| A
Acknowledgment
-
An acknowledgment is a formal declaration by a
person, or other legally recognized entity such as a
corporation, that execution of a written instrument is the
result of a free act and deed.
It is made before an authorized person, such as a notary
public, who signs the written acknowledgment that the attached
written instrument was acknowledged in his or her presence.
Adverse
Possession
-
Adverse
possession is the taking of title to real estate by possessing
it for a certain period of time.
The person claiming title to real estate by adverse
possession must have actual possession of the real estate which
is open, notorious, exclusive and adverse to the claims of
others to title of the real estate.
B
None
C
Community
Property -
Community property is property which is owned by a
husband and wife. Each
spouse has an undivided one-half interest in the property.
Some states have the community property system; others do
not, but instead follow the common law system.
The difference is that in a community property system,
each spouse has an undivided one-half interest in what the other
owns or earns during the marriage, while in a common law system,
each spouse owns what he or she earns.
Conveyance
-
A
conveyance is the transfer of land from one person to another.
Examples of conveyances include deeds, real estate
contracts, or contracts for deeds, assignments, leases, or
mortgages or deeds of trust.
A conveyance usually is accomplished by execution by one
person of a written instrument transferring his or her interest
in the real estate to another person.
Covenant
-
A covenant is an agreement, contract, or promise.
It may be in the affirmative such as the representation
as to certain facts or the future performance of an act, or it
may be in the negative such as the obligation not to do
something. Affirmative
covenants may be found in a deed such as the warranties of
seisin, quiet enjoyment, right to convey, freedom from
encumbrances and defense of title as to adverse claims.
Negative covenants sometimes are referred to as
restrictive covenants.
Covenant
Against Encumbrances -
This
covenant is an agreement, contract, or promise that there are no
encumbrances against the land described in the deed or other
conveyance. An
encumbrance is a claim by another person against the land.
Examples of encumbrances include mortgages, liens,
leases, easements or unpaid taxes.
Covenant
of Quiet Enjoyment -
This covenant is an agreement, contract, or promise
that the grantee to a deed or other conveyance will have the
land in peace and without disturbance from other persons who may
have hostile claims to the land.
Covenant
of Right to Convey -
This covenant is an agreement, contract, or promise
that the grantor has a right to transfer title to the real
estate.
Covenant
of Seisin
-
This
covenant is an agreement, contract, or promise that the grantor
possesses equality and quantity of the land described in the
deed or other conveyance.
D
Deed
-
A deed is the transfer of title to real estate from
one person to another. It
is in writing. The
person transferring the title is known as the grantor and the
person receiving the title is known as the grantee.
There are several types of deeds including warranty
deeds, special warranty deeds, quit claim deeds, contracts for
deed, and deeds of trust.
Deed
of Trust
-
See
Mortgage.
E
Easement
-
An easement is a right of one person to use the real
estate of another, or a portion of it, for certain purposes.
An example of an easement is one for ingress and egress;
that is, the right to travel across a portion of another’s
real estate to reach one's own real estate.
Another example of an easement commonly seen is one for
utilities.
Easements may arise from an agreement between the parties
or from operation of law.
F
Foreclosure
-
Foreclosure is the legal enforcement of a mortgage,
deed of trust, or other lien through legal proceedings.
A common example is a foreclosure of a mortgage because
of some type of default by the debtor.
Foreclosure usually terminates the rights of the debtor,
or mortgagor, in the real estate, except for such rights of
redemption, mandatory mediation, or other rights afforded to the
debtor by law.
G
Grantee
-
A grantee is a person who receives title or some
other interest in real estate from a conveyance. For example, a person who receives title to real estate by
way of warranty deed is known as a grantee.
Grantor
-
A
grantor is a person who conveys title or some other interest to
property to another.
H
Homestead
-
Homestead is real estate occupied by a person as his
or her home.
Homesteads often are protected by state law from
execution or levy so long as they are occupied as the person's
home residence.
The size and value of the real estate to be protected as
homestead are often determined by statute.
I
None
J
Joint
Tenancy -
A joint tenancy is a joint interest in property by two or more persons.
Each joint tenant has one and the same interest in the
property and further holds the right of survivorship, which
means that if one joint tenant dies the other joint tenant
automatically retains the deceased joint tenant’s interest in
the real estate.
Judgment
-
A judgment is a
final decree, decision, order, or ruling by a court
determining the rights and claims raised by parties to a
lawsuit.
Judgment
Lien
-
A judgment lien is a lien arising from a judgment
which gives a holder of a judgment the right to levy on property
to satisfy the judgment.
K
None
L
Lease
-
A lease is an
agreement or contract for possession of property for a certain
period of time and for certain uses.
A lease may run for a determinate or indeterminate period
of time. Upon conclusion or termination of the lease, possession of
the property reverts back to the landlord or lessor. The person leasing the property is known as the lessee or
tenant.
Lien
-
A lien is a claim or interest of right to property or
a portion of it, arising by law or by agreement for payment of a
debt.
Examples of liens include mortgages, mechanic’s liens,
judgment liens, and security agreements.
M
Mechanic’s
Lien -
This lien is a lien on real estate held by any person
for labor, services, or materials furnished in connection with
the construction or improvement upon real estate.
This lien is often created by the statutes of a
particular state.
Mesne
-
Intermediate; intervening; the middle between two
extremes, especially of rank or time.
Mortgage
-
A
mortgage is a written instrument giving an interest in real
estate from one person, the mortgagor, to another person, the
mortgagee, as security for a debt or performance of a duty.
Depending on the laws of a particular state, a mortgage
may create an actual transfer of title, or it may create a lien
with the mortgagor retaining title to the property.
N
None
O
None
P
Power
of Attorney -
A power of attorney is a written instrument which
authorizes one person to act as another's agent or attorney.
The power of attorney may be for a definite, specific
act, or it may be general in nature.
The terms of the written power of attorney may specify
when it will expire. If
not, the power of attorney usually expires when the person
granting it dies.
Purchase
Agreement-Offer and Acceptance
-
A
purchase agreement or offer and acceptance is an agreement or
contract between a buyer and a seller defining the terms of a
real estate sale. It
usually includes the price, the description of the property to
be purchased, the identity of the buyer and seller, when the
transfer of title is to take place, and other terms necessary
for completion for the transfer of title.
Q
Quit
Claim Deed
-
A quit claim deed is a written instrument whereby the
person signing it transfers all right, claim or interest in
title to the real estate to another.
It does not covenant or warrant that the grantor's
interest is valid and it does not contain any of the covenants
or warranties typically found in a warranty deed.
R
Real
Estate-Real Property -
Real estate or real property is land and anything
permanently attached to it such as buildings.
Personal property is all other types of property.
Real
Estate Contract-Sales Contract
-
A real
estate or sales contract is an agreement to transfer title to
real estate at some time in the future contingent upon the
occurrence of certain events such as payment of the purchase
price. The seller
is known as the vendor and the buyer is known as the vendee.
The vendor transfers title upon the vendee’s
performance of his or her obligations under the real estate or
sales contract.
Restrictive
Covenant
-
A
restrictive covenant is an agreement, contract, or promise by
one person who agrees not to do something.
If found in a deed, it is the restriction or prohibition
of certain uses of the land transferred.
S
Special
Warranty Deed
-
A special warranty deed is a deed transferring title
from one person known as the grantor to another person known as
the grantee.
It does not contain the blanket covenants and warranties
found in a warranty deed.
It is a special warranty that the grantor covenants to
warrant and defend the title against all claims and demands
arising through and under the grantor, but no others.
It is sometimes referred to as a quit claim deed.
T
Tenancy
by the Entirety - A
tenancy by the entirety is created by a conveyance to
husband and wife, whereupon each becomes seized and possessed of
the entire estate and after the death of one the survivor takes
the whole.
Tenancy
in Common -
A tenancy
in common is a form of ownership of title to real estate by two
or more persons in which, although they have a unity of
possession, they each have separate and distinct titles.
In the event that one of the tenants in common dies, his
or her title passes not to the other tenant in common but to his
or her estate or heirs.
Title
-
Title
means ownership of real estate.
Good or clear title means such ownership of real estate
is free and clear of the claims of others.
Clouded title means such ownership is marred by some
claim or demand of another person which hinders or impedes the
ability of the owner of the real estate to transfer title. Ownership of real estate is a right to use, enjoy and
transfer the real estate as allowed by the laws of the
particular state.
U
None
V
None
W
Warranty
Deed
-
A warranty deed is a deed which warrants good and
clear title to the real estate transferred.
It often includes some or all of the following:
warranties including seisin, quiet enjoyment, right to convey,
freedom from encumbrances, and defense of title against all
claims.
XYZ
None
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This
is not a substitute for legal advice. An attorney must be
consulted.
"This
work is protected under the copyright laws of the United
States. No reproduction, use, or disclosure of this work
shall be permitted without the prior express written
authorization of the copyright owner. Copyright © 2002 by
LAWCHEK, LTD." |
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