Real Estate - Definitions
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Real Estate - Definitions
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Action on the Covenant
Legal proceeding based on a clause contained in a contract, such as a lease or a mortgage.
Occupation of land inconsistent with the right of the registered owner (ex. displacing the true owner).
Payment of a debt by way of a fixed number of payments that gradually results in the principal and interest being reduced or paid off.
Assignment of Lease
Transfer of a tenant's entire leasehold interest to another tenant.
Assignment of Mortgage
Transfer of a mortgagee's rights under a mortgage to another mortgagee.
Assumption of Mortgage
Transfer of a mortgagor's obligations under a mortgage to another mortgagor (usually a purchaser of the property that is subject to the mortgage).
Personal property that is tangible and movable.
Date upon which the transfer of ownership of real property takes place.
Ownership by more than one person.
Discharge of Mortgage
Release by mortgagee of obligations of the mortgagor under the mortgage (usually indicates full payment has been made).
To seize goods by distress.
A right to seize goods in order to satisfy a debt.
Land the benefits from the service of another property (ex. from an easement or from a restrictive covenant).
A right enjoyed by the owner of land over the lands of another.
Extension of property beyond its boundaries onto an adjoining property.
An outstanding claim or lien recorded against a property.
Exclusive Right of Possession
Right to occupy property, to the exclusion of all others.
Deprive a property owner of her right in all or part of her property.
The most extensive freehold estate possible.
Fixed Term Tenancy
A tenancy for a set period of time.
Anything permanently attached to real property.
Court action that results in mortgagor losing all interest in property due to his default in payment of a mortgage.
An interest in land that may last for infinite or an indefinite period of time.
Person who agrees to assume all obligations of a mortgagor under a mortgage, in the event of the mortgagor's default.
Two or more persons holding title to land where there is a right of survivorship; that is, death of one joint tenant results in title automatically going to the surviving joint tenant.
System of registration of interests in land in which only current interests are shown and the government guarantees that no other interests affect the land.
An interest in property for a specific period of time.
A right to do something (ex. enter on someone's land), which may be revoked at any time.
An interest in land for the duration of a designated person's life.
Time period during which a proceeding to enforce a right may be commenced.
Property occupied by a husband and wife
Loss of a right (ex. an easement) due to its coinciding with another and greater right in the same person.
A means of providing land as security for indebtedness.
The lender whose security is the mortgage.
The borrower, and holder of title to the land that is subject to the mortgage.
Notice to Quit
Notice by either a landlord or tenant to the other party, indicating an intention to terminate the tenancy.
An inconvenience that materially interferes with the enjoyment of one's property.
A tenancy that renews itself on a periodic (weekly, monthly, or yearly) basis.
Power of Sale
Right of a mortgagee to force sale of the property in the event of default, without taking court action.
Easement obtained by uninterrupted usage for a period of time.
Occupancy without interruption or interference.
System of registration of interests in land in which many interests are recorded (not just current ones), and the title searcher must determine which ones are applicable to the title being searched.
An interest in land that becomes effective upon the occurance of a specific event (ex. the death of a life tenant).
Date prior to which any problems relating to title must be made known to the vendor of the property or to the vendor's solicitor.
Letter from the purchaser or purchaser's solicitor outlining to the vendor any problems on title that the purchaser requires to be remedied prior to closing.
Lowest acceptable price.
A restriction or limitation on the use of the property, which an owner may impose on subsequent owners of the property.
Return of an estate in land to the original owner upon the occurance of a specific event (ex. the death of a life tenant).
Right to pass over another's land.
Right-of-Way of Necessity
A right to pass over another's land as the only means of access to one's own property.
Runs with the Land
Extends beyond the original parties and binds subsequent owners of the property.
Land that is subject to a service (ex. an easement or a restrictive covenant) in favor of another property (being the dominant tenement).
Transfer of part of a leasehold interest (either part of the term or part of the premises).
Surrender of Lease
Termination of a fixed-term lease.
Tenancy at Sufferance
Occupancy of property with no rent payable and no consent given by the landlord to possession of the premises.
Tenancy at Will
Right of possession is not for a given length of time, and may or may not be exclusive.
Tenancy in Common
Ownership of land by two or more persons; upon the death of one person, that person's share becomes an asset of her estate.
Registered ownership of property.
Lasting damage to property (ex. destruction of a house or allowing it to fall into disrepair).