Ad Valorem Tax
A tax based on the value of real property. At the rendering of the tax bill for the current year, it becomes a specific lien against the property on which it was levied until paid
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Property tax lien always takes priority over other liens
Attachment Lien
An encumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suit for damages is being decided
Bundle of Rights
All of the rights a person can have in real property. Included are rights of possession, (use or) control, enjoyment, and disposition
"CONTROL YOUR POSSESSION, ENJOY YOUR DISPOSITION
Covenant
A restriction in a lease or deed which specifies that the property will or will not be used in a certain manner. Must be enforced by seeking an injunction or damages. Have a time limit after which they are no longer effective
Curtesy
A husband's right to a one-third life estate in his wife's property that she owns at the time of her death; conveyed to him by law upon her death
Dominant Estate
A land parcel which benefits from an easement appurtenant. When title to the land is conveyed, the easement is automatically transferred to the new owner
Easement
A non-possessory legal right to use the land of another for a specific purpose and in a specific manner. The right is only an interest (intangible, incorporeal) in the land and does not give the easement owner an estate
APPURTENANT
IN GROSS
Easement Appurtenant
An easement which grants a right of use to one parcel of land in and on another parcel. The land over which the easement runs is the servient estate. The land benefiting from the easement is the dominant estate
Easement in gross
A legal right to use the land of another. It involves only one parcel of land and does not benefit any particular party. Always SERVIENT
PERSONAL EASEMENT IN GROSS
COMMERCIAL EASEMENT IN GROSS
Egress
An exit leading from a parcel of land
Eminent domain
Government's right to take private property for public use with our without the consent of the owner upon payment of a just compensation to the owner. The right may be with or delegated to quasi-public corporations, such as utility companies. The court su
Encroachment
The illegal intrusion of an improvement, building, or other attachment onto a neighboring land or into its airspace
Identified by PROFESSIONAL SURVEY
Encumbrance
Anything which affects the fee simple title or the use of land such as liens, easements, restrictions, or encroachments
External limitations that restrict an owner's rights, use of the property or diminish its value
P...police power
E...eminent domain
T..
Escheat
A government right for land to go back to the state when the owner dies without leaving a will and without heirs
Estate (Estate in land)
The quality, quantity, nature, and extent of ownership interest or rights a person holds in real property. Either possessory or nonpossessory
Estate at sufferance
An interest in real property held by a tenant who holds over without the consent of the landlord after the right of possession has terminated
Estate at will
A tenant's interest in real property for an indefinite period of time. Either party may terminate the estate upon proper notice or death of either party
Also known as TENANCY FOR YEARS
Estate for years
A tenant's interest in real property (leasehold estate) for a fixed period of time
Estate from period to period
A tenant's interest in real property for a certain period of time. Without proper notice the period is automatically renewed
(Month-to-month tenancy)
Fee simple absolute
An inheritable estate of indefinite duration, without restrictions or conditions to satisfy in order to retain ownership. It is the most complete ownership of rights in land that one can hold. It is said to be potentially pepetual
Fee simple determinable
A fee simple estate that automatically ends and goes back to the person who granted the estate, their heirs, or to a remainderman if named.
Fee simple estate
An ownership interest in land which is freely inheritable. The estate may be ABSOLUTE, DETERMINABLE, or CONDITIONAL
Fee simple on a condition subsequent
A fee simple estate that may be ended by the grantor or the grantor's heirs (or a remainderman if named) upon the occurrence or nonoccurrence of a stated condition
Freehold estate
An ownership interest in land, the duration of which is uncertain. The estate may last forever and be inheritable (FEE SIMPLE) or its duration may be measured by one person's life (LIFE ESTATE)
General lien
A lien against all the property owned by the debtor
Holdover tenant
A tenant who remains in possession of leased premises after the right of possession has ended. The possession may be with or without the landlord's consent
Impounds
A property owner's monthly payment of taxes and insurance into an escrow account maintained by the lender who holds the mortgage. The funds are set aside to pay the tax bill and insurance premium when they become due
Incorporeal
An intangible interest in land, such as an easement
Inheritance tax
Tax on property received by will or by inheritance, or through the probate court when there is no will
Involuntary lien
A lien permitted by law and recorded without the landowner's consent. May affect only one particular property or all of the debtor's property. Also known as a STATUTORY LIEN
Judgement lien
A creditor's legal claim on all of the debtors property located in the county where the judgement is recorded. The lien anables the creditor to have the property sold to satisfy a debt
Laches
Undue delay or failure to exercise one's legal right resulting in the loss of the ability to exercise that right
Leasehold estate
A tenant's rights in real property granted by a lease
Legal life estate
A life estate created by state law, the holder of which has a nonpossessory interest in the real property. Includes DOWER, CURTESY, and HOMESTEAD PROTECTION
License
An owner's permission for another to use the land for a specific purpose. The permission does not grant a right in the land but a personal privilege which is neither transferable nor inheritable and may be terminated by either party
Lien
A monetary claim against real estate which serves as security for a debt
Life estate
A life estate whose duration is measured by the life of the life tenant
Life estate pur autre vie
A life estate whose duration is measured by the life of someone other than the life tenant
Life tenant
One to whom a life estate is granted. The owner of the estate
Lis pendens
Legal notice that a lawsuit is pending and the outcome could affect the title to certain real estate
Mechanic's lien
Lien created by statute against real property. It exists for the purpose of securing payment to those persons who have performed work and/or furnished materials for the improvement, maintenance, or repair of real property against which the lien is recorde
Mortgage lien
A monetary claim against a specific property pledged by its owner as security for the repayment of a loan or other debt
Ordinary life estate
A freehold estate for indefinite duration measured by the life of some person. Also called a CONVENTIONAL LIFE ESTATE
Party wall
A fence of wall of a building that straddles the boundary line of two adjoining lots and exists for the use of both owners
Police power
The government's right to enact and enforce legislation which regulates the use of real estate to provide for the public safety, health, morals, and general welfare of the community
Prescription
A method of acquiring an easement through continuous, open, visible, and notorious use of another person's property. The use must be without the owner's permission and for a period of time prescribed by law.
Remainder estate
An estate in which the right of possession comes into being upon the termination of a lesser estate. The right of future possession is vested in someone other than the grantor of the lesser estate (remainderman)
Remainderman
One who holds a right of future possession. Named by the grantor to receive the fee simple estate upon termination of a lesser estate
Reversionary estate
An estate in which the right of possession comes into being upon the termination of a lesser estate, such as a life estate. The right of future possession is vested in the grantor of the lesser estate or the grantor's heirs if the grantor is deceased
Reverter clause
A deed provision which causes a fee simple defeasible estate to automatically terminate and revert to the grantor or a remainderman upon the occurrence of a stated condition
Servient estate
A parcel of land over which an easement runs
Specific lien
A lien against only one property
Vendee's lien
A buyer's lien against the property of a seller who defaulted on a contract to sell
Vendor's lien
When a seller finances part of the purchase price and the purchaser pledges the property as security for the debt, the seller hold this against the property. Also know as a PURCHASE MONEY MORTGAGE
Voluntary lien
A lien recorded with the owner's consent. One created by agreement
Writ of execution
A court order directing the sheriff to seize and sell enough of a debtor's property to satisfy a judgement and to pay expenses of the sale
Governmental rights
Governmental powers limiting property rights. Include police power, eminent domain, the right of taxation, and the right of escheat.
PETE (see ENCUMBRENCE)
Personal easement in gross
Irrevocable during the lifetime of the person to whom the easement was granted. Not transferable and will terminate with the death of the person to whom the easement is granted or upon the transfer of the title to the property
Commercial easement in gross
Freely transferable and inheritable
(Utility easements, railroad rights-of-way, rights to erect billboards
Creation of easements
Grant
Reservation
Agreement
Necessity
Prescription
Implication
Condemnation
Termination of easements
Release
Merger
Expiration of purpose
Abandonment
Prescription
Necessity
License
Private restrictions
Limitations on the use of one's property in order to protect the rights of others.
the most restrictive limitation or requirement prevails
COVENANTS
CONDITIONS (Deed restrictions)
Conditions
Deed restrictions
Usually do not have time limits but 'run with the land' indefinitely, unless removed by the court