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Flashcards - Transfer of Real Property

Flashcards - Transfer of Real Property
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intestate
Intestacy is the condition of the estate of a person who dies without having made a valid will or other binding declaration
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foreclosure
Foreclosure is a legal process in which a lender claims possession of property belonging to a borrower, who has stopped making payments to the lender
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exemption
Tax exemption refers to a monetary exemption which reduces taxable income
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escheat
Escheat is a common law doctrine that transfers the property of a person who dies without heirs to the crown or state
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equitable title
In property law, a title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest
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Equitable redemption
The equity of redemption refers to the right of a mortgagor in law to redeem his or her property once the debt secured by the mortgage has been discharged
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equitable conversion
Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date
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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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eminent domain
Eminent domain, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation is the power of a state or a national government to take private property for public use
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deficiency judgment
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full
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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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deed in lieu of foreclosure
A deed in lieu of foreclosure is a deed instrument in which a mortgagor conveys all interest in a real property to the mortgagee to satisfy a loan that is in default and avoid foreclosure proceedings
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chain of title
A chain of title is the sequence of historical transfers of title to a property
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27 cards in set
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chain of title
A chain of title is the sequence of historical transfers of title to a property
deed in lieu of foreclosure
A deed in lieu of foreclosure is a deed instrument in which a mortgagor conveys all interest in a real property to the mortgagee to satisfy a loan that is in default and avoid foreclosure proceedings
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
deficiency judgment
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full
eminent domain
Eminent domain, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation is the power of a state or a national government to take private property for public use
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
equitable conversion
Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date
Equitable redemption
The equity of redemption refers to the right of a mortgagor in law to redeem his or her property once the debt secured by the mortgage has been discharged
equitable title
In property law, a title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest
escheat
Escheat is a common law doctrine that transfers the property of a person who dies without heirs to the crown or state
exemption
Tax exemption refers to a monetary exemption which reduces taxable income
foreclosure
Foreclosure is a legal process in which a lender claims possession of property belonging to a borrower, who has stopped making payments to the lender
intestate
Intestacy is the condition of the estate of a person who dies without having made a valid will or other binding declaration
inverse condemnation
Inverse condemnation is a term used in the law to describe a situation in which the government takes private property but fails to pay the compensation required by the 5th Amendment of the Constitution, so the property's owner has to sue to obtain the required just compensation
land contract
A land contract -- often described by -- is a contract between the seller and buyer of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments
land sale contract
A land contract is a contract between the seller and buyer of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments
mill rate
A property tax is a levy on property that the owner is required to pay
partition by sale
A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the tenants
Police power
In United States constitutional law, police power is the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants
Probate
Probate is the legal process whereby a will is "proved" in a court and accepted as a valid public document that is the true last testament of the deceased
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
quitclaim
A quitclaim deed is a legal instrument which is used to transfer interest in real property
regulatory taking
Regulatory taking is a situation in which a government regulation limits the uses of private property to such a degree that the regulation effectively deprives the property owners of economically reasonable use or value of their property to such an extent that it deprives them of utility or value of that property, even though the regulation does not formally divest them of title to it
risk of loss
Risk of loss is a term used in the law of contracts to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred
title insurance
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans
title search
In real estate business and law, a title search or property title search is the process of retrieving documents evidencing events in the history of a piece of real property, to determine relevant interests in and regulations concerning that property
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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