Term
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Definition
| anyone with the means can acquire real estate |
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Term
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Definition
Control
Possession
Disposition
enjoyment |
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Term
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Definition
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Term
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Definition
| Right to occupy in the future |
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Term
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Definition
| Last for indefinite period of time to include life and fee estates and they can be inherited |
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Term
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Definition
| can be inheritable owner possess entire bundle of rights |
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Term
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Definition
| Based on certain limitations based upon time can be reverted back |
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Term
| Fee Simple Condition subsequent |
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Definition
| subject to a condition no automatic reversion |
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Term
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Definition
| are freehold measured by the persons lifetime cannot be passed on |
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Term
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Definition
| usually created through deed, will or trust can use for his/her lifetime can be reverted to grantor or remainderman but must be specified |
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Term
| Life estate pur autre vie |
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Definition
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Term
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Definition
| only for a specific amount of time in exchange for some consideration usually rent |
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Term
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Definition
| Government has the right to take property when abandoned or owner dies without a will or heirs |
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Term
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Definition
only one parcel (property tax) Mechanic's Lien
Vendees Lien (sales contracts usually not recorded however, if making large earnest money deposit ) might want one |
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Term
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Definition
encumbers all real and personal property by debtor including properties owned before the liens
ex. judgement liens
Federal and state income taxes
federal and state inheritance taxes
decendents debts |
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Term
| Easement appurtenant (Run with the land) |
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Definition
| must be two separate properties with different owners the owner granting the easement is the servient estate |
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Term
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Definition
| Does not necessarily run with the land it is permission |
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Term
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Definition
| right to take land under eminent domain |
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Term
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Definition
| promise in a sales contract of how the land may be used. The most restrictive will apply |
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Term
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Definition
| when attachment extends beyond legal boundaries of ownership |
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Term
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Definition
| Corporations must adopt authorizing certain officers to act |
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Term
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Definition
fewest restrictions
each can sell, mortgage or will
inheritable |
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Term
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Definition
Cannot be inherited
right of survivorship
PITT required in some states.
Posession
interest
time
title |
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Term
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Definition
| If consent cannot be reached to dissolve Joint Tenancy |
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Term
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Definition
| Husband and wife GA does not recognize |
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Term
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Definition
| Created by will after owner's death |
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Term
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Definition
| Must have a minimum of 100 investors |
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Term
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Definition
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Term
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Definition
| Title to real property changes hands often it is called Alienation |
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Term
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Definition
| Acquiring new land by wind or water etc. |
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Term
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Definition
| gradual build up of land through wind and or water or both |
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Term
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Definition
| The material deposited on the new land that creates this firm ground through Accretion is known as Alluvion |
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Term
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Definition
| Increase in land when water recedes |
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Term
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Definition
| Sudden change in land mass due to flood, hurricane, earth quake etc |
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Term
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Definition
| a document used when the government conveys land to a private individual |
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Term
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Definition
| Oral made in expectation of impending death Must be heard by witnesses and only for disposal of personal property |
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Term
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Definition
| making changes or modifications on a will uses an instrument called a Codicil |
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Term
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Definition
-Date
-Habendum clause (To have and to hold)
-Reservations and exceptions |
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Term
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Definition
| A Promise that the grantor does own the property and can convey it |
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Term
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Definition
| witness to grantor's signature not a requirement for a valid deed but necessary in some states if the deed is to be recorded. |
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Term
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Definition
| Used for correcting errors in another deed |
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Term
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Definition
| evidence of ownership in public records |
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Term
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Definition
| Actual knowledge is from what is heard or seen |
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