Defect/Cloud in the title
Conflicting claims that prevent the absolute legal conveyance of CLEAR TITLE
Period to Period is a type of leasehold
... [Show More] that:
Has no specific expiration but the length is specified (like a month to month lease)
Net Lease
lease in which the tenant pays some or all of the operating expenses of the property in addition to rent. Often commercial.
Adverse Possession
A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time.
Estoppel
Legal bar that prevents contradictions. Often a document that 'stops' prevents people from contradicting earlier agreements or statements
Conformity appraisal method
Orchard in the midst of a housing development
Anticipation value
Valued on future income.
nonrecourse loan
a loan that carries neither a penalty nor further obligation to repay if not paid back
Government Rectangular Survey System
Land (Definition)
immobility, permanence, uniqueness, indestructablity
Annexation
term by attachment becomes real property
Severance
term by separating a fixture from real property becomes personal property
Monument
landmark natural or stake to mark a boundry
Fee Simple Absolute
No conditions on use or transfer
alienation of title
A change of ownership. May be voluntary (sold the property) or involuntary (foreclosure sale).
testate
having a will
Intestate Succession
the method used to distribute property owned by a person who dies without a valid will
nuncupative will
an oral will
Holographic Will
A will written entirely by the testator with his own hand.
devise
real property disposed of in a will
Adverse Possession
The actual, open, notorious, hostile, and continuous possession of another's land under a claim of title, must be 20 years.
Redemption
mortgage default then payoff and claim back property
balance app
Friendly Foreclosure
deed in lieu of foreclosure
forebearance
work out loan for debt
Tenants in Common
shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists. FRACTIONAL
Joint Tenancy
A form of co-ownership that includes the right of survivorship. EQUAL
foreshore encroachments
docks
foreshore lease
21 years
Non-conforming use
Use after a zoning change - grandfathered (BEFORE ZONING)
Variance
Added after zoning in place - granted (AFTER ZONING)
Conditional use
permitted use that can be revoked
Spot zoning
a change in the zoning ordinance for a particular area
buffer zone
new industrial park and zone space between
Special assessment
Tax only on property directly benefiting from an improvement
Constructive Notice
Notice given by recorded documents. Revealed in Due Diligence search.
Escalator Clause Lease
Actual Notice
Personally given to somebody/ signed for
Priority of Liens
Based on time or date of recording
Equitable liens
Court order
Statutory liens
automatic - tax [Show Less]