Real Estate Key Terms

Topics: Real estate, Property, Interest Pages: 10 (3796 words) Published: July 7, 2013
Chapter-1
Abstract of title:-An abstract of title is a historical summary of the publicly recorded documents that affect a title. The abstract of title lists all of the legal actions that have been performed or used in conjunction with a piece of property. Deed:-Deed is a legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions. Usually title is conveyed from one person (the grantor) to another (the grantee) by means of a written instrument called a deed. Deed restrictions:-Deed restrictions are private agreements that restrict the use of the real estate in some way, and are listed in the deed. The seller may add a restriction to the title of the property. A deed restriction is a clause in a deed that limits the use of land. Deed restrictions placed within a deed control the use of the property. Estate:-Estates are all of the valuable things an individual owns, such as real estate, art collections, collectibles, antiques, jewelry, investments and life insurance. Estate for Years:-The most significant feature of an estate for years is that it must be of definite duration, that is, it is required to have a definite beginning and a definite ending. Estate from Year to Year:-The essential distinguishing characteristic of an estate from year to year is that it is of indefinite duration. Fee Simple Estate:-In English law, a fee simple estate is an estate in land, a form of freehold ownership. It is the way that real estate is owned in common law countries, and is the highest ownership interest possible that can be had in real property. The property owner is entitled to full enjoyment of the property, limited only by zoning laws, deed or subdivision restrictions or covenants. Freehold Estate:-A freehold estate is one where the duration of ownership is indeterminate, which could be for a lifetime of an individual or an unlimited duration. A freehold estate is the exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period. Future Estate:-In New Law, A future estate is an estate limited to commence in possession at a future day, either without the intervention of a precedent estate, or on the determination, by lapse of time or otherwise, of a precedent estate, created at the same time. General Warranty Deed:-A general warranty deed is a legal document that identifies the owner of a property and also guarantees to the owner that the property is free and clear of any encumbrances or claims against it. It makes this guarantee for as far back as the original defining of the property.  Special Warranty Deed:-A special warranty deed is almost exactly the same as a general warranty deed. The only difference between the two is the length of the warranty term. While a general warranty deed guarantees clear title to the property for all time in the past, special warranty deeds only guarantee a clear title dating from the time the seller first owned the property. Leasehold Estate:-A leasehold estate in real estate is the tenant's right to possession of the leased property. A lease agreement spells out the rights and obligations of both the tenant and the landlord or property owner. Lessee:-A person who holds the lease of a property is called Lessee. Also known as tenant, leaseholder, renter, holder, occupier. Lessor:-A person who leases or lets a property to another is called Lessor. Also know as landlord, renter. Life Estate:-Life estate is an estate whose duration is limited to the life of the party holding it, or some other person. Mechanic’s Lien:-A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. Non Possessory Interest:-A non possessory interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the...
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