escheat
Reversion of property to the state in the absence of legal heirs or claimants
Define
adverse possession
possession of real property without consent of the owner that can result in acquiring tittle after a period of prescribed years upon compliance with requirements of statutes
Define
ancillary administration
an auxiliary administration of a decedent’s estate in a state other than the state of the decedent’s domicile
Define
chose in action
a right not reduced to possession by recoverable by a lawsuit (wages)
Define
codicil
an amendment to a last will and testament
Define
deed of trust
a deed by which a borrower conveys legal title to real estate to a trustee who holds title as security for a lender
Define
easements
a rights of use over the property of another. Frequently refers to right-of-way across privately owned land.
Define
eminent domain
the power of government or of individuals and corporations authorized to perform public functions, to take private property for public use. 5th Amendment requires just compensation
Define
heirs
persons entitled to succeed to the property of a decedent who died intestate
Define
intangible personal property
property with no tangible value, such as bonds, promissory notes or stock certificates
Define
intestate
without a will
Define
joint tenants with right of survivorship
a form of property ownership whereby upon death of one party, that party’s interest in the property becomes the property of the surviving joint tenants
Define
personal representative
one who administers an estate, sometimes known as an executor of a testate estate or an administrator of an intestate estate
Define
probate
the judicial determination of the validity of a will
Define
quitclaim deed
a legal conveyance by a grantor to a grantee of an interest, in any, the grantor has in land described in the deed
Define
restrictive covenants
agreements among property holders restricting the use of property or prohibiting the rental or sale of it to certain parties
Define
tangible personal property
property that has physical form and substance and value in itself
Define
tenants in common
a form of ownership of property whereby each tenant in common owns an undivided interest in the property
Define
testator/testatrix
a person who executes a last will and testament
Define
trust
a legal relationship created when a party known as the grantor or settlor transfers legal title to assets to a second party known as the trustee for the benefit of a third party known as the beneficiary
Define
trustee
one who holds legal title to assets transferred by a grantor or settlor to be held and administered for the benefit of a third-party beneficiary
Define
warranty deed
a deed from a grantor conveying an interest in real property to the grantee with various covenants, including the grantor’s warranty defend the title to the property conveyed
Define
will
an expression (in most instances written) that makes known the intent of the signer (testator) as to the disposition of his or her property. Also the last will and testament
holographic will
a handwritten will that, in many jurisdictions, does not require witnesses
trust corpus
all the property transferred to a trust
