Chapter 5 Real Estate U

Lease

A contract between an owner and tenant, setting forth conditions upon which the tenant may occupy and use the property and the term of the occupancy.

Lien

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation.

Sublease

A lease given by a lessee

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.

Specific Lien

A lien that attaches to one specific property only.

Dominant Tenement

A parcel of real property that has an easement over another piece of property (the servient estate)

Servient Tenement

A parcel of real property that is encumbered by an easement of a dominant estate

Remainderman

A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner

Easement

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

Leasehold Estate

A tenant's right to occupy real estate during the term of the lease. This is a personal property interest.

Accretion

Accession by natural forces, e.g., alluvium

Ground Lease

An agreement for the use of land only, sometimes secured by improvements placed on the land by the user.

Easement by Condemnation

An easement created by the government or government agency that has exercised its right under eminent domain

Easement in Gross

An easement that benefits an individual or legal entity, rather than a dominant estate

Easement Appurtenant

An easement that benefits the dominant estate and "runs with the land". In other words, an easement appurtenant generally transfers automatically when the dominant estate is transferred.

Estate at Sufferance

An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the condition of the tenant's previous holding. Also called a tenancy at sufferance.

Fee Simple Absolute

An inheritable estate in land providing the greatest interest of any form of title.

Estate For Years

An interest in lands by virtue of a contract of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years

Constructive Eviction

Any disturbance of the tenant's possession of the lease premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased.

Voluntary Lien

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner

Encumbrance

Anything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements.

Tax

Enforced charge extracted of personal, corporations and organizations by the government to be used to support government services and programs.

Easement by Prescription

Implied easements granted after the dominant estate has used the property in a hostile, continuous, and open manner for a statutorily prescribed number of years

Deed Restrictions

Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.

Lessee

One who contracts to rent, occupy, and use property under a lease agreement; a tenant

Condemnation

The act of taking private property for public use by a political subdivision upon payment to owner of just compensation

Covenants, Conditions, and Restrictions (CC&Rs)

The basic rules establishing the rights and obligations of owners of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.

Easement by Grant

The creation of an easement by one party expressly transferring the easement to another party.

Alluvium

The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water

Life Tenant

The owner of a life estate

Actual Eviction

The removal of a tenant by the landlord because the tenant breached a condition of a lease or another rental contract.

Escheat

The reverting of property to the State when heirs capable of inheriting are lacking.

Riparian Rights

The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owner's land provided such use does not injure other riparian owners.

Littoral Rights

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.

Police Power

The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public

Erosion

The wearing away of land by the act of water, wind, or glacial ice.

Gross Lease

A lease in which the lessor pays all costs of operating and maintaining the property and real estate taxes.

Net Lease

A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.

Graduated Lease

A lease which provides for a varying rental rate, often based upon a future determination; sometimes rent is based upon the result of periodic appraisals; used largely in long-term leases.

Judgement 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.

Involuntary Lien

A lien imposed against property without consent of an owner.

Tax Lien

A lien imposed by law upon a property to secure the payment of taxes.

General Lien

A lien on all the property of a debtor.

Avulsion

A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river

Accession

An addition to property through the efforts of man or by natural forces.

Easement by Implication

An easement that is not created by express statements between the parties; but as a result of surrounding circumstances that dictate that an easement must have been intended by the parties.

Life Estate

An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.

Fee Simple Determinable

An estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor.

Remainder

An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real estate.

Periodic Estate

An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called an estate from period to period.

Lessor

An owner who enters into a lease agreement with a tenant; a landlord

Encroachment

An unlawful intrusion onto another's adjacent property by improvements to real property, e.g., a swimming pool built across a property line.

Percentage Lease

Lease on the property, the rental for which is determined by the amount of business done by the lessee; usually a percentage of gross receipts from the business with provisions for a minimum rent.

Easement by Necessity

Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access.

Fee Simple Estate

The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.

Reversionary Interest

The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.

Estate at Will

The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties.

Priority of Lien

The order in which liens are given legal precedence or preference.

Eminent Domain

The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated