liens & Easements, Deeds & Restrictions

Question 1

abstract of title

Answer 1

a report based on what was found in a title search

Question 2

title search

Answer 2

an investigation of the legal records concerning the title to a property

Question 3

acknowledgement

Answer 3

in a deed, an indication that shows proof of witnessing the signature of the grantor

Question 4

adverse possession

Answer 4

the claim of ownership of one person’s property by another based on how the encroaching person is using it and the length of time involved.

Question 5

appurtenant easement

Answer 5

an easement that benefits a neighboring property

Question 6

attorney’s opinion of title

Answer 6

a report prepared by an attorney after examining the abstract of title

Question 7

bargain and sale deed

Answer 7

a deed that provides no warranties unless specifically inserted, in which case it is referred to as a bargain and sale deed with covenant against grantor’s acts. Title by the grantor is implied.

Question 8

beneficiary

Answer 8

in a trust arrangement, the person on behalf of whom a property is administered by a trustee. In a mortgage loan situation, the lender who will receive the deed from the trustee in the event of a default.

Question 9

bundle of rights

Answer 9

the theory of ownership of land that incorporates the idea that various rights in the land can be separated, such as separating ownership and possession, by leasing the property

Question 10

certificate of title

Answer 10

an opinion about the validity of the title without a guarantee of title

Internet: Generally, a certificate of title is a state-issued document that proves ownership of property. Certificates of title can be used for both real property (land) and personal property (possessions). The certificate will generally contain the property owner’s name and address, as well as some identifying features of the piece of property, such as a vehicle’s license plate number or the address or location of a piece of land.

However, sometimes the property is encumbered, meaning that someone else may have potential rights to the property (for instance, if another party holds a mortgage on the property or lien on a vehicle). If this is the case, the certificate of title will list such encumbrances as well.

Question 11

co-ownership

Answer 11

a situation where more than one person owns the same piece of real estate

Question 12

codicil

Answer 12

an addition or change to an existing will made by the person for whom the will is written

Internet: New York Estates Powers & Trusts Law defines a codicil as a supplement to a will, either adding to, taking from or altering its provisions or confirming it in whole or in part by republication, but not totally revoking such will (EPTL § 1-2.1).

Question 13

consideration clause

Answer 13

the mandatory words in a deed that indicate that something of value is being received in exchange for the title to the property

Question 14

curtesy

Answer 14

a legal life estate in which the husband is entitled to a portion of real property that is owned by his wife after her death, even if she leaves it to someone else in her will

Question 15

dedication

Answer 15

the voluntary transfer of ownership of property from an individual to the government without payment

Question 16

deed

Answer 16

the document that transfers title (ownership) to property from one person to another

Question 17

deed in lieu of foreclosure

Answer 17

a deed signed by the owner giving the property to the lender to avoid foreclosure

Question 18

deed restriction

Answer 18

a limitation on the use of property that appears in the deed, put there by one owner, and which will affect all future owners unless there is an expiration time limit

Question 19

devise

Answer 19

the gift of real property as stated in a will

Question 20

devisee

Answer 20

the person named in a will who will receive the title to the real property

Question 21

dominant tenement

Answer 21

as it applies to an easement, the person or property that receives the benefit of the easement

Question 22

easement

Answer 22

the right of a person or entity to use someone else’s property for their own benefit

Question 23

easement by necessity

Answer 23

a court-ordered easement usually associated with gaining access to a property

Question 24

easement by prescription

Answer 24

an easement that is created by the actions of one person against the interests of another person; when someone acquires usage rights by using your property without your permission for many years.

Question 25

easement in gross

Answer 25

a type of easement that benefits another person rather than a property — for example, a utility company easement

An easement in gross is a type of easement that gives a person the right to use a parcel of land owned by someone else. … Think of it this way: easements in gross attach to a person, easements appurtenant attach to the land

Question 26

encroachment

Answer 26

the unauthorized or illegal use of someone’s property by another person

Question 27

encumbrance

Answer 27

a right or interest in a piece of real estate that belongs to someone other than the property owner. This may be either a financial claim or a limitation on use.

Question 28

equitable title

Answer 28

a title that gives the holder the right to the transfer of title when all the conditions of a contract are met