Section 2: Real Estate Title & Ownership

Escheat

The state takes property upon an owner's death if there is no will & no heirs exist.

demise

a transfer of property by lease

Cloud on Title

any claim, lien, or encumbrance that impairs title to property

condemnation

easement by eminent donmain

General Lien

encumbers ALL of debtor's property (i.e. court judgements, income, estate & inheritance taxes)

specific lien

encumbers only one property (mechanic's lien)

Partition's Suit

forces all parties to sell/buy if the all don't agree to sell/buy

statutory lien

is created by the state. A real estate tax lien, then, is an involuntary, statutory lien. It is created by statute without the property owner taking it on voluntarily

Actual Notice

known as a fact

What is an example of less-than-freehold estate?

lease

Title is the same as

ownership

Legal title Hint: Seller

ownership with right of possession

limited partnership

partnership in which only one partner is required to be a general partner and the rest can be limited partners

Quiet Enjoyment

right of owner or tenant to possession without interference

Equitable Tittle Hint: Buyer

right to legal tittle upon completion of a contract

Appurtenant Easement

right to use adjoining property that transfers with the land

Another term for sole ownership

severalty

Constructive Notice

should have known in other words what has the seller done to tell the world they own the property

Most common form of ownership

tenancy in common

Law of Latches

the court has the right to decide statute of limitations

who is responsible for providing clear title at closing?

the seller

alienation

to sell, transfer, or convey

deed

written document conveying title/ownership

How much notice does a tenant have to give a landlord?

30 days

How much notice does a landlord have to give tenants?

60 days

How many days from the date of completion do contractors have to place a mechanics lien on a property before their statute of limitations expires?

90 days

liens

A charge or claim which one person has upon the property of another as security for a debt or obligation

Deed in Partition

A deed issued by the court when property is sold at a partition sale for the purpose of dividing a joint tenancy or tenancy in common ownership.

Express Grant

Deed creates easement only - no title transfer

Granting Clause

Grants title, identifies parties and property

testimonium clause

Last section giving date and signatures

Government Limitations on Title Hint: PETE

Police Powers Eminent Domain Taxes Escheat

inquiry notice

Should have investigated

Servant Tenement

Suffers the burden of an easement

Abstract of Title

Summary of chain of title

Prescription Easement Hint: CON

"Hostile and Continuous Use" - EX: A worn path on personal property can be described as a

Habendum Clause

"to have and to hold" identifies estate granted

Commercial Easement in Gross

1) Attaches to a company 2) usually assignable 3) servient estate only

What two things have to be present for eminent domain to occur?

1) Just compensation 2) Taken for the good/use of the public

Easements in Gross

1) attaches to a person 2) non-assignable 3) servient estate only

What are three types of freehold estates?

1. Fee simple absolute 2. Fee simple defeasible 3. Life estate

Patent Deed

A deed given by the government to a private individual as evidence of transfer of title from government to the public person

Quitclaim Deed

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

Stigmatized Property

A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang-related activity, illness or personal tragedy. The event does not have to be disclosed but if asked about it you have to tell the truth.

Fee Simple Defeasible

A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur

Estate at Sufferance

A type of possession in which a tenant stays after the right to possess has terminated

Express Reservation

An easement created in a deed when a landowner is dividing the property, transferring the servient tenement but retaining the dominant tenement.

Adverse Possession requires that squatters use the property... Hint: CONE

Continuously Openly Notoriously Exclusively

General Warranty Deed

Deed that offers the most protection in which grantor fully warrants good clear title to the grantee

What leasehold estate is terminated by death or sale of property?

Estate at Will

Death does not terminate what kinds of Leasehold estates?

Estate for years & Periodic Tenancy

Down Zoning

High density to low density. No compensation for loss of value Commercial -> residential

buffer zoning

Land use zone that separates two otherwise incompatible land uses.

Title by Estoppel

Legal principle whereby a person may obtain title to real property over the apparent owner, because the apparent owner has failed to act in such a manner as to put everyone on notice as to his rights in the property. **No Takesies Backsies**

The termination of an easement can occur through

Necessity- the parcel no longer exists Dominant estate is abandoned servient estate is destroyed court order

Who signs the title in a real estate transaction?

No one!

Variance

Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances.

conditional use zoning

Results in the issuance of a zoning permit that allows a special use that is not in compliance with the surrounding local zoning already in effect but only if certain conditions are met

Color of Title

That which appears to be good title but which is not title in fact.

Seisin

The actual possession of land by one who claims rightful ownership of a freehold estate therein.

Special Warranty Deed

The grantor warrants against defects that have occurred after the grantor acquired title. (No warrantee forever-only for the time the grantor owns the property)

What are the four unties for automatic right of survivorship?

Time, Title, Interest, & Possession

Certificate of Title

Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance.

Bargain and Sale Deed

a deed that contains no covenants but does imply that the grantor owns the property being conveyed

bequest

a gift of personal property by will (AKA: Legacy)

License

a personal, non-assignable, revocable privilege

General Partnership

all partners have unlimited liability

Codicil

amendment to a will

Fee Simple Absolute

an estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government

nuncupative will

an oral will

Encroachments

can be improvements or nuisances but are NOT covered by title insurance unless surveyed

Defeasible Estates

can be inherited but only if used for a specific purpose

Deed Restrictions

can include lot size, square footage of improvements, permissible uses, and parking restrictions

The process of eminent domain is

condemnation

Intestate

dying without a will

devise

gift of real property by will

Holographic Will

handwritten will

Bare Legal Title Hint: Lender

ownership without the right possession

Community Property

property acquired during marriage and owned equally by both spouses. GA does not recognize C.P

what lien is always paid first?

property tax & special assessment

Lis pendes (action pending)

recorded document that creates constructive notice that an action relating to a specific property has been filed in court

Easement

the legally & enforceable right to use another's land for some particular purpose, for an ongoing period of time

testor

the one who dead

Dominant Tenant

the owner of the land in an easement appurtenant who has the use (or benefits) from the easement.

Chain of Title

the record of a property's ownership

Eminient Domain

the right of government to take private property for public use

Marketable Title

title to real property that is free of reasonable doubt

Testate

to die with a valid will

Non-conforming use

when the use of a property predates current zoning ("grandfathered")

Police Powers

zoning regulations, building codes, and environmental regulations are all examples of