Condemnation
A judicial proceeding through which private property is taken for public use
Alienation
The act of transferring property to another
Easement in gross
An easement that is granted to a utility company
Bundle of legal rights
Possession, use, transfer, enjoyment, exclusion (PUTEE)(DEEP C)
Cooperative
A residential multiunit building whose title is held by a corporation that is owned by persons living within the building
Adverse Possession
The actual, open notorious, hostile and continuous possession of another's land
Eminent Domain
The government's right to take private property for public use with just compensation
Condominium
The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit occupies, plus an undivided interest in the common areas.
Broker
One who acts as an intermediary on behalf of others for a fee
Easement
A right to use the land of another for a specific purpose
Deed
A written instrument that, when executed and delivered conveys title to real estate
Fee Simple Defeasible
An estate in which the holder has a fee simple title that may divested upon the occurrence or non occurrence of a specified event
Dominant Tenament
A property that includes in its ownership the appurtenant right to use an easement over another person's property for a specific purpose
Appurtenance
A right, privilege or an improvement belonging to and passing with land
Deed Restriction
A clause in a deed limiting the future use of the property
Fee Simple Absolute
The maximum possible estate or right of ownership in real property
Littoral Rights
A landowner's claim to use water in large navigable lakes and oceans adjacent to their property
Fixture
An item of persona property that has been converted to real property by being permanently affixed to the realty.
Grantee
A person who receives a conveyance of real property
Lien
A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor.
Improvement
Any structure erected on a site to enhance the value of a property
Joint Tenancy
Ownership of real estate between two or more properties who equal undivided shares acquired at the same time
Life Estate
An interest in real property that is limited in duration to the lifetime of its owner
Highest and Best Use
The possible use of a property that would produce the greatest income and develop the highest value
Metes and Bounds
A legal description of a parcel of land that begins at a well marked point and follows the boundaries, using directions and distances around the tract, back to the place of beginning.
Mechanics Lien
A statutory lien created in favor of contractors, laborers, etc who have performed work or furnished materials in the construction or repair of a building
Monuments
A fixed object used to establish real estate boundaries for a metes and bounds description
Riparian Rights
An owner's rights in land that borders on or includes a stream, river, or lake
Severalty
The ownership of real property by one entitle: Sole Ownership
Special Warranty Deed
A deed in which the grantor warrants the title only against defect arising during the period of their ownership
Taxation
The process by which a government or municipal quasi-public body raises monies to fund its operation
Tenants in Common
A form of co-ownership by which each owner hold an equal or unequal undivided interest in real property
Trade Fixture
An article owned by a tenant and attached to a rental space for use in conducting a business
Estate
The degree, quantity, nature and extent of interest one has in real property
Timeshare
Any right to occupy a unit of real property for five or more separated time periods over a period of at least five years
Tenants by the entirety
A special form of ownership in which the owners are married
Specific Lien
A lien that is secured by a specific parcel of property and affects only that particular property.
General Lien
A lien that affects all property of a debtor, both real and personal
Encroachment
A building or some portion of it, that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner
Encumbrance
Anything such as a lien, easement, restriction, etc that diminishes the value of use of real property
Marketable Title
A good/clear title, reasonably free from the risk of litigation over possible defects
Abstract of title
A condensed history of a title to a particular of real property, including grantors, grantees, encumbrances, etc
Grantor
The person transferring title to real property
Constructive Notice
The notice given to the world by recorded documents
Special Assessment
A charge imposed against those specific parcels of real estate that will benefit from a public improvement
Fee Simple Determinable
An estate whereby the grantor, heirs, or successors retain the right of reversion and automatically reacquires full ownership if the special condition ceases to exist
Townhouse
A form of ownership in which the owner of the unit also owns the land on which the unit is built, and the HOA owns the common areas
Connor Act
NC Act that states certain real estate documents are not valid as to third parties unless the documents are recorded
General Warranty Deed
A deed in which the grantor fully warrants good title to the property
Lis Pendens
A recorded document giving notice that an action affecting a particular property has been filed in court