Term
| Personal Property (Chattel) |
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Definition
-everything that is not real property
-transferred by bill of sale **
-emblements (crops) are personal property |
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Definition
- all things natural: subsurface, surface, airspace (govt controls bulk of airspace)
- not a liquid asset |
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Term
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Definition
-land plus improvements(manmade additions to the land)
ex. house, fence, driveway |
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Term
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Definition
land and real estate that includes the bundle of rights
1 - possession
2- control
3-enjoyment
4-exclude
5-disposal |
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Definition
1- possession - you own it
2- control - you control it within the bounds of the law
3- right to enjoyment
4- right to exclude
5- right to disposal - alienation - right to convey or transfer (mortgage, sell, lease, etc.) |
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Term
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Definition
| rights or restrictions that run with the land, goes to future owners |
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Term
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Definition
personal property that has been attached and becomes real property
**exceptions - garage door openers, door keys, not attached but remain part of real property |
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Definition
| not attached to real estate or land |
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Term
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Definition
-adaptation
-contract
-intent
-attachment |
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Term
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Definition
-installed by commercial tenant
-personal property of commercial tenant
-removable by tenant before lease expires
-failure to remove at lease expiration gives landlord ownership, accession |
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Term
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Definition
| -when a commercial tenant fails to remove a trade fixture at lease expiration and the landlord acquires ownership |
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Term
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Definition
right to flowing water (river or stream)
- adjacent land owner has these rights |
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Term
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Definition
right to non-flowing water (lake or ocean)
-adjacent land owner has these rights |
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Term
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Definition
government administered water rights within the state
- state controlled water rights
- when water is scarce |
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Term
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Definition
| crops (personal property) |
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Term
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Definition
-use of another's land WITHOUT permission
-use is continuous
-use is for the required length of time (prescribed period)
-court awards OWNERSHIP (squatters rights) |
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Term
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Definition
- use of another's land WITHOUT permission
- use is continuous
- use is for the required length of time
- court awards CONTINUED USE, NOT OWNERSHIP |
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Term
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Definition
| combining periods of continued use to establish adverse possession(court awards ownership) or prescriptive easement(court awards continued use) |
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Term
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Definition
PERMISSION to be on someone's property
- privilege that is revocable by property owner
- temporary, can be taken way |
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Term
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Definition
illegal intrusion on another's property
- discovered by survey
**an encroachment would most likely be discovered by survey |
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Term
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Definition
imperfection on title, "cloud" on title
-anything that affects the value of a real property EX. a lien |
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Term
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Definition
| gradual LOSS of soil or rock |
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Definition
| gradual ADDITION of soil or rock |
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Definition
sudden violet loss of soil or rock
ex. hurricane, mudslide, etc. |
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Term
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Definition
**strongest deed, best for buyer(grantee)
-warrants seisen (that the grantor(seller) owns the property and has right to convey title to it)
-most liability for the seller
-warrants against undisclosed encumberances(imperfections on title)
-warrants enjoyment now and forever |
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Definition
**weakest deed, best for seller(grantor)
-no warrants
-lease liability for seller |
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Term
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Definition
| deed given following a foreclosure sale |
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Term
| Limited or special warranty deed |
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Definition
| grantor will only guarantee their period of ownership, no other warrants |
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Term
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Definition
*California Land Title Association
- owner's policy, protects the buyer(grantee)
- you pay the premium once and that protects you and your heirs |
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Term
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Definition
*American Land Title Association
- mortgagee policy, protects the lender
- you pay the premium once; policy will cover your duration of ownership and your heirs |
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Term
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Definition
government transfer of realty to a private individual
- very 1st transfer from gov. to private owner |
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Term
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Definition
| private individual giving realty to the government |
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Term
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Definition
SUMMARY of all activity since root of title
-**should always be accompanied by a lawyer's opinion |
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Term
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Definition
History of all grantors and grantees since the patent title
- only pertains owner to owner |
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Term
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Definition
| -encumberance - any imperfection on title, and claim that may impair title |
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Term
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Definition
| Court order closing a gap in chain of title |
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Term
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Definition
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Term
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Definition
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Definition
| defines the extent of the estate granted |
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Definition
| states how grantee(buyer)holds title (vesting) |
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Term
| Elements for a valid deed: |
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Definition
-Grantor (seller)
-Grantee (buyer)
-Granting Clause- defines the extent of the estate granted
-How title was taken - states how grantee holds title
-consideration - money or something of value (love, goods and services, etc.)
-legal description - lot and block, rectangular survey system, metes and bounds
-signature of grantor(seller) - grantee (buyer) signature not needed
-does not need to be recorded to be valid |
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Term
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Definition
| ownership with possession |
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Term
| fee simple absolute ownership |
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Definition
-highest form of ownership, owner has complete bundle of rights
1- possession
2-control
3-enjoyment
4-exclude
5-disposal |
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Term
| fee simple determinable ownership |
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Definition
-ownership will continue "so long as" as condition is met
-ownership may be defeated if the condition is violated
-INVOLUNTARY condition put on your ownership |
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Term
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Definition
-grantor creates the life estate
-grantee is the life tenant, has ownership for the duration of their life
-reversionary interest - ownership reverts back to the grantor upon the death of the life tenant |
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Term
| reversionary interest - life estates |
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Definition
| grantor creates life estate, but ownership reverts back to the grantor upon the death of the life tenant |
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Term
| remainder interest - life estates |
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Definition
| grantor creates life estate, but ownership is transferred to anyone other that the grantor upon the death of the life tenant |
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Term
| Government Restrictions - Police Power |
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Definition
- regulate
-zoning ordinances
-agricultural, residential, commercial, industrial, mixed |
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Term
| Government Restrictions -Enabling Acts |
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Definition
| Federal government giving police power to state and local authorities |
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Term
| Government Restrictions -Assessments (improvement district) |
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Definition
| additional tax that only benefitting owners pay for improvements |
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Term
| Government Restrictions -Up zoning |
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Definition
rezoned for a greater use
-ex. residential to commercial |
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Term
| Government Restrictions -Down zoning |
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Definition
rezoned for a lesser use
-ex. commercial to residential |
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Term
| Government Restrictions -Buffer Zone |
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Definition
(green belt area) between zones
-ex. park between commercial and residential area
-ex. garden terrace apartment |
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Term
| Government Restrictions -Non-conforming use |
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Definition
continues present use after a change in zoning (grandfather)
-sell
-expand
-destroy/rebuild
-change use |
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Term
| Government Restrictions -Conditional use |
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Definition
allows a different use than zoning permits
- WILL NOT go to future owners |
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Term
| Government Restrictions -Variance |
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Definition
an exception to zoning due to a hardship
- WILL go to future owners |
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Term
| Government Restrictions -Spot Zone |
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Definition
| Rezoning one parcel (church, school - special use properties) |
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Term
| Government Restrictions -Escheat |
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Definition
-Die intestate (no will)
-no heirs
-considered abandoned
-ownership reverts back to the state |
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Term
| Government Restrictions -taxation |
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Definition
imposing monetary contribution on realty to support government services
**foreclosable lien - takes priority over other liens
**ad valorem = according to value |
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Term
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Definition
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Term
| Government Restrictions -eminent domain |
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Definition
POWER or RIGHT of government to take private property for public use
- condemnation is the PROCESS or ACT OF enforcing eminent domain |
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Term
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Definition
| PROCESS or ACT OF enforcing eminent domain |
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Term
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Definition
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Term
| Ways to take title - severalty |
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Definition
| one natural person or one single legal entity (corporation) ONE OWNER |
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Term
| Ways to take title - Joint tenant's (poor mans will) |
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Definition
Possession, Interest, Title and Time
- possession = right of access
- interest must be equal
- title must be taken at same time
- Right of survivorship (not inheritable)
*conflict between will and joint tenancy = joint tenancy wins |
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Term
| Ways to take title - Tenants in Common |
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Definition
- unequal interest
- no right of survivorship (inheritable) |
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Term
| Ways to take title - Tenants in Entirety |
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Definition
Possession, Interest, Title and Time
- possession = right of access
- interest must be equal
- title must be taken at same time
- Right of survivorship (not inheritable)
- MUST BE MARRIED
- CANNOT SELL WITHOUT SPOUSAL CONSENT TO PARTITION |
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Term
| Ways to take title - Community Property |
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Definition
| All property acquired DURING marriage (50/50) |
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Term
| Ways to take title - Separate Property |
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Definition
-Property owned PRIOR to marriage
-property acquired by gift or inheritance during marriage |
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Term
| Ways to take title - General Partnership |
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Definition
- ALL partners participate
- share unlimited liability |
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Term
| Ways to take title - Limited Partnership |
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Definition
- General Partners participate and share unlimited liability
- Limited (silent) partners liable only to original investment (only stand to lose what they invested) |
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Term
| Ways to take title - Cooperative |
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Definition
Corporation owns real property (title is held in severalty by the corporation)
- tenants own stock and in return they receive a proprietary lease (no deed)
**What would you never receive? A DEED.
You would only own stock, personal property, never the actual realty. |
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Term
| Ways to take title - Condominium |
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Definition
Two titles - one for air space, and one for common areas(deed)
- Need separate insurance for contents of unit
**What would you never own? LAND. You only own the air space and use of common areas. |
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Term
| Government Restrictions - private restrictions |
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Definition
| private police power - privately imposed restrictions on property use (CC&Rs; Deed Restrictions, etc.) |
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Term
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Definition
contains all the detail : rates, payments, amounts, etc.
- Creates the debt (the loan) |
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Term
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Definition
| makes your house collateral for the loan - Creates the lien |
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Term
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Definition
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Term
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Definition
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Term
| Clauses in a mortgage - Acceleration |
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Definition
| Default, FULL BALANCE DUE (found in both the mortgage and the note) |
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Term
| Clauses in a mortgage - Alienation (Due on Sale Clause) |
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Definition
- to sell
- Sold or transferred, FULL BALANCE DUE |
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Term
| Clauses in a mortgage - Prepayment |
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Definition
| Terms which the mortgagor may pay a portion of the full amount in advance with or without penalty |
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Term
| Clauses in a mortgage - Defeasance Clause |
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Definition
| Payments are complete, mortgagee removes lien by satisfaction |
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Term
| Clauses in a mortgage - Equitable Redemption |
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Definition
a definite period in which the mortgagor may make up payments PRIOR to the foreclosure sale
**all the way up to auction! |
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Term
| Clauses in a mortgage - statutory redemption |
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Definition
| Mortgagor may reclaim realty if full back payments are made within so many days AFTER the foreclosure sale |
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Term
| Deed of Trust/ Trust Deed (three party instrument) |
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Definition
| *Another type of deed you would receive at a foreclosure sale |
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Term
| Deed of Trust/ Trust Deed - Trustor |
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Definition
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Term
| Deed of Trust/ Trust Deed - Beneficiary |
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Definition
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Term
| Deed of Trust/ Trust Deed - Trustee |
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Definition
holds naked title - has power to foreclose
- impartial holder of title |
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Term
| Deed of Trust/ Trust Deed - Deed of Reconveyance |
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Definition
| Loan is paid in full, trustee gives all rights back to trustor |
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Term
| Deed of Trust/ Trust Deed - Trustee's Deed |
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Definition
| A deed issued after foreclosure |
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Term
| Deed of Trust/ Trust Deed - By Will |
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Definition
The deceased person(devisor) will devise realty to the person receiving the realty (devisee)
*the term "devise" is used with real property |
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Term
| Deed of Trust/ Trust Deed - Bequest |
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Definition
| Gift of PERSONAL property in a valid will |
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Term
| Deed of Trust/ Trust Deed - Codicil |
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Definition
| any change in a valid will before death |
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Term
| Deed of Trust/ Trust Deed - Probate |
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Definition
with or without a will
*if there is a will, the follow it. If no will, they follow a line of ancestors.
- overlooking the distribution of the deceased's assets
- ownership transfers immediately upon death |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Estate for Years |
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Definition
- Definite termination date
- no notice required
- death will not terminate |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Periodic Estate |
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Definition
- Month to month, week to week
- notice of one period required
- death will not terminate
1 year lease, 13th month you turn in rent - landlord accepts = periodic |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Estate at Will |
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Definition
- Open ended
- terminates by notice or death |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Estate at Sufferance |
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Definition
- created when a tenant holds over AFTER expiration of lease without landlord's consent.
EX. 1 year lease, on 13th month you turn in rent - landlord refuses = sufferance
1 year lease, 13th month you turn in rent - landlord accepts = periodic |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Assign (sublease, sandwich) |
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Definition
- assign duties to assignee
- lessee REMAINS liable |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Novation |
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Definition
- complete substitution of original lessee
- lessee RELEASED of liability
- counter offer *When the buyer makes offer, and seller counters, he releases the buyer of liability for their offer = novation. |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Gross |
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Definition
| - tenant pays fixed rent; landlord pays expenses |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Net |
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Definition
| - tenant pays fixed rent and part of all of the expenses (triple net = tenant pays all) |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Percentage |
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Definition
| - tenant pays a percentage of gross sales (retail) + base rent |
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Term
LEASEHOLD Estates - NO OWNERSHIP
- Sale/Lease Back |
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Definition
| - seller sells then leases the realty back (model home) |
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Term
| Property Management - owner's goals |
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Definition
- preserve value
- maximize income |
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Term
| Property Management - PM's #1 Job |
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Definition
- secure a quality tenant (if this is done then both of the owner's goals will have been achieved)
- Industrial PM - 1st concern = utility, 2nd concern = environmental |
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Term
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Definition
RIGHT to use the land of another
- entitled to it, can enforce it |
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Term
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Definition
servient estate (utility easement)
- only one property involved
ex. NV Energy has right to access property for utility purpose |
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Term
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Definition
- two side by side pieces of property
- Dominant tenement - one using the land of another
- Servient tenement - on allowing the use of their land
- RUNS WITH THE LAND, goes to future owners
- merger of two side by side properties
**this would increase the VALUE of the dominant side, not the size. |
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Term
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Definition
Right to and from
(landlocked property) |
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Term
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Definition
- use of another's land WITHOUT permission
- continuous use
- required length of time
- COURT AWARDS CONTINUED USE |
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Term
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Definition
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Term
| Rectangular Government Survey - Base Lines |
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Definition
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Term
| Rectangular Government Survey - Meridians |
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Definition
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Term
| Rectangular Government Survey - Range Line |
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Definition
| - runs 6 miles east and west of meridian - parallel to the meridian |
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Term
| Rectangular Government Survey - Township Lines |
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Definition
- runs 6 miles north and south of the base line
- parallel to the base line |
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Term
| Rectangular Government Survey - Township |
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Definition
6 miles square, NOT 6 square miles
- 36 sections |
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Term
| Rectangular Government Survey - Section |
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Definition
- 1 mile square (640 acres)
- Section 16 reserved for schools |
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Term
| Rectangular Government Survey -Acre |
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Definition
| - 43,650 square feet - Neither metes or bounds! |
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Term
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Definition
- metes = distance
- bounds = direction
- POB = point of beginning - start and return to the point of beginning
**Which would be a legal desciption? NOT PO BOX.
Answer: returning to the point of beginning |
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Term
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Definition
reference point or benchmark
**NOT A HISTORICAL MARKER |
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Term
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Definition
| recorded plat map showing a group of touching lots bounded by city streets in a city block |
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Term
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Definition
claim of money one has against the property of another
- always tied to unpaid debt
- a lien is a cloud (encumberance) on a title |
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Term
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Definition
-mortgage - specific voluntary
-deed of trust - specific voluntary
-prop taxes - statutory specific
-hoa dues - voluntary specific
-IRS - General
-Judgement - General
*general = on person and all they own
*statutory = according to law
*voluntary = created by contract
***Property taxes take precedence over ALL liens, even IRS |
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Term
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Definition
- applied by persons making repairs or doing work worth $500 or more
- takes affect the day work begins |
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Term
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Definition
| Fair Market Value x assessment ratio = assessed value x tax rate = annual property tax |
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Term
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Definition
| ex. New commercial code says more than 5 story buildings are prohibited, old buildings more than 5 stories are ok. |
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Term
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Definition
| ex. agent told client a new highway will be built, highway never built |
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Term
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Definition
| impossible to detect without testing |
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Term
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Definition
| a personal judgement levied against a borrower with foreclosure not generating enough funds to pay off the debt |
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Term
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Definition
| trustee returns title to trustor |
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Term
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Definition
| received at foreclosure sale |
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