Real Estate

Insurance

A contract between the insurer and the insured.

Easement by Voluntary Grant

A grantor conveys the right to use the grantor's land to a grantee for the purpose of ingress and egress.

Deficiency Judgment

A judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower.

Grant Deed

A limited warranty deed using the word "grant" or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor. Tweet

Adverse Possession

A method of acquiring title to real property by conforming to statutory requirements; a form of involuntary alienation of title.

Easement in Gross

A right of use in the land of another without the requirement that the holder of the right own adjoining land.

Implied Contract

An agreement that has not been put into words, but is implied by the actions of the parties.

Contract

An agreement to do or not to do a certain thing. It must have four essential elements: parties capable of contracting, consent of the parties, a lawful object, and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged with performance.

Tax Sale

Sale of property after a period of nonpayment of taxes.

Title Insurance

Insurance to protect a real property owner or lender up to a specified amount against certain types of loss (ex: defective or unmarketable title).

Dominant Tenement

Land benefiting from an easement appurtenant.

Servient Tenement

Land encumbered by an easement.

Bilateral Contract

A contract in which each party promises to do something.

Express Contract

A contract that has been put into words, either spoken or written.

Quitclaim Deed

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.

Quitclaim Deed

A deed to relinquish any interest in property with the grantor without interference of possession.

Warranty Deed

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the unlawful claims of third persons. It is commonly used in many states but in others the grant deed has supplanted it due to the modern practice of securing title insurance policies which have reduced the importance of express implied warranty in deeds.

Constructive Notice

A fact, imputed to a person by law, which should have been discovered because of the person's actual notice of circumstances and the inquiry that a prudent person would have been expected to make.

Acknowledgement

A formal declaration made before an authorized person (ex: a notary public) by a person who has executed an instrument stating that the execution was his or her free act.In California, an acknowledgement is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be.

Judgment Lien

A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.

Bankruptcy

A legal proceeding by an individual or company who are no longer able to pay their respective debts.

Mechanic's Lien

A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property.

General Lien

A lien on all the property of a debtor.

Specific Lien

A lien that attaches to one specific property only.

Easement Appurtenant

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement.

Easement

A right, privilege or interest limited to a specific purpose which one party has in the land of another.

Package Lien

A type of loan used in home financing covering real property, improvements, and movable equipment/appliances.

Injunction

A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.

Encroachment

An unlawful intrusion onto another's adjacent property by improvements to real property (ex: a swimming pool built across a property line).

Consideration

Anything given or promised by a party to induce another to enter into a contract, ex: personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other. Tweet

Easement by Necessity

Exists when a landowner has no access to roads and is landlocked.

Actual Notice

Express or implied knowledge of a fact.

Easement by Prescription

Obtained by use of the land of another for the legally prescribed length of time.

Voidable

That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Tax Deed

The deed given to a purchaser at a public sale of land held for nonpayment of taxes. It conveys to the purchaser only such title as the defaulting taxpayer had.

Escrow

The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.

Probate

The official proving of a will. The legal process wherein the estate of a decedent is administered. Tweet

Alienation

The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.

Trespass

The wrongful entry on to the land on another, either in person or by instrumentality.

Deed

written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee).

Unilateral Contract

When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.