Chapters 1-20 Real Estate And Real Property
This chapter is about real estate and real property.
A lien that attaches to all property owned by an individual. Real and personal.
A lien placed on property without the consent of the property owner.
the act of giving a formal (usually written) authorization
a pending lawsuit
mechanics’s lien/materialman’s lien
Lien imposed by law on real property to secure payment for work performed or materials furnished for the construction, repair or alteration of improvements on the real property
a conditional conveyance of property as security for the repayment of a loan
In the context of real property, an interest in land that does not include any right to possess the property.
party wall easement
A wall that is located on a boundary line between two adjoining parcels of land.
right of way
the privilege of someone to pass over land belonging to someone else
the land or tenement over which an easement or other encumbrance is exercised by the dominant tenement
A lien that is secured by a specific parcel of property and affects only that particular property
An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.
A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens.
a lien created intentionally by the property owners action, such as when someone takes out a mortgage loan
using a notary public to demonstrate that a document was voluntarily signed….
getting the title so someone else’s real property by possessing it. possession must be open and notorious, hostile and adverse, exclusive, and continuous for a prescribed number of years (10 in NY)
bargain and sale deed
A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion
block and lot
legal description used for platted property which is land that has been subdivided into blocks and lots.
anything of value such as money, goods, services, or promises given to induct another person to enter a contractor
document effecting a property transfer
a gift of land from an owner to the government
the official document transferring ownership from seller to buyer
real property transferred in a will, to transfer real property by a will
delivery and acceptance
when the grantor delivers the deed and the grantee accepts the deed. this is necessary for conveyance of title.
a person appointed by a testator to carry out the terms of the will
when a bank takes back a property and auctions it off to recover the unpaid loan amount
full covenant and warranty deed
A deed that provides the greatest protection, in which the grantor makes five legal Promises (covenants of seisin, quiet enjoyment, further assurances, warranty forever, against encumbrances) that the grantee’s ownership will be unchallenged,
transfer by deed
a recipient of a grant
The person transferring title to or an interest in real property to a grantee
that part of deed which begins “to hand and to hold”; defines extent of ownership
means the grantor (owner of the property) did not have a choice; that the law determined that the property would be transferred as in eminent domain or other government interferences.
metes and bounds
Legal description that begins at a well marked point and follows the boundaries around the tract, back to the place of beginning
a detailed survey map of a subdivision recorded in the county where the land is located
document transferring title or right or claim to another
Awarded by auctioneer (referee) when property is bought at auction. Carries no warranties but implies grantor has legal title.
an instrument drawn under court order to convey title to property sold to satisfy a judgment
the process of locating and measuring the boundaries of a property, and identifying improvements, encroachments, and easements associate with the land
Voluntary transfer of title to Real Estate property, either a gift or selling of property
abstract of title
A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities.
The actual knowledge that a person has about the existence of a particular fact.
chain of title
Succession of conveyances from some accepted starting point, whereby the present hold of title derives the title, there should be no “breaks” in the succession
Detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction
cloud on the title
any outstanding claim or encumbrance which would, if valid, affect or impair the owner’s title to a particular estate. While the cloud remains, the owner is prevented from conveying marketable title
provides protection to a landowner against all unrecorded titles
money received for an obligation given
charges against an account
hud-1 settlement statement
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.
Good or clear title, reasonably free from the risk of litigation over possible defects
Dividing property taxes, hazard insurance and other expenses or income between the buyer and seller, as of date of settlement.
real estate settlement procedures act (respa)
A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development., A federal law requiring lenders to provide information on all costs associated with closing a residential loan within three business days of the loan application, to use the HUD-1 closing statement, to limit required escrow deposits, and to avoid kickbacks on loan-related services.
verifying debits and credits have been added and subtracted correctly on a real estate settlement statement
A statement listing the funds required at closing, which should be furnished to the buyer by the real estate broker at least one business day before closing for review.
the process of locating an measuring the boundaries of a property, and identifying improvements, encroachments, and easements associated with the land
actual document showing that you own a property
a type of insurance that protects the buyer in case problems with the title are found later
an examination of documents recording title to the property to ensure the owner has a clear title
A contract between an owner (as Principal) and a real estate broker (as agent) by which the broker is employed as agent to find a buyer for the owner’s real estate on the owner’s terms, for which service the owner agrees to pay a commission
gotta stay loyal to the clients and customers that you represent/service
stating an untrue fact
…, A listing based on the net price the seller will receive if the property is sold. Under a net listing the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
non solicitation orders
prohibits the solicitation of residential property listings, and applies to all real estate brokers and agents; ruled unconstitutional by the us court of appeals
the agent must act with obedience and obey all legal and reasonable instructions from the client
offer of compensation
The commission that will be paid on the sale of property.
Multiple agents; only the selling agent (broker) entitled to commission; seller retains right to sell independently without obligation to pay anyone a commission
A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document
an antitrust violation in which competitors set a standard commission rate
buyer or seller
In order to be paid, the broker starts an uninterrupted chain of events that results in a sale
when someone who has been granted something or has accepted something later gives it up or rejects it; as when an agent withdraws from the agency relationship
The termination of a licensee’s privilege to practice real estate
agent buys principal’s property himself or sells it to a relative, friend or associate, w/o disclosing that fact to principal, in violation of fiduciary duties, earns secret profit
properties that do not have any physical defects but have become less marketable because they were the scene of a crime, suicide, or other undesirable event
the party to whom an agent delegates some of his/her authority
requiring the consumer as a condition of a transaction to use ore not use a particular service or product, illegal in NY
undisclosed dual agency
Representation of both principal parties in the same transaction without full written disclosure ;and approval from all parties.
A fiduciary obligation that is given up by both the buyer and seller when they consent to dual agency.
a right that goes with real property ownership usually transferred with the property but may be sold separately
the recipient of funds or other benefits
bundle of legal rights
Ownership of all legal rights: control, possession, use, disposition, enjoyment
personal as opposed to real property
Annual, harvestable crops such as corn, wheat; personal property
fee on condition
the previous owner forbids or restricts you from doing something or the ownership is voidable
fee simple estate
The complete ownership of a property; may be either absolute or conditional.
a object firmly fixed in place (especially in a household)
Co-ownership of real estate; when one of the owners dies, that interest goes to the remaining owners (right of survivorship)
territory over which rule or control is exercised
Tenant’s right to occupy real estate during the term of a lease, generally considered to be a personal property interest
life/estate/life estate pur autre vie
Also known as the estate for the life of another.The estate is owned for the lifetime of some named third party. Example: A farmer gives farm to a daughter in law for benefit of grandchildren. If the grandchildren die, the property automatically reverts back to the farmer or a third person.
(1) A land owner’s claim to use water in large navigable lakes and ocean’s adjacent to his or her property. (2) The ownership rights to land bordering these bodies of water up to the high water mark.
piece of real estate
allows any co-owner to end a joint tenancy
Movable objects, not real property, sometimes called chattels, such as cars, cash, stock
any entitlement that gives one the right to the land at a given moment. The holder has the right to possess the land now.
.ownership with terms or conditions which if violated could cause the ownership to be defeated or
.property consisting of houses and land
right of survivorship
When a joint tenant dies, his or her interest passes to the remaining owners of the property; becomes an issue only at death of one of the owners
Owner’s rights in land that borders on or includes a stream, river or lake. Rights include access to and use of the water
Ownership of real estate by one person only; although a corporation (single entity) can own in severalty