principles and practices Flashcards
A person, other than the grantor, who has a future interest in the estate when a life estate ends.
Remainderman
refers to someone to died without making a will
intestate
when title to property is transferred during the owner’s lifetime without their consent
involuntary alination
a deed in which the grantor warrants title only against defects arising during the time they owned the property and not against defects arising before ownership. AKA Special Warranty deed
limited warranty deed/special warranty deed
a title that is free and clear from undisclosed encumbrances or other defects that would expose a purchaser to litigation or impede a purchasers ability to enjoy the property, required to be delivered by the seller to the purchaser at settlement.
Marketable title/Merchantable title
a deed that grants any interest in property that the grantor may have without making any promises, including the promise that the grantor has any interest in the property being conveyed, often used to clear clouds on the title
quietclaim deed
when a body of water gradually recedes, exposing land that was previously under water.
Reliction
a lawsuit to determine who has title to a piece if property or to remove a cloud from the title.
Suit to quiet title/ quiet title action
Refers to someone who has died and left a will.
Testate
The actual, lawful ownership interest in a property; title is not a document but a concept.
Title
An insurance policy guaranteeing that title to property is good title and insuring the policyholder against loss or damages from defects in the title.
Title insurance
A measure of land area that is equal to _ , _ _ square feet. One square mile contains _ _ _ acres.
Acre
Main East-West line designated and named throughout the country for use with the rectangular survey system.
Baseline
Length x Width x Depth =____________
Cubic Feet
The dimension across the access side of a parcel of land. The access could be a road, railroad tracks, or water. When referring to lot size, frontage is the first number.
Frontage
Legal description for land referencing principal meridians and baselines designated throughout the country
Government survey system
Residential space that is finished, heated, and above grade. Garages, finished basements, and storage areas do not count.
Gross Living Area
A precise description of a specific piece of property; the most common systems are lot and block, metes and bounds, and rectangular (or government) survey.
Legal Description
The total length in feet around the perimeter. IE 20F x 30FT garden will take 100 __________ of fence. (20+20+30+30=100)
Linear Feet
A parcel of land; a parcel in a subdivision.
Lot
A type of legal description used for platted property. The description states only the property’s lot number and black number in a particular subdivision. To find the exact location of a property’s boundaries, one can consult the plat map for that subdivision at the county recorders office.
lot and block system
A legal description that starts at an easily identifiable point of beginning, the describes the property’s boundaries in terms if courses (compass directions) and distances, ultimately returning to the point of the beginning
metes and bound system
Any natural or manufactured marker used to establish lines and boundaries in a metes and bounds survey. AKA marker
Monument
A detailed survey map of a subdivision, recorded in the county where the land is located. Subdivided property is often called ______ property. AKA a ______ map
Plat
