Term
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Definition
| A column of land six miles wide, determined by a government survey, running in a north-south direction, lying east or west of a principal meridian. |
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Term
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Definition
| Personal property that has become permanently attached to the land or improvements that are legally treated as real property; examples: plumbing fixtures, or built-in range, etc. |
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Term
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Definition
| Personal property used in a business, attached to the property, but removable by the tenant. |
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Term
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Definition
| A structure of two or more units where the interior airspace of each unit is individually owned; the balance of land and improvements is owned in common by all the owners. |
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Term
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Definition
| Imaginary north-south lines used in US government surveys. |
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Term
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Definition
| Property that is movable and not real property. |
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Term
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Definition
| A written instrument that passes title of personal property from vendor (seller) to the vendee (buyer). |
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Term
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Definition
| An amount, usually a percentage, paid to a broker as compensation for his or her services. |
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Term
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Definition
| A legal description of land, setting forth all the boundary lines with their terminal points and angles. |
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Term
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Definition
| All of the legal rights relevant to ownership of property including rights of use, possession, encumbering and disposition. |
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Term
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Definition
| In the survey of public lands, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one square mile. |
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Term
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Definition
| Land, improvements, items permanently attached to the land, appurtenances and that which is immovable by law. |
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Term
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Definition
| A personal property interest in real property; an old term meaning personal property. |
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Term
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Definition
| An area of land equaling 43,560 square feet, or a tract about 208.71 feet square. |
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Term
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Definition
| The right of a landowner whose land borders a stream or waterway, to use and enjoy the water, provided such use does not injure the rights of other owners. |
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Term
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Definition
| A square of land that contains 640 acres and is one square mile. |
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Term
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Definition
| This old unit of measurement is 16 1/2 feet long (5.5 yards). |
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Term
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Definition
| The reasonable space above a parcel; or in a condominium, the cubic area of space within the walls. |
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Term
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Definition
| Imaginary east-west lines that intersect meridian lines to form a starting point for the measurement of land. |
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Term
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Definition
| Water that is suitable for human consumption |
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Term
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Definition
| Crops (produced on leased land by a tenant farmer) from an annual cultivation considered personal property. |
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Term
| Admission Date (California became a state) |
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Definition
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Term
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Definition
| The giving of private land by its owner for a public use; most commonly, the developer who gives it to a city. |
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Term
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Definition
| The reverting of private property to the state when there are no valid heirs. |
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Term
| General and Limited Partnerships |
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Definition
| A voluntary association between two or more people to carry on a business with general and limited partners. |
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Term
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Definition
| A deed using the word "grant," or like words, containing warranties against prior conveyances and encumbrances. This is the most commonly used deed in California. |
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Term
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Definition
| An estate of indeterminable duration, e.g., fee simple or life estate. |
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Term
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Definition
| Undivided ownership of a property interest by two or more persons, each of whom has a right to an equal share in the interest and a right of survivorship. |
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Term
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Definition
| It is notice that is actually and expressly given or implied. |
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Term
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Definition
| A person authorized by the state to witness the signatures of persons executing documents, sign the certificate and affix the official seal. |
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Term
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Definition
| An event that must happen before title is passed. |
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Term
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Definition
| Documents filed with the County Recorder in such a way as are considered open notice to the world. |
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Term
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Definition
| Co-ownership of property by two or more persons who hold undivided interest, without right of survivorship. The interests need not be equal. |
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Term
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Definition
| An unlawful intrusion onto another's property by making improvements to real property, e.g., a swimming pool build across a property line. |
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Term
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Definition
| A legal entity, sanctioned by the state, with rights and liabilities, distinct and apart from those of the persons composing it. |
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Term
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Definition
| The intentional and voluntary relinquishment of any ownership interest (such as an easement) or possession of real property. |
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Term
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Definition
| Te means of acquiring interests in land, usually an easement, by continued use. |
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Term
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Definition
| A condition attached to an estate whereby the estate is defeated or changed through the failure or non-performance of the condition. |
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Term
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Definition
| A process of law by which the state lays out the correct succession of inheritance when a person dies without leaving a valid will. |
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Term
| Affirmation, Affidavit, Verification |
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Definition
| Many different types of statements made before a professional witness. |
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Term
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Definition
| An estate that reverts back to the grantor after the life of the tenant expires. |
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Term
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Definition
| The court procedure of proving that a will is valid. |
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Term
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Definition
| A method of acquiring title to real property through possession of the property for a statutory period under certain conditions, by a person other than the owner. |
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Term
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Definition
| A deed to relinquish any interest in property, that the grantor may have, without any warranty of title or interest. |
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Term
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Definition
| An estate that is transferred to a third party (anyone other than the grantor) upon the death of the life estate holder. |
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Term
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Definition
| A formal expression of a person's desires, witnessed by others, as to the disposition of his or her property after death. |
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Term
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Definition
| Property acquired by husband and/or wife during marriage that is not acquired as separate property. Each spouse has equal rights of management, alienation and disposition. |
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Term
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Definition
| An estate of a single entity held by a single person alone. |
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Term
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Definition
| An estate or interest in real property that is held for the duration of the life of some certain person. It may be the person holding title to the estate or some other person. |
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Term
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Definition
| A handwritten expression of a person's desires as to the disposition of their property after death. |
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Term
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Definition
| Placing a document in the official records of the county. |
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Term
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Definition
| The act of receiving a deed. |
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Term
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Definition
| The acquiring of additional property. |
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Term
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Definition
| A right, limited to a specific use, that one party has in the land of another. |
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Term
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Definition
| A statutory protection of a home from the claims of certain creditors and judgments up to a specified amount. |
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Term
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Definition
| Anything that affects or limits the fee simple title to, or value of, property, e.g., mortgages or easements. |
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Term
| Notice of Non-Responsibility |
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Definition
| A notice, recorded and posted by the property owner to relieve them of responsibility for the cost of unauthorized work done on his or her property or materials furnished. |
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Term
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Definition
| A limitation on the use of real property. These limitations fall into two general classifications: public and private. Zoning ordinances are public, while a clause in the deed requiring the roof to be made of Spanish red tile would be a private limitation. |
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Term
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Definition
| The process by which real or personal property is seized by the court for the purpose of assuring payment. |
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Term
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Definition
| A form of encumbrance that usually makes specific property security for the payment of a debt. |
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Term
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Definition
| Discharge of a mortgage or trust deed from the records upon payment of the debt. Make sure you receive a Deed of Reconveyance to prove that you paid off the deed of trust. |
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Term
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Definition
| A limiting restriction stating that upon the happening or not happening of some stated event, the estate shall be changed in some manner. |
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Term
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Definition
| A promise to do or not to do a particular thing. |
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Term
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Definition
| A person against whom a civil or criminal action is taken. |
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Term
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Definition
| An instrument, recognized by law, by which property is hypothecated to secure the payment of a debt. This instrument is not commonly used in California, but is popular on the east coast. |
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Term
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Definition
| In a court action, the one who sues; the complainant. |
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Term
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Definition
| A recorded document of the essential provisions of a court judgment. |
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Term
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Definition
| A lien, created by statute, which exists against real or personal property in favor of persons who have performed work or furnished materials for the improvement of real property. |
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Term
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Definition
| A legal document by which a borrower pledges certain real property as collateral for the repayment of a loan. In addition to the buyer and seller, there is a third party to the transaction known as a trustee. |
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Term
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Definition
| A formal statement that protects the head of the household from losing the property to the claims of creditors, usually up to a set maximum amount. |
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Term
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Definition
| A lien, usually a trust deed in California, covering more than one property of the borrower. |
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Term
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Definition
| A notice that informs or warns owners, lenders and general contractors that subcontractors have been hired, or materials have been supplied to a particular job site. |
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Term
| Declaration of Abandonment |
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Definition
| A statement declaring the intent to give up a homestead, usually to declare a homestead on a new residence. |
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Term
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Definition
| A court ordered sale of real or personal property by the sheriff pursuant to the execution of a judgment. |
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Term
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Definition
| The construction of improvements on the property of another. |
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Term
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Definition
| An easement for the benefit of the owner of an adjacent parcel of land. |
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Term
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Definition
| Real property that benefits from an easement. |
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Term
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Definition
| A writ to carry out a court order, usually arising from a judgment. |
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Term
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Definition
| A property that is burdened by an easement. |
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Term
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Definition
| An easement for the benefit of a person or utility company rather than for the benefit of adjacent landowners. |
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Term
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Definition
| A notice filed or recorded for the purpose of warning all persons that the title to certain real property is in litigation. |
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Term
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Definition
| A lien such as a tax lien or judgement lien that attaches to all property of the debtor rather than a specific property. |
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Term
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Definition
| A lien that attaches to a specific property rather than all the property of the debtor. |
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Term
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Definition
| A court action to compel the performance of an agreement, e.g., sale of land |
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Term
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Definition
| Anything given or promised by a party to induce another to enter into a contract. |
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Term
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Definition
| A contract in which something remains to be done by one or both parties. |
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Term
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Definition
| A right given, for consideration, to purchase a property upon specified terms within a specified time period, without obligating the party to purchase the property. |
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Term
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Definition
| A written offer to purchase real property upon stated terms and conditions, accompanied by a deposit toward the purchase price which becomes the contract for the sale of the property upon acceptance. |
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Term
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Definition
| All persons under 18 years of age. |
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Term
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Definition
| The act of agreeing or consenting to the terms of an offer, thereby establishing "the meeting of the minds" that is an essential element of a contract; genuine assent from both parties. |
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Term
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Definition
| One who assigns his or her right in a contract. |
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Term
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Definition
| A person to whom property or interests therein shall have been assigned. |
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Term
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Definition
| One who is mentally incapable of managing or taking care of self or property and therefore cannot enter into a contract without a guardian. |
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Term
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Definition
| A promise to do or not to do a particular act. |
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Term
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Definition
| The substitution or exchange of a new contract for an old one by the mutual agreement of the parties. |
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Term
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Definition
| A transfer by a person of that person's rights under a contract. |
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Term
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Definition
| An agreement to do or not to do a certain thing. It must have four essential elements: parties capable of contracting, consent of the parties, a lawful object, and consideration. |
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Term
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Definition
| The terms and provisions of a contract, which are clear, definite, and set forth. |
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Term
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Definition
| A binding contract created by the actions of the principals rather than by written or oral agreement. |
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Term
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Definition
| A contract under which the parties enter into mutual promises, such as sales contracts. |
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Term
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Definition
| A contract under which only one party expressly makes a promise. |
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Term
| Void, Voidable, Unenforceable |
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Definition
| Having no legal force or binding effect, or cannot be enforced for one reason or another. |
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Term
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Definition
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Term
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Definition
| One to whom an offer is made. |
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Term
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Definition
| A proposal for acceptance, in order to form a contract. It must be definite as to price and terms. |
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Term
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Definition
| Voluntarily agreeing to the price and terms of an offer. Offer and acceptance create a contract. |
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Term
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Definition
| An offer in response to an offer. |
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Term
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Definition
| Failure to perform a contract, in whole or part, without legal excuse. |
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Term
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Definition
| Annulling a contract and placing the parties to it in a position as if there had not been a contract. |
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Term
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Definition
| A definite amount of damage, set forth in a contract, to be paid by the party breaching the contract. A predetermined estimate of actual damages from a breach. |
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Term
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Definition
| An inspection report required, in the sale of property, to determine if termites are present within a building. |
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Term
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Definition
| One who, for consideration, receives an option. |
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Term
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Definition
| One who, for consideration, gives an option. |
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Term
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Definition
| A contract under which the parties expressly enter into mutual promises. |
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Term
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Definition
| The dependence upon a stated event before a contract becomes binding. |
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Term
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Definition
| An action that abandons all other remedies and simply asks for money. |
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Term
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Definition
| Influence used to destroy the will of another so that any decision is not his or her free act. |
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Term
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Definition
| To complete a contract by signing it. |
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Term
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Definition
| Legally binding, the terms of which can be sued for in a court of law. |
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Term
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Definition
| Deceptive statements or acts used to wrongfully obtain money or property. |
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Term
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Definition
| Individuals who have a legal capacity to contract, as opposed to minors, convicts, and incompetents. |
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Term
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Definition
| A financial arrangement in which, at the time of sale, the seller retains occupancy by concurrently agreeing to lease the property back from the purchaser. |
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Term
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Definition
| One who pays rent under a lease agreement |
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Term
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Definition
| Lease on the property, the rental payment for which is determined by a percentage of gross receipts from the business. |
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Term
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Definition
| The amount of rent expected if the property were currently available for renting. |
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Term
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Definition
| One who rents his or her property to another under a lease or rental agreement. |
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Term
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Definition
| An owner who enters into a lease agreement with a tenant. |
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Term
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Definition
| A lease requiring a lessee to pay charges against the property, such as taxes, insurance, and maintenance costs, in addition to rental payments. |
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Term
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Definition
| The party who pays rent for a lease or rental agreement. |
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Term
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Definition
| An agreement for the use of land only. |
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Term
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Definition
| The occupation of property by a tenant for an indefinite period, terminable by one or both parties (not common in CA). |
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Term
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Definition
| The general name of the process, from beginning to end, that serves to remove a person from the possession of real property. |
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Term
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Definition
| A lease given by a lessee. |
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Term
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Definition
| A leasehold interest that lis between the primary lease and the operating lease. |
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Term
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Definition
| The concept of possessing an interest in real property by virtue of a contract for a fixed and definite period of time. |
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Term
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Definition
| A transfer of a person's entire rights under a contract. |
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Term
| Estate From Period-to-Period |
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Definition
| An estate contract between owner and tenant, setting forth conditions of a period-to-period tenancy. |
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Term
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Definition
| A contract between an owner and tenant, setting forth conditions of tenancy for a fixed period of time. |
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Term
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Definition
| An estate arising when the tenant wrongfully holds over after the expiration of the term. |
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Term
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Definition
| A contract for the monthly rental of residential property. |
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Term
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Definition
| Consideration paid for the occupancy and use of real property. |
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Term
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Definition
| Rent paid under a lease; the actual rent as opposed to the market rental value of the property. |
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Term
| Unlawful Detainer or Notice to Quit |
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Definition
| The name of the legal process to initiate the removal of a tenant. |
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Term
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Definition
| The giving up of an estate, such as a lease. A contractual agreement, having the consent of both parties, such as lessor and lessee, as opposed to abandonment. |
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Term
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Definition
| A legal maximum on rental price. |
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Term
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Definition
| The court order physically expelling a tenant. |
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Term
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Definition
| A lease that includes the right to purchase later. |
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Term
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Definition
| The most all inclusive title insurance policy; it requires a property survey and is usually required by most lenders. |
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Term
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Definition
| A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner. |
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Term
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Definition
| The minimum standard title insurance policy in CA that does NOT require a property survey. |
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Term
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Definition
| The requirement by a lender that a property be insured up to its full value, or only a proportion of any loss will be reimbursed. |
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Term
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Definition
| The date documents are recorded and title insurance is written. |
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Term
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Definition
| The process of depositing instruments, funds, and instructions, with a third neutral party who finalizes the transaction. |
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Term
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Definition
| The written instructions of the escrow, prepared by the escrow officer and approved by both the buyer and seller. |
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Term
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Definition
| The person at the escrow company who handles the paperwork of the escrow. |
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Term
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Definition
| Written instructions by a lender stating and demanding the amount necessary to pay off a loan. |
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Term
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Definition
| A report from a structural pest control company stating the termite or other type of pest damage found and the cost of repairing it. |
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Term
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Definition
| A report showing the condition of the title before a sale or loan transaction. |
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Term
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Definition
| Adjustments of interest, taxes, and insurance, etc., on a prorated basis as of the closing or agreed upon date. |
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Term
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Definition
| A federal statute requiring disclosure of certain costs in the sale of residential property. |
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Term
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Definition
| Insurance to protect a real property owner or lender up to a specified amount against certain types of loss; eg., defective or unmarketable title. |
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Term
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Definition
| A filing of all recorded information to real property. |
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Term
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Definition
| Clause used in a deed of trust that gives the lender the right to demand payment in full upon the happening of a certain event. |
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Term
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Definition
| Mortgage loans on which the interest rate is periodically adjusted to more closely coincide with current rates. |
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Term
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Definition
| A type of acceleration clause, calling for a debt under a mortgage or deed of trust, to be due in its entirety upon transfer of ownership. |
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Term
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Definition
| Payment of debt in regular, periodic installments of principal and interest, as opposed to interest-only payments. |
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Term
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Definition
| A schedule of monthly payments that varies according to interest rates and number of monthly payments. |
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Term
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Definition
| The total cost of financing expressed as one simple annual percentage rate. This rate must be clearly expressed on any loan agreement. |
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Term
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Definition
| Agreement by the buyer to take over the financial responsibility for real property under the existing note and trust deed. |
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Term
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Definition
| A lender for whose benefit a trust is created in those states where trust deeds are commonly used instead of mortgages. |
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Term
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Definition
| A failure to perform the financial obligation to pay under a loan. |
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Term
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Definition
| The amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. |
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Term
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Definition
| Federal law granting women financial independence and preventing lenders from considering such negative credit aspects as the possibility of a woman having children and dropping out of the labor market. |
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Term
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Definition
| Ownership by one who does not have legal title, such as a vendee under a land contract or, technically, a trustor under a deed of trust. |
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Term
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Definition
| The ownership interest in real property; it is the market value minus any unpaid loan amount. |
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Term
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Definition
| A period of time past the due date for a payment (mortgage, insurance, etc.) during which a payment may be made and not considered delinquent. |
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Term
| Graduated Payment Mortgage |
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Definition
| A mortgage or deed of trust for which the payments increase over the term of the loan. The payments may increase as the buyer's earnings increase. |
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Term
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Definition
| A holder of a check or note who takes the note in good faith, on the assumption it is valid. |
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Term
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Definition
| The principle of using real property as security for a debt while the borrower retains possession. |
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Term
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Definition
| Money charged for the use of money. |
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Term
| Junior Lien or Second Trust Deed |
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Definition
| A type of lien that is subordinate to a prior lien. |
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Term
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Definition
| An installment contract for the sale of land. The seller (vendor) has legal title until paid in full. The buyer (vendee) has equitable title during the contract term. |
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Term
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Definition
| The kind of title held by the vendor under a land contract and the trustee under a deed of trust. They are still owed money by the buyer. |
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Term
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Definition
| The use of financing to allow a small amount of cash to purchase and control a large property investment. |
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Term
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Definition
| A financing charge equal to one percent of the amount of the loan. |
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Term
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Definition
| A penalty under a note, mortgage, or deed of trust imposed when the loan is paid before it is due. |
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Term
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Definition
| A promise in writing to pay a specified amount during a limited time, or on demand, to a named person. |
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Term
| Purchase Money Instrument |
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Definition
| The original loan taken out when purchasing a property, not a refinanced or junior loan. |
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Term
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Definition
| An instrument used to transfer title back from a trustee to the equitable owner of real estate. |
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Term
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Definition
| A limited amount of time during which the trustor has the right to pay all past due payments and charges due on a loan to bring it current. |
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Term
| Request for Notice of Default |
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Definition
| A recorded form requiring the trustee to notify other creditors in the event of a default on the deed of trust to a property. |
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Term
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Definition
| Part of the Truth in Lending Law that allows a borrower to rescind a loan transaction until midnight of the third business day, on business loans and second trust deeds secured by a borrower's residence. |
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Term
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Definition
| A nonamortized note for which the principal is due in a lump sum upon maturity. |
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Term
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Definition
| An agreement by which a lender substitutes a junior loan position for a senior loan position. |
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Term
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Definition
| An instrument used in place of a mortgage in most western states that is based on the Spanish legal tradition. Property is transferred to a trustee by the borrower (trustor) in favor of the lender (beneficiary) and reconveyed upon payment in full. |
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Term
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Definition
| In a deed of trust, the person who acts as an intermediary between the trustor and the beneficiary. |
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Term
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Definition
| A sale at auction by a trustee under a deed of trust, pursuant to foreclosure proceedings. |
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Term
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Definition
| The borrower under a deed of trust. |
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Term
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Definition
| Regulation Z under the Federal Reserve regulations that requires a credit purchaser be advised, in writing, of all costs connected with the credit portion of their purchase. |
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Term
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Definition
| Charging an illegal rate or amount of interest on a loan. |
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Term
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Definition
| Purchaser or buyer, especially on a land contract. |
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Term
|
Definition
| The seller of property under a land contract. |
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Term
|
Definition
| A second trust deed for which the monthly payment includes the amount of monthly payment on the existing first trust deed. |
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