Flashcards - Encumbrances in Real Estate

Flashcards - Encumbrances in Real Estate
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lien
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation
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homestead exemption
The homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse
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fee simple absolute
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership
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estoppel
Estoppel is a collective name given to a group of legal doctrines in common law legal systems whereby a person is prevented from making assertions that are contradictory to his or her prior position on certain matters before the court - the person is said to be "estopped"
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escrow
An escrow is: * a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or * an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, * a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums
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encumbrance
An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value
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easement
An easement is a non-possessory right to use and/or enter onto the real property of another without possessing it
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due on sale clause
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due upon sale or transfer of ownership of the property used to secure the note
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deeds
A deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed
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deed restriction
A covenant, in its most general sense and historical sense, is a solemn promise to engage in or refrain from a specified action
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deed of trust
In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan between a borrower and lender
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contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
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cloud on title
The term cloud on title refers to any irregularity in the chain of title of property that would give a reasonable person pause before accepting a conveyance of title
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26 cards in set
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cloud on title
The term cloud on title refers to any irregularity in the chain of title of property that would give a reasonable person pause before accepting a conveyance of title
contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
deed of trust
In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan between a borrower and lender
deed restriction
A covenant, in its most general sense and historical sense, is a solemn promise to engage in or refrain from a specified action
deeds
A deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed
due on sale clause
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due upon sale or transfer of ownership of the property used to secure the note
easement
An easement is a non-possessory right to use and/or enter onto the real property of another without possessing it
encumbrance
An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value
escrow
An escrow is: * a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or * an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, * a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums
estoppel
Estoppel is a collective name given to a group of legal doctrines in common law legal systems whereby a person is prevented from making assertions that are contradictory to his or her prior position on certain matters before the court - the person is said to be "estopped"
fee simple absolute
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership
homestead exemption
The homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse
lien
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation
lien theory
A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money
lien waiver
In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials man, equipment lessor or other party to the construction project stating they have received payment and waive any future lien rights to the property
liens
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation
Market value
Market value or OMV is the price at which an asset would trade in a competitive auction setting
mortgage
A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged
plat
A plat in the United States is a map, drawn to scale, showing the divisions of a piece of land
principal
In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party
promissory note
A promissory note is a legal instrument , in which one party promises in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms
quiet title action
An action to quiet title is a lawsuit brought in a court having jurisdiction over property disputes, in order to establish a party's title to real property, or personal property having a title, of against anyone and everyone, and thus "quiet" any challenges or claims to the title
Real property
In English common law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and whose improvements come from human efforts
right of redemption
The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt
statute of frauds
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract
trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another

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