Property Law Key Terms

Property Law Key Terms

The maximum possible ownership of real property; Property. It is indefinite, freely transferable and heritable. Filing of documents relating to real estate as a public matter, notification to future buyers, creditors or other interested parties. Registration is regulated by law and usually requires testimony and notarized certification of an act to be registered. An association that owns a group of apartments and common areas used by residents. Individual residents own a share of the property, so they can live in the apartment or townhouse as if they owned the property themselves. Also known as a REIT, this is an investment opportunity where an organization finds investors and buys real estate. The organization gives money to the investor through a percentage of the property or through the secured loan. The first page of the obligation or policy contains information about the insured`s name, the amount of insurance, interest and property insured.

Security agreement – a document that grants a lender the right to perform certain real estate and/or personal property as security for a loan or other obligation. A written document that, once signed and delivered, confers an interest in the real estate. A title is the right to say that you own a property and use it as you see fit. A title should not be confused with the certificate. The deed is the actual document that establishes ownership of the property. The term “title” is used to describe legal rights. An agreement written in deeds and other acts that promise the execution or non-execution of certain actions or specify certain uses or non-uses of the property. An instrument that transfers ownership to a trust (see also Trust Deed and Trust Deed). An agreement where money is deposited with a third party to be handed over to the seller of real estate upon receipt of the deed of ownership sold. The sequence of transfers from an accepted starting point, with the current owner of the property of the real estate deriving his property. A legal document used to ensure the performance of an obligation.

The purpose of the mortgage is to create a lien on the mortgaged property as security for the repayment of a debt. Neighborhood Association – a voluntary membership organization that deals with social, political, zonal, and other issues that typically affect members` property and generally do not maintain common ownership. Driving or forcing someone off property. Also known as expulsion. Typically, this is a tenant of a property. An agent that issues or is authorized to issue title insurance policies on behalf of a title insurance company. Also known as a title insurance agent. Title insurance agents who partner with title insurance companies are looking for information about a property. Research is used to identify any information that would affect ownership and/or transfer of ownership of the property. A previous title policy issued by a title insurer that insures ownership of the property in question. Also known as Regulation Z.

Part of the Consumer Credit Protection Act. Federal legislation to protect borrowers by requiring lenders to provide information on the cost of the loan. The law stipulates that interest must be expressed as an annual percentage rate of charge (APR) to the nearest 1/8 of one percent. The APR should include fees such as loan fees, discount points, service fees, etc., as well as interest. The law only applies to single-family homes of four. Also applies to other consumer loans. If a title to a property does not mention the correct owner or if a charge is found on the title that is not clearly stated in the deed. Charges include judgments or privileges. An agreement between the seller and the buyer for the purchase of real estate. The purchase price is paid in instalments over the term of the contract, the remaining amount being due at maturity. If the buyer has made the necessary payments, the seller is obliged to deliver a deed to the buyer. Under the terms of the purchase agreement, the buyer receives ownership of the property, and he or she is deemed to have the appropriate rights to the property, while the seller retains ownership.

State tax on the transfer of real estate. Based on purchase price or money changing hands. Review each state`s constitution. Also called act transfer tax. Payment method made during a real estate transaction to prove the buyer`s interest in obtaining a property. Serious payments are made with a purchase and sale contract. As a general rule, non-compliance with the agreement will result in the retention of the serious payment by the beneficiary. This glossary defines some of the most difficult terms used in property law. You can also check out our list of industry acronyms. Real estate insurance that protects against losses due to fire, natural causes, vandalism, etc., according to the terms of the policy. When a property is sold by the mortgage holder, if the borrower does not repay the debt. After the sale, the amount derived from the sale is paid to the lender.

(1) the extension of an existing loan with the same borrower and lender; (2) a loan for the same immovable property by the same lender or borrower; (3) the sale of loans by the original lender. The interest or type of interest one has in property, such as: a life fortune, the estate of a deceased person, real estate, etc. 1) all property and sums held by one or more persons2) the possession of a deceased person distributed to heirs/beneficiaries in accordance with the deceased`s will. An undivided interest in real estate that is taken over by two or more roommates. Interest must be the same, accrued as part of the same transfer and start at the same time. After the death of a roommate, the interest is transferred to the surviving roommates and not to the testator`s heirs. Perfection – the concept of confirmation of the grant of security (regulated by the UCC in respect of personal property). A trust where the trustees have the power, but no obligation, to sell the property. It is a Latin term that translates to “waiting suit.” This is a formal document written to inform the parties that a lawsuit has been filed regarding the real estate. Under the bill, it is filed with the county registry of deeds, which notifies the defendant. Device – personal property that is permanently attached or fixed to real estate, so that it is considered an integral part of the property. Easement refers to one party`s right to use or access another party`s property for a particular purpose.

Easements are explicitly established for adjacent properties and are generally made in the best interest of all parties involved. They are created by documents to be saved. While a party may be allowed to access the property, the ownership rights remain with the owner. The reasons for creating an easement would be access to a shared road, a sewer (above and below ground), power lines or if you have to cross a property to get to the entry point. An unauthorized intrusion or intrusion into an improvement, facility or other property that invades the property of others, in whole or in part. Interventions are generally either: (1) via the construction line, (2) beyond the property line, (3) via the easement or (4) on the insured premises. An interest in a property that lasts only the time of a particular person`s life. It creates an agreement and can only exist as a fair interest.

The process of retrieving information and documents related to real estate. Information typically includes chain of ownership, current ownership, property taxes owed, judgments, and other privileges. Co-ownership of a title between husband and wife. Both persons have equal rights to the entire property. After the death of one of the spouses, the other spouse is entitled to title under the Survivors Act. Date of first search report (i.e., date on which records from the registrar`s office regarding ownership of the transferred asset were accessed). (1) A person appointed or required by law to execute a trust; (2) a person who holds ownership of an immovable under a trust deed. Rental – a contract that grants the use or use of real estate for a certain period of time for a specific payment. Lien – a property right granted by the owner of that property to another party (the lien holder) until the owner fulfills a legal obligation to the lien holder, such as: repaying a loan or paying legal fees for work done on the property.

Abandoned property. The property exchanged. Title Policy Approval – specific individual agreements from a title insurance company that supplement or modify the basic provisions of a title policy (for example, specifically state that the property in question (1) has access to a particular road, (2) is a unique tax parcel, or (3) is the same country as the country identified in a particular survey). The value of an owner`s interest in a property, excluding property charges. The transfer of possession and the right to use the property for a certain period of time with payment of rent to the landlord.