Real Estate

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  1. Acceleration Clause
    A provision in a promissory note or security instrument that allows lenders to delcare the entire debt due immediately if the borrower breaches one or more provisions of the loan agreement.
  2. Easement Appurtenant
    An easement that benefits a piece of property, the dominant tenement
  3. Appurtenance
    Anything that is incident to, ATTACHED to, or pertains to the LAND. Goes with the land
  4. Littoral Land / Rights
    Land that borders on a stationary body of water (lake), and the rights of use of the water.
  5. Riparian Land / Rights
    Land that is adjacent to crossed by a body of flowing water.
  6. The three A's of fixture
    • Adaptation: Built-in
    • Attachment
    • Agreement: written agreement
  7. Metes and Bounds
    • Metes: measurement in feet
    • Begins & Ends at point of beginning & measured clockwise direction.
  8. Unit's of Measurement of land
    • 1 Township = 6 mi. x 6 mi. (36 sq.mi.)= 36 sections
    • 1 section = 1 mi. x 1 mi. (1 sq.mi.)= 640 acres
    • 1 Acre = 43,560 sq.ft.
    • 1 Mile = 5280 ft.
    • Section 16 = Schoolhouse section.
  9. Recorded Plat
    Lot, Block, Subdivision system
  10. What are the four Governmental rights in land
    • 1. Property taxes and Special assessments.
    • 2. Eminent Domain
    • 3. Police Power (zoning, ordinances, NO Taking)
    • 4. Escheat (reversionary rights, no will)
  11. Freehold Estate
    • 1. Fee Simple Absolute (best to have) max. private interest in a property, Last forever, Transfereable & Inheritable.
    • 2. Fee Simple Degeasible (gift) last so long as conditions are met or reverts to grantor
    • 3. Life Estate (life tenant "grantee" is owner
  12. Leasehold Estate
    • The lessee holds a leasehold estate, & the lessor holds a leased fee estate.
    • Note Statute of Frauds = except 12 months lease or less and property with fewer then 12 units
  13. Estate (tenancy) for years
    • Specific termination date
    • Death of lessor/lessee doesn't terminate
  14. Estate (tenancy) at Will
    • Month-to-Month
    • Duration terminates by notice of death
  15. Estate (tenancy) at Sufferance
    • Holdover without permission after legal tenancy expires.
    • If owner accepts payment, it converts/becames an Estate at Will
  16. Encumbrances: any claim, right or interest held by on who is not the legal owner of the property.
    exp. an easement
  17. Easement in Gross: has only servient tenement (gas company easement)
  18. Three ways to terminate an easement
    • 1. Merger
    • 2. Release
    • 3. Abandonment
  19. Lien: a claim on land to secure payment of a debt.
    Note; General Lien attaches to a person
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Real Estate
2011-05-26 05:52:33
Real Estate

Real Estate
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