police power
zoning enforcement
code enforcement
city planning enforcement
P.I.T.I. impound account
required on all FHA and VA loans
Principle
Interest
Tax
Insurance
Points
lenders charge to increase their return
either 1% of loan amount or 1/8% of lenders investment
Prior Appropriation
Water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior appropriators
hereditament
any property, whether real or personal, which is capable of being inherited.
caissions
small parcels of land that serve as support foundations
intangible
meaning that they have no physical form ie rights of way
tangible
Capable of being touched
real property
Land, including land improvements, structures and appurtenances thereto, but excludes movable machinery and equipment.
littoral rights
(1) A landowner's claim to use water in large navigable lakes and oceans adjacent to his or her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark.
assessment rates
residential 10%
vacant land 16%
commercial property 20%
special assessment taxes
Payments for improvements
escheat
The reversion of property to the state in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned
eminent domain
the right of the state to take private property for public use
police power
the power to temporarily confiscate land buildings in emergency
riparian rights
The right of a landowner to the use of water on or adjacent to his land.
exempt well
permit required to drill well
less then 2 acres and pumps maximum of 35 gallons per minute
bill of sale
A receipt that serves as written or formal evidence of the transfer of ownership of goods
right of emblement
right to havest money crops which mature after leaving property
trade fixtures
Items of personal property brought to the premises by the tenant that are necessary to carry on the trade or business to which a rental property will be devoted
chattel
an item of personal, movable property; slave
law of situs
governed by laws of where property land is situated
appurtenant
Those rights,privileges,and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the property,such as right- of- way,easement,and property improvements.
municipalities
a local government unit that is incorporated by the state and has a large amount of self government
ad valorem
According to Value
M.A.R.I.A
-Method of Attachment
-Adaptibility
-Realtionship of the parties
-Intention
-Agreement
bundle of rights P.U.E.E.T
possession
use
encumbrance
exclusion
transfer
allodial system
free ownership which gives all rights except freedom and destruction
zoning categories
residential (r)
commercial (c)
industrial (I)
agricultural (a)
proposed development (pad)
government rights
P.E.T.E
police power
eminent domain
taxation
escheat
master plan
25 year plan of future development
property taxes
levied 1st jan due October and march
if not paid 16% intest charged
tax lien sales
sale of tax liens by state sold in febuary lowest bidder will get a certificate of purchase to pursue the debt if not paid within 3 years can foreclose on property
license
the act of giving a formal (usually written) authorization
easement appurtenant
Easement that is intended to benefit the property of the easement holder
easement in gross
A personal right to use the land of another.
easement by express agreement
grant an easement by right of eminent domain
easement by implication
Occurs because of necessity, such as the conveyance of a land-locked property.
easement by prescription
an easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law
community property
property acquired during marriage owned separately and equally by both spouses.
joint tenants with right of survivorship
equal rights to a property however if one owner dies, that owner's share goes to the other owner or split amongst the others
tenants in common
shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists
freehold estates
Estates of indeterminable length, existing for a lifetime or forever
less than freehold
Those interests held by renters/lessees. A lease.
free simple absolute
the highest and most complete form of ownership, potentially infinite duration
fee determinable
A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words, "so long as" or "while" or "during." if terminated automatically reverts to grantor
fee conditional
provided that" "on condition that" property is used as etc etc if violated grantor or grantors heirs must pursue court action to get property back
fee tail
can only be passed to blood relatives illegal in Az
ordinary life estate
an ordinary life estate ends with the death of the life estate owner and may pass back to the original owners or their heirs (reversion) or to a named third party (remainder).For example, John King grants a life estate in a property to Mary Brown, to endu
estate for year
lease for set period of time
estate from period to period
Leasehold interest that automatically renews until either party gives notice to change the terms; month to month; not terminated by death of either party, nor sale of property
estate at will
either the landlord or tenant may agree to terminate the lease "at will
estate at sufferance
Tenant remains on the property, without the landlord's permission, after the lease has expired
gross lease
Tenant pays rents, landlord pays all expenses of property; most common form of residential lease
net lease
Lease requiring tenant to pay not only rent but also taxes, insurance, utilities and repairs
percentage lease
Common lease for retail property; often a base monthly rent plus a percentage of any gross sales over that amount
index lease
allows rent to be increased or decreased periodically based on a stipulated index.
graduated lease
A lease where the rent will increase periodically in amounts specified in the lease, as contained in the escalation clause.
ground lease
A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant's rights and obligations continue until the lease expires or is terminated throug
assignment lease
A tenant transfers all leasehold interests to new lessee. Original tenant retains secondary liability for paying the rent.
lease terminates
when it expires
agreement of both parties
abandonment
total destruction
condemnation
merger
easement by necessity
occurs when land does not have access to a street or public right-of-way and is landlocked
involuntary alienation
The act of transferring property to another without the owner's ?consent and usually carried out by operation of law, i.e., by adverse ?possession, eminent domain, escheat, or to satisfy delinquent tax or ?mortgage lieans. 12:202?
grantor
giver of the deed
grantee
reciever of the deed
habendum clause
to have and to hold
legal description
not street address uses government surveys etc
covenant of seizin
the grantor owns the property and has right to convey
convenient of quiet enjoyment
the grantor will defend grantees title against clams by third parties if the title turns out to be defective
covenen against further encumbrances
grantor promises the propert is free from encumbrances apart from those already revealed
further assurance
in both special and general warranty deeds , the grantor agrees to perfect or correct the title if necessary during their lifetime
warranty forever
nforevermore general warranty deeds the grantor agrees to defend he title against claims, if he doesn't he granted can sue for damages up to property value at time of sale
patent deeds
first deeds issue by government
conveying deeds
bargain and sale deeds
special warranty
general warranty
bargain and sale deed
sold generally by state or government ie foreclosures etc
sheriffs deed
foreclouse due to non paymen of mortgage or other defauts
treasurers deed
failure to pay taxes
executors deed
the selling of estates by probate
trustees deed
result of foreclose on title of deed loan
general warranty
3 covenants and 2 warranties greatest protection for purchasers
special warranty
most common used
3 covenants and 1 warranty
quit claim deeds
releaseing of minor interests in property
gift deed
used between relative to pass property to another as a gift
disclaimer deed
todeedforeclouse buy a house etc without spouse they must sigh disclaimer deed
deed recording
must be accompanied with notorized affidavit of value with signatures of buyer and seller once recorded affadavit of value sent to tax assessors office
proof of title
certificate of title
torrents certificate (not in az)
title insurance (most common)