Real Estate Principles

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Author:
toya
ID:
95817
Filename:
Real Estate Principles
Updated:
2011-08-01 19:48:18
Tags:
estates transfers titles
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Description:
Chapter 2: Estates, Transfers, and Titles
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  1. Abandonment
    The intentional and voluntary relinquishment of any ownership interest (such as an easement) or possession of real property
  2. Accession
    Granting title when property is added to a property by another or a natural action
  3. Actual Notice
    It is notice that is actually and expressly given or implied
  4. Adverse Possession
    Claiming based on the open and notorious possession and occupancy, usually under an evident claim or right, in denial or opposition to the title of another claimant.
  5. Affirmation, Affidavit, Verification
    Many different types of statements made before a professional witness
  6. Community Property
    Property accumulated during marriage that is owned equally by husband and wife
  7. Condition Precedent
    A condition that requires certain action or the happening of a specified event before the estate granted can take effect. Example: most installment real estate sale contracts require all payments to be made at the time specified before the buyer may demand transfer of title.
  8. Condition Subsequent
    When there is a condition subsequent in a deed, the title vests immediately in the grantee, but upon breach of the condition the grantor has the power to terminate the estate if he/she wishes to do so. Example: A condition in the deed prohibiting the grantee from using the premises as a liquor store.
  9. Constructive Notice
    Notice given by the public records
  10. Corporation
    A group or body of persons established and treated by law as an individual or unit with rights and liabilities or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law it may continue for any length of time the law prescribes.
  11. Dedication
    A conveyance of land by its owner for some public use, accepted for such use by authorized public officials on behalf of the public
  12. Delivery
    The act of receiving a deed
  13. Enroachment
    The building of a structure or construction of any improvements, partly or wholly on the property of another. A form of trespass.
  14. Escheat
    The reverting of property to the State when heirs capable of inheriting are lacking
  15. Freehold Estate
    An estate of indeterminable duration, e.g., fee simple or life estate
  16. General and Limited Partnerships
    A voluntary association between two or more people to carry on a business with general and limited partners
  17. Grant Deed
    A deed in which "grant" is used as the word of conveyance. The grantor impliedly warrants that he has not already conveyed to any other person, and that the estate conveyed is free from encumbrances done, made or suffered by the grantor or any person claiming under him, including taxes, assessments, and other liens.
  18. Holographic Will
    A handwritten expression of a person's desires as to the disposition of their property after death
  19. Intestate Succession
    A process of law by which the state lays out the correct succession of inheritance when a person dies without leaving a valid will.
  20. Joint Tenancy
    Joint ownership by two or more persons with the right of survivorship; all joint tenants own equal interest and have equal rights in the property and are formed at the same time by the same instrument
  21. Life Estate
    An estate or interest in real property which is held for the duration of the life of some certain person
  22. Notary Public
    An appointed officer with authority to take the acknowledgment of persons executing documents, to sign the certificate, and affix his seal.
  23. Prescription
    The means of acquiring interests in land, usually an easement, by continued use.
  24. Probate
    The court procedure of proving that a will is valid
  25. Quitclaim Deed
    A deed to relinquish any interest in property which the grantor may have,without claiming to have an interest
  26. Recording
    Placing a document in the official records of the county.
  27. Remainder
    An estate which takes effect after the termination of the prior estate, such as a life estate
  28. Reversion
    The right to future possession or enjoyment by the person, or his heirs, creating the preceding estate
  29. Severalty
    An estate of a single entity held by a single person alone
  30. Tenancy in Common
    Ownership by two or more persons who hold undivided interest, without right of survivorship; interests need not be equal
  31. Witnessed Will
    A formal expression of a person's desires, witnessed by others, as to the disposition of his or her property after death
  32. Tenancy at sufferance would occur when:
    a tenant remains in the property after expiration of a lease without the owner's consent

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