Section 8 Re

Front 1

Abstract of title

Back 1

Summary report of what a title search found in the public record

Front 2

Acknowledgement

Back 2

Formal declaration before a notary public by the grantor that the grantor’s signing is a free act

Front 3

Actual notice

Back 3

Direct knowledge acquired in the course of a transaction such as having actually seen the deed instrument of heard that there is a lien on the property

Front 4

Adverse possession

Back 4

Arises when the true owner of record fails to maintain possession and the property is seized by another

Front 5

Alienation

Back 5

Act of transferring ownership, title, or an interest in real property

Front 6

Appurtenance

Back 6

Right or privilege associated w the property, such as a parking space in a multi unit building

Front 7

Assignment

Back 7

When a lessee assigns to another person all of the leased property for the remainder of the lease

Front 8

Chain of title

Back 8

Complete successive record of a property’s ownership

Front 9

Condemnation

Back 9

Judicial proceeding to exercise the power of eminent domain

Front 10

Construction lien

Back 10

Statuatory right of material suppliers or laborers to place a lien on property that has been improved by their supplies or labor

Front 11

Constructive notice

Back 11

Accomplished by recording the info in the public records

Front 12

Deed

Back 12

Written instrument used to convey title to real property through sale or gift that must be in writing; signed by competent grantor and 2 witnesses and voluntarily accepted by the grantee

Front 13

Deed restrictions

Back 13

Part of the deed and affect a particular property’s future use

Front 14

Easement

Back 14

Right to enter and use a portion of an owner’s land for a specific use

Front 15

Easement appurtenant

Back 15

Benefits an adjacent parcel of land

Front 16

Easement by necessity

Back 16

Created through a court of law if a property is landlocked

Front 17

Easement by prescription

Back 17

Created through a court of law after longtime uninterrupted use

Front 18

Easement by gross

Back 18

Benefits an individual or business entity and is not related to a specific adjacent parcel

Front 19

Eminent domain

Back 19

Gives government the power to take land for a public use from an owner through a legal process known as condemnation

Front 20

Encroachment

Back 20

Unauthorized use of another persons property created when an improvement crosses over a boundary line

Front 21

Equitable title

Back 21

Beneficial interest in real estate that implies than an individual will receive legal title at a future date

Front 22

Escheat

Back 22

St of fl can take property of intestate owners without any known heirs

Front 23

Further assurance

Back 23

Promise in a general warranty deed that guarantees the grantor will sign and deliver any legal instrument that might be required

Front 24

General lien

Back 24

Not restricted to one property but may affect all properties of a debtor

Front 25

General warranty deed

Back 25

Most common type of deed conveying re and it contains all the covenants and warranties available to give the most complete protection

Front 26

Grantee

Back 26

Persons receiving title to property in a deed

Front 27

Granting clause

Back 27

Clause in a deed that contains the premises or the words of conveyance

Front 28

Grantor

Back 28

Person giving title to property in a deed

Front 29

Gross lease

Back 29

Tenant pays fixed base rent and landlord pays all expenses associated w the property

Front 30

Ground lease

Back 30

Agreement for the tenant to lease the land only and erect a building on the land

Front 31

Habendum clause

Back 31

Describes type of estate being conveyed and starts w “to have and to hold”

Front 32

Intestate

Back 32

Die without will

Front 33

Involuntary alienation

Back 33

Person dies intestate and property descends to decedent’s heirs or the property transfers to state through escheat

Front 34

Junior liens

Back 34

Characterized by priority based on the date of recording in the public records

Front 35

Legal title

Back 35

Ownership of a freehold estate

Front 36

Lender’s policy

Back 36

Title insurance issued for the amt of mortgage debt to protect the lender

Front 37

Lien

Back 37

Written document that states that a person is owed money and establishes that the party may foreclose in the property if the debt is not satisfied

Front 38

Mechanics’ liens

Back 38

Statutory liens created in favor of materialmen and mechanics to secure payment for materials, supplies, and services rendered in the improvement, repair or maintenance of real property

Front 39

Net lease

Back 39

Tenant pays fixed rent plus property costs such a yaxes insurance and utilities

Front 40

Sublease

Back 40

Lease given by a lessee for a portion of the leasehold interest

Front 41

Superior liens

Back 41

Take priority over all over liens 1. Re tax liens 2. Special assessment liens 3. Federal estate tax liens

Front 42

Testate

Back 42

To die w a will

Front 43

Title

Back 43

Legal concept signifying ownership of a collection of rights to real property

Front 44

Title insurance

Back 44

Contract that protects the policyholder from losses arising from defects in the title

Front 45

Variable lease

Back 45

Agreement for the tenant to pay specified rent increases based on a predetermined index at set future dates

Front 46

Voluntary alien

Back 46

Used to indicate transfer of title is accomplished w the owners control and consent

Front 47

Warranty forever

Back 47

Promise I’m a general warranty deed that guarantees the grantor will forever warrant and defend that grantees title against all unlawful claims

Front 48

Opinion of title

Back 48

Executed by an attorney after studying the abstract of title

Front 49

Owners policy

Back 49

Title insurance issued for the total purchase of the property to protect the new owner

Front 50

Percentage lease

Back 50

Tenant pays rent based on gross sales received by doing business on the leased property

Front 51

Police power

Back 51

Broadest power of government to limit or regulate the rights of property owners in order to promote the health safety and welfare of the public

Front 52

Quiet enjoyment

Back 52

Promise in a general warranty deed that guarantees peaceful possession in disturbed by chain of title

Front 53

Quitclaim deed

Back 53

Releases the grantor of any rights in the property that the grantor may have and is used to clear clouds in the title and to cure any title defects

Front 54

Restrictive covenants

Back 54

Recorded by the developer along w the subdivision plat to maintain specific standards in the subdivision such as acquiring certain architectural specifications

Front 55

Seisin

Back 55

Clause in a deed that is a promise that the grantor has the right to convey title

Front 56

Specific liens

Back 56

Apply only to a certain specified property