Vocabulary E Flashcards
Earnest money
Cash deposit that commonly accompanied an offer to purchase.
Note: it’s basically a way for the offeror to show that he intends to buy the property
Easement
Limited rights in the use of land of another, which may be voluntary or involuntary conveyed.
It’s an encumbrance to land.
Easement, conveying by condemnation
It must be necessary for public purpose.
When government takes land around or in private property, the govt must compensate the land owners for any loss of property value
Easement, CONVEYED BY EXPRESS GRANTS
It must be conveyed in writing, usually through a Deed, with a description of easement and subject property that is signed, acknowledged and recorded.
Easement, conveyed by express reservation
Sellers may retain an easement upon transferring property to another, which conveys and easement be express reservation
Easement, CONVEYING BY IMPLICATION
It doesn’t have to be in writing, and it arises where a large parcel of land is divided into smaller parcels, that use requiring the easement existed before the land was divided, and the easement is reasonably necessary
Note: it may arise by implication from the acts of both parties
Easement, CONVEYED BY NECESSITY
It’s may arise by necessity only when a particular use is strictly necessary, despite any express grants or reservations
Easement, CONVEYING BY DESCRIPTION
It’s a right acquired by the adverse use, or a user that is using the land of another without permission and in conflict with the owner’s interests.
Easement appurtenant
Limited rights of one land owner to use the adjoining land of another for a specific purpose.
Easement in gross
Limited rights for one person to use the land of another. Easement in gross are property rights held by a specific person
Economic life
Estimated time period which an improvement yields a return over and over which is attributed to land
Effective Gross income
The actual rental income received after deducting any rental losses and vacancies
Eminent domain
The right of government (both state and federal) to take ownership of private property as long as it is taken for a legitimate public use and just compensation is payed to its owner
Encroachment
Unauthorized physical intrusion that encumbered the land of another. It’s a trespass if it encroaches on the land (fence or driveway), and is a nuisance and violates a neighbors airspace
Encumbrance
Interest in land held or asserted by someone other than the landowner, which may diminish its value.
Note: they should be noted in a Deed or public record
