Title, Deeds and Ownership Restrictions Flashcards Preview

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Flashcards in Title, Deeds and Ownership Restrictions Deck (37)
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1
Q

Abstract of title

A

A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.

2
Q

Acknowledgment

A

A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act.

3
Q

Actual Notice

A

Express or implied knowledge of a fact.

4
Q

Adverse Possession

A

A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.

5
Q

Alienation

A

A conveyance of property from one person to another. An alienation clause in a contract gives the lender certain rights in the event of a sale or other transfer of a mortgaged property.

6
Q

Assignment

A

The transfer to another of any property in possession or in action, or of any estate or right therein. A transfer by a person of that person’s rights under a contract.

7
Q

Chain of Title

A

A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in the current owner.

8
Q

Condemnation

A

The act of taking private property for public use by a political subdivision upon payment to the owner of just compensation

9
Q

Construction Lien

A

A claim based on the principle of “unjust enrichment”; supports parties who have performed labor or delivered materials or supplies for the repair or building of an improvement to real property and have not received compensation.

10
Q

Construction Notice

A

Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.

11
Q

Deed

A

A written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee).

12
Q

Deed Restriction

A

Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.

13
Q

Easement

A

A right, privilege or interest limited to a specific purpose which one party has in the land of another.

14
Q

Eminent Domain

A

The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated.

15
Q

Encroachment

A

An unlawful intrusion onto another’s adjacent property by improvements to real property, e.g., a swimming pool built across a property line.

16
Q

Escheat

A

The reverting of property to the State when heirs capable of inheriting are lacking.

17
Q

Further Assistance

A

Additional help in the form of advice, support or financial aid.

18
Q

General Warranty Deed

A

An instrument of conveyance containing the strongest and most comprehensive promises of further assurance for a seller to convey to a buyer.

19
Q

Grantee

A

The party who receives a conveyance of real property; buyer.

20
Q

Granting Clause

A

The provision in a deed that specifies the names of the parties involved, the words of conveyance and a description of the property.

21
Q

Grantor

A

The person transferring title to, or interest in, real property; seller.

22
Q

Gross Lease

A

A lease of property in which the lessee pays a fixed rent and the lessor pays all of the expenses associated with the property.

23
Q

Ground Lease

A

A lease of land alone, sometimes secured by improvements placed on the land.

24
Q

Habendum Clause

A

The “to have and to hold” clause which may be found in a deed.

25
Q

Intestate

A

A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.

26
Q

Lien

A

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation.

27
Q

Net Lease

A

A lease, usually commercial, in which the tenant not only pays the rent for occupancy but also pays maintenance and operating expenses such as taxes, insurance, utilities and repairs.

28
Q

Percentage Lease

A

A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

29
Q

Police power

A

The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.

30
Q

Quiet Enjoyment

A

The right of an owner or lessee legally in possession of property to uninterrupted use of the property without interference from the former owner, lessee or any third party claiming superior title

31
Q

Quitclaim Deed

A

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.

32
Q

Seisin

A

A warranty, guarantee, or promise formally given in a legal document.

33
Q

Sublease

A

A lease given by a lessee.

34
Q

Testate

A

Having made a valid will before one dies.

35
Q

Title

A

Evidence of right of possession to land.

36
Q

Variable Lease

A

An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates.

37
Q

Warranty Forever

A

A provision in a deed guaranteeing that the seller will for all time defend the title and possession for the buyer.