Cal Real Estate

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Author:
eisandoval
ID:
156586
Filename:
Cal Real Estate
Updated:
2012-06-15 20:57:27
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Chapter2
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Chapter2
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  1. Estates
    Is an interest, share, right or equity in real estate that varies from the minimal right of a renter to the maximum right of a full owner
  2. Freehold estates(Real Property)
    • 1. fee simple estates
    • 2. Life estates.
  3. Fee Simple
    Means an owner has transferred alll rights of a property to a new owner for an indefinite duration of time.
  4. Fee Simple Defeasible Estate
    Is a fee estate that is subject to particular limitations imposed by the grantor of the estate.
  5. Life Estate
    An ownership interest in real property that oly exists for the life of any designated person or persons.
  6. Estate in Reversion
    The party (grantor) granting a life estate.
  7. Less-than -Freehold Estates
    Personal rights to the use of real property for a period of time.
  8. Estate for Years
    A lease for a fixed period of time, agreed to in advance.
  9. Estate From Period-to-Period
    A renewable agreement to rent or lease a property for a period of time, where the rental or lease amount is fixed at an agreed to sum per week, month, or year. needs notice to terminate (30 days)
  10. Estate At Will
    A rental agreement that can be terminated by either party (lessor or lessee) at any time. ( not in Ca. need 30 day notice)
  11. Estate at Sufferance
    Occurs when the person renting or leasing a particular property remains after the expiration of the stated term without the landlord's consent.
  12. Tenancy at Sufferance
    Occurs when a tenant remains in the property after expiration of a lease without the owner's consent.
  13. Acquisition
    Means to acquire, buy or pull
  14. Alienation
    To transfer, sell, or push away
  15. Seven ways to Transfer
    • 1. Deed 2. Will
    • 3.Probate 4. Intestate Succession (no will)
    • 5.Accession 6. Occupancy
    • 7. Dedication
  16. Conveyance
    The document used to effect the transfer of title to property from one person to another.
  17. Deed
    A written instrument that conveys and evidences title.
  18. Grantor
    The person who grants property or property rights (seller)
  19. Grantee
    The person to whom the grant is made. (buyer)
  20. Grant Deed
    Document that transfers title ( evidence of property ownership), with the key word being "grant".
  21. Implied Warranties
    Because they are not expressed in writing, but are present.
  22. Quitclaim Deed
    Is a deed that conveys alll the present rights or interest that a person may have in a property, without any warranty, title, or interest.
  23. Cloud On Title
    A claim, encumbrance or condition that impairs the title to real property until disproved or eliminated, as, for example, through a quitclaim deed or a quiet title legal action.
  24. Quiet title Action
    A court proceeding to remove a cloud on title to real property.
  25. Valid Deed
    • A.Must be in writing.
    • b.The parties must be properly named and hve legal capacity.
    • c.Property must be adequately described.
    • d. There must be a granting clause. (action clause)
    • e. It must be signed by the granting party. (grantor)
  26. Manual Delivery
    A direct transfer of the deed from the grantor to the grantee.
  27. Delivery through Recording
    The act of putting the title of record in the grantee's name at the county recorder's office.
  28. Conditional Delivery
    Requires that a specific event take place before title can be passed, and must be handled by a disinterested third party.
  29. Revocable Living Trust 
    A trust that is effective during the life of owner,, rather than upon his or her death.
  30. Probte
    Is a superior Court procedure to determine a will's validity, any creditors' claims, and estavlish the identity of the beneficiaries. 
  31. Escheat
    Is the term used if there is no will and there are no heirs; the property will go to the state of California.
  32. Accession
    Occurs when an owner aquires title to additional land by natural casuses, that is additions to the property by natural growth
  33. Transfer by Occupancy
    • A. Abandonment
    • B. Adverse Possession
    • C. Prescription (by Use) 
  34. Adverse Possession
    Is axquireing title to another's property through continuous and notorious occupancy for five years under a claim of title. 
  35. Prescription
    An easemeent, or the right to use another's land which can be obtained through five years of continous use.
  36. Dedication
    The gift of land, by its owner, for some public use.
  37. Title 
    The right to ownership of land and the evidence of that ownership
  38. Vesting
    The placing of a person's name on the deed and the description of the method by which that person willhold title.
  39. Methods of Holding Title concurrently or in Severalty
    • 1.Severalty ( Sole Ownership)
    • 2. Tenancy in common
    • 3. Joint Tenancy
    • 4. Tenancy in partnership
    • 5. Community Property
    • 6.Community Property ( w/right of survivorship) 
  40. Severalty
    Is the sole and separate ownership of property by one individual or by a corporation./ sole ownership
  41. Corporation
    Is a body of persons treated by law as a single "legal Person, " having a personality and existence distinct from that of its shareholders.
  42. Tenancy In common (unity of Possession)
    When two or more people own property together with the right to will or sell it
  43. Unity of possession
    Tenants in common, which means they each have the right to occupy the property.
  44. Partition Action
    When the courts have the responsibility of physicall dividing or selling the property.
  45. Joint Tenancy
    Occurs when two or more people have identical interests in the whole property with the same right of possession and the right of survivorship.
  46. Joint Tenancy (T-tip)
    • T 1. Title -All owners are granted title by the same instrument
    • T 2. Time- All owners obtain title at the same time.
    • T 3. Interest- All owners share an equal interest
    • P 4. Possession- All owners have an equal right to possess the property

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