Ch 3 Real Estate

Sheriiff's Sale

A court ordered sale of real or personal property by the sheriff pursuant to the execution of a judgement.

Lien

A form of encumbrance that usually make specific property for the purpose of assuring payment of a debt.

Declaration of Homestead

A formal statement that protects the head of the household from losing the property to the claims of creditors, usually up to a set maximum amount.

Trust Deed

A legal document by which a borrower pledges certain real property as collateral for the repayment of a loan. IN addition to the buyer and seller, there is a 3rd party to the transaction known as the trustee.

General Lien

A lien such as tax lien or judgement lien that attaches to all property of the debtor rather than a specific property.

Specific Lien

A lien that attaches to a specific property rather than all the property rather than all property of the debtor.

Mechanic's Lien

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

Blanket Encumbrance

A lien, usually a trust deed in California, covering more than one property of the borrower.

Restrictions

A limitation on the use of real property. These limitations fall into two general classifications: public and private. Zoning ordinances are public, while a clause in the deed requiring the roof to be made of Spanish red title would be a private limitation.

Conditions

A limiting restriction stating upon the happening or not happening of some stated event. the estate shall be changed in some manner.

Lis Pendens

A notice filed or recorded for the purpose of warning all persons that the title to certain real property is in litigation.

Preliminary Notice

A notice that informs or warns owners, lenders and general contractors that subcontractors have been hired, or materials have been supplied to a particular job site.

Notice of Non-Responsibility

A notice, recorded and posted by the property owner to relieve them of responsibility for the cos of unauthorized work done on his or her property or materials furnished.

Defendent

A person against whom a civil or criminal action is taken.

Covenant

A promise to do or not to do a particular thing.

Servient Tenement

A property that is burdened by an easement.

Abstract of Judgement

A recorded document of the essential provisions of a court judgement.

Easement

A right, limited to a specific use, that one party has in the land of another.

Declaration of Abandonment

A statement declaring the intent to give up a homestead, usually to declare a homestead on a new residence.

Homestead

A statutory protection of a home from the claims of certain creditors and judgement up to a specified amount.

Writ of Execution

A writ to carry out a court order, usually arising from a judgment.

Easement in Gross

An easement for the benefit of a person or utility company rather than for the benefit of adjacent landowners.

Easement Appurtenant

An easement for the benefit of the owner of an adjacent parcel of land.

Mortgage

An instrument, recognized by law, by which property is hypothetical to secure the payment of a debt. This instrument is not commonly used in California, but is popular on the east coast.

Encumbrance

Anything that affects or limits the fee simple title to, or value of, property, eg., mortgages or easements.

Satisfaction

Discharge of a mortgage or trust deed from the records upon a payment of a debt. Make sure you receive a Deed of Re conveyance to prove that you paid off the deed of trust.

Plaintiff

In a court action, the one who sues; the complainant.

Dominant Tenement

Real property that benefits from an easement.

Encroachment

The construction of improvements on the property of another.

Attachment

The process by which real or property is seized by the court for the purpose of assuring payment.