Accession
The acquisition of title to land by its addition to real estate already owned, through human
actions or natural processes
Accretion
A gradual addition to dry land by the forces of nature, as when the tide deposits water-borne
sediment on shoreline property
Acre
A measure of land area that is equal to 43,560 square feet. One square mile contains 640
acres
Annexation
Attaching personal property to land so that the law views it as part of the real property. See:
Fixture
Actual Annexation
A physical attachment of personal property to land. See: Fixture
Constructive Annexation
When personal property is associated with real property in such a way that the law treats it as a
fixture, even if it's not physically attached to the real property
Annexer
Person who owns an item as personal property and brings it onto real property, making it a part
of the real property.
Appropriative Rights
Water rights allocated by government permit, according to an appropriation system. It is not
necessary to own property beside the body of water in order to apply for an appropriation
permit.
Apprutenance
A right that goes along with ownership of real property; usually transferred with the property, but
may be sold separately. This is a legal term referring to both physical and non-physical
appurtenances.
Base Line
Main east-west lines designated and named throughout the country for use with the government
survey system
Bequeath
To transfer personal property to another by a will
Builder's Acre
An informal unit of measurement, usually 40,000 square feet, that may be used by developers
to describe lots for new construction. A builder's acre is not a legal acre
Bundle of Rights
All real property rights that are conferred with ownership, including right of possession, right of
quiet enjoyment, right of disposition, right of exclusion, and right of control
Cubic Feet
Length x width x depth = cubic feet. Cubic feet divided by 27 cubic feet give you cubic yards.
(120' x 10' x 0.3333' = 399.996 cubic feet � 27 = 14.8133 cubic yards).
Emblement
A crop that is planted and cultivated through someone's labor and industry. Emblements are
considered to be personal property. Also called fructus industriales
Doctrine of Emblements
The rule that allows an agricultural tenant to re-enter the land to harvest crops if the lease ends,
through no fault of the tenant, before the crop can be harvested (applies only to the first crop).
Encroachment
A physical object intruding onto neighboring property, often due to a mistake regarding the
boundary.
Erosion
A gradual loss of soil due to the action of wind, water or other forces
Fixture
A man-made attachment; an item of personal property that has been attached to or closely
associated with real property in such a way that it has legally become part of the real property
Front Feet
The portion of the lot that faces the street. In a measurement, front feet is always the first
number (65' x 150' lot = 65' frontage)
Fructus Industriales
Plants planted and cultivated by people ("fruits of industry"), generally considered personal
property. Also called emblements
Fructus Naturales
Naturally occurring plants ("fruits of nature"), generally considered part of real property.
Government Survey System
Legal description for land referencing principal meridians and base lines designated throughout
the country
Improvements
Additions to real property--can be natural (e.g., trees or a lot feature), but usually they are manmade;
substantial fixtures, such as buildings
Land
The surface of the earth: actual dirt on the ground, part of a waterway that is owned, or even a
swampy marsh. From a legal standpoint, also refers to everything under the ground to the
center of the earth, and everything over the land into the air (withi
Leasehold Improvement
A fixture attached to real property by a landlord for the use of a tenant
Linear Feet
This is simply the total length in feet around a perimeter (for example, a 20' x 30' garden will
take 100 linear feet of fencing)
Littoral Rights
Water rights of landowners whose land touches a commercial lake, sea, or ocean
Lot and Block System
A type of legal description used for platted property. The description states only the property's
lot number and block number in a particular subdivision
Metes and Bounds System
A type of legal description that starts at an easily identifiable point of origin, or point of beginning
(POB) and describes a property's boundaries in terms of compass directions and distances,
ultimately returning to the point of beginning
Monuments or Markers
Fixed physical objects used as reference points in the metes and bounds system of property
description.
Natural Attachments
Plants growing on a piece of land, such as trees, shrubs, or crops. See: Emblements; Fructus
Industriales; Fructus Naturales
Personal Property
Plants growing on a piece of land, such as trees, shrubs, or crops. See: Emblements; Fructus
Industriales; Fructus Naturales
Pins
Rods driven into the ground used to help mark property boundaries
Plat Map
A detail survey map of a subdivision recorded in the county where the land is located. Generally
used by developers. Also called plot plan, recorded plat
Principal Meridian
Main north-south lines designated and named throughout the country for use with the
government survey system
Range Lines
North-south lines that run parallel to principal meridians at six-mile intervals in the government
survey system
Real Estate
The actual physical land and everything, both natural and man-made, which is attached (or
appurtenant) to it. Compare: Real Property
Reliction
When a body of water gradually recedes, exposing land that was previously under water
Riparian Rights
Water rights of landowners whose land touches a natural body of water such as a stream, a
river, or inland lake
Rod
A measure of length equal to 16 1/2 feet. Also called perch
Townships
Square divisions of land, six miles by six miles, in the government survey system. One township
contains 36 sections
Trade Fixtures
Equipment a tenant installs for use in his or her trade or business, and can be removed by
tenant before the lease expires. Also called chattel fixtures
Abandonment
The failure to occupy and use property, which may result in a loss of rights
Adverse possession
Acquiring title to someone else's real property by possession of it. The possession must be
open and notorious, hostile and adverse, exclusive, and continuous, for statutory period of time
Allodial System
The system of land ownership where anyone can own land
Appropriation
Taking private property for public use through the government's power of eminent domain. Also
called condemnation
Building Code
A means of setting construction standards, requiring builders to use particular methods and
materials; regulations establishing minimum standards for construction and materials
CC&Rs
A declaration of Covenants, Conditions, and Restrictions; usually recorded by a developer to
create a general plan of private restrictions for a subdivision
Community Property
In some states, property is owned jointly by a married couple for any property acquired during
the marriage. Not recognized in Pennsylvania
Condemnation
Taking private property for public use, through the government's power of eminent domain
Confession of Judgment
The act on the part of one who would owe money to permit judgment to be entered against him
or her by written statement without necessity of legal proceedings
Curtesy
A husband's interest in his wife's property. Not recognized in Pennsylvania
Decedent
A person who has died
Default
Failure to fulfill an obligation, duty, or promise, as when a borrower fails to make payments, a
tenant fails to pay rent, or a party fails to perform a contract. Mortgage, note or other document
will define what constitutes default
Defeasible Fee
A type of freehold estate conveying ownership interest that comes with a condition. Also called
Qualified Fee
Deficiency Judgment
A court order stating that the debtor owes money to the creditor when the collateral property
does not bring enough at foreclosure sale to cover the entire loan amount, accrued interest and
other costs
Dower Rights
A wife's interest in her husband's property. Not recognized in Pennsylvania.
Easement
A right to use some part of another person's real property for a particular purpose. An easement
creates an interest in the property and can be terminated in a number of ways
Appurtenant Easement
An easement that benefits a particular piece of property (dominant tenement). Compare:
Easement in Gross
Easement by Implication
An easement created by operation of law (not express grant or reservation) when land is
divided, if there is a longstanding, apparent use that is reasonably necessary for enjoyment of
the dominant tenement. Also called an implied easement.
Easement by Necessity
A special kind of easement by implication that occurs when the dominant tenement would be
completely useless without an easement, even if it is not a longstanding, apparent use
Easement in Gross
An easement that benefits a person instead of a piece of land; there is a dominant tenant, but
no dominant tenement. Compare: Easement, Appurtenant
Eminent Domain
The government's constitutional power to take (appropriate or condemn) private property for
public use, as long as the owner is paid just compensation
Fee Simple Absolute
The greatest estate (ownership) one can have in real property because it is freely transferable
and inheritable, and of indefinite duration, with no conditions on the title. Often called fee simple
or fee title or in fee
Fee Simple Determinable
A defeasible fee that's terminated automatically if certain conditions occur. Grantor (or his or her
heirs) has a possibility of reverter. Also called a Determinable Fee
Fee Simple Subject to a Condition Subsequent
A type of defeasible fee; title may be terminated by former owner if conditions stated in deed are
not met. Former owner has a power of termination
Fee Tail Estate
A type of freehold estate in which the right of inheritance is limited to a fixed line of succession
of blood relatives. This type of estate could continue forever, as long as there are lineal
descendents to inherit
Feudal System
The system of land ownership where a king or queen owns all of the land and all other people
are merely tenants
Grantee
Person receiving a grant of real property
Freehold Estate
A possessory interest in real property of uncertain (and often unlimited) duration; an ownership
estate in real property; either a fee simple or life estate. Holder of freehold estate has title
Grantor
Person who grants an interest in real property to another
Heir
Someone entitled to inherit another person's real or personal property under the laws of
intestate succession
Homestead Protection
Limited protection for a debtor against claims of judgment creditors; applies to property of the
debtor's residence. Not recognized in Pennsylvania
Intestate
Dying without leaving a will
Intestae Succession
Distribution of property to the heirs of a person who died intestate
Laches
The loss of a right through undue delay or a failure to asser
Leasehold Estate
An interest that gives the holder, the tenant, a temporary right to exclusive possession of the
estate, without title
License
1. Official permission to do a particular thing that the law does not allow everyone to do. 2.
Revocable, non-assignable permission to enter another person's land for a particular purpose
Lien
A non-possessory interest in property, giving a lien holder the right to foreclose if the owner
does not pay a debt owed to lien holder; a financial encumbrance on the owner's title
Lien Priority
The order in which liens are paid off out of the proceeds of a foreclosure sale. Tax liens always
have the highest priority
Lien Theory States
States in which a mortgagee only holds a lien against property (not actual title) until the loan is
repaid, and the mortgagor holds the actual title
Life Estate
The conveyance of fee title only for the duration of a named person's life
Life Estate Pur Autre Vie
A life estate "for the life of another," where the measuring life is someone other than the life
tenant
Statutory Life Estate
A life estate held by a person whose dower rights have vested (because the person's spouse
sold the property without a dower release and subsequently died). Not recognized in
Pennsylvania
Life Tenant
Someone who owns a life estate; the person entitled to possession of the property during the
measuring life
Lis Pendens
A recorded notice stating that a lawsuit is pending that may affect title to the defendant's real
estate
Materialman
A person who supplies materials, equipment, or fuel for a construction project
Measuring Life
A person whose life determines the length of a life estate
Non-Possessory Interest
An interest in property that does not include the right to possess and occupy the property; an
encumbrance, such as a lien or an easement
Police Power
The constitutional power of state and local governments to enact and enforce laws that protect
the public's health, safety, morals, and general welfare
Possessory Interest
An interest in property that entitles the holder to possess and occupy the property, now or in the
future; an estate, which may be either a freehold or leasehold
Private Restriction
A restriction imposed on property by a previous owner or the subdivision developer; a restrictive
covenant or a condition in a deed
Probate
1. A judicial proceeding in which the validity of a will is established and the executor is
authorized to distribute the property in an estate. 2. When there is no valid will, a judicial
proceeding in which an administrator is appointed to distribute the
Probate Court
A court that oversees the distribution of property under a will or intestate succession
Remainder
A future interest that becomes possessory when a life estate terminates, and that's held by
someone other than the grantor of the life estate; (reversion is a future interest held by the
grantor)
Remainderman
The person who has an estate in remainder
Restrictive Covenant
A restriction on real property use imposed by a former owner; promise to do or not do an act
relating to real property; usually owner's promise to not use property in a particular way. May or
may not run with land
Reversion
A future interest that becomes possessory when a temporary estate (such as a life estate)
terminates, and that is held by the grantor (or grantor's successors in interest)
Reversioner
The person who has a future estate interest in reversion
Special Assessment
A tax levied only against properties that benefit from a public improvement (e.g. a sewer or
street light) to cover the cost of the improvement; creates a special assessment lien (an
involuntary lien)
Tenant
Someone in lawful possession of real property; especially, someone who has leased property
from the owner, but can also refer to sublessees
Dominant Tenant
A person who has easement rights on another's property; either the owner of a dominant
tenement, or someone who has an easement in gross
Holdover Tenant
A lessee who remains in possession of property after the lease has expired; a tenant who
refuses to surrender possession of property at the tenancy's end
Servient Tenant
The owner of a servient tenement; that is, someone whose property is burdened by an
easement
Dominant Tenement
Property that receives the benefit of an appurtenant easement
Servient Tenement
Property burdened by an easement. In other words, the owner of the servient tenement (the
servient tenant) is required to allow someone who has an easement (the dominant tenant) to
use his or her property
Testate
Refers to someone who has died and left a will
Zoning
Government regulation of the uses of property within specified areas
Zoning Laws
Local ordinances dividing a city, or county (or other locations) into zones, allowing different
types of land use in different areas
Acceptance
When a party agrees to the terms of an offer to enter into a contract
Accord and Satisfaction
An agreement to accept something different than what was provided in the original
contract. Sometimes referred to as partial performance
Adequate Consideration
Consideration that is comparable in value to the consideration the other party to the
contract is giving
Anticipatory Repudiation
When one party to a contract informs the other before the set time of performance that
he or she doesn't intend to perform as agreed. The other party may immediately file a
lawsuit for breach of contract without making a tender offer
Bilateral Contract
Both parties make a binding promise to the other
Buyer Agency Agreement
An employment contract between a buyer and a broker. The purpose of the agreement
is for the broker to find the buyer an acceptable property and to protect their interests
throughout the purchase process
Cancellation
Termination of a contract without undoing acts that have been performed under it; can
be done without going to court
Collateral
Property pledged as security for a debt
Compensatory Damages
A damage award, usually money, intended to compensate the plaintiff for harm caused
by the defendant's act or failure to act
Condition
Contract provisions that make a parties' rights or obligation depend on the occurrence
(or non-occurrence) of certain events. Also called contingency clause
Consideration
Anything of value such as money, services, goods, or promises that are given to induce
another to enter into a contract.
Contingency Clause
Contract provisions that make a parties' rights or obligation depend on the occurrence
(or non-occurrence) of certain events. Also called condition
Contract
An agreement between two or more parties to do, or not do, something. Contracts are
legally enforceable promises, with the law providing remedies for breach
Contractual Capacity
The legal ability to enter into a contract
Death or Incapacity
An offer is terminated upon the event of death or incapacity, making it impossible to form
a contract. Expiration dates become irrelevant
Definite Terms
An offer should contain specific verbiage for basic items such as subject matter, time for
performance and the price
Discharges of Contracts
A terminated contract
Doctrine of Part Peformance
A legal doctrine that allows a court to enforce an oral agreement that should have been
in writing, when one party has taken irrevocable steps to perform his or her side of the
bargain, and failure to enforce the contract would result in an unjust benefit
Duress
Threatening violence against or unlawfully confining someone to force the person to sign
a document; or threatening someone else
Earnest Money Deposit Check
Money offered as an indication of good faith regarding the future performance of a
purchase agreement
Express Contact
An agreement that's been expressed in words, either spoken or written
Forfeiture
Loss of a right or something else of value as a result of failure to perform an obligation or
condition
Genuine Assent
Consent given freely to create a binding contract. If offer or acceptance is given as a
result of fraud, undue influence, duress, or mistake, then the contract is voidable by the
victimized party
Good Consideration
Love and affection
Graduated Lease
A lease that specifies step-by-step rent increases, generally paid at set intervals
Gross Lease
Lease for which the landlord pays all property taxes, insurance, etc
Implied Contract
An agreement that hasn't been put into words but is implied by actions of the parties
Intent to Contract
The objective intent of the offerer; what he says or does. If someone expresses the
intention to make a contract, this can be considered a legally binding offer
Lapse of Time
The expiration of an offer over a period of time. If an expiration date is NOT specified in
the offer, it expires after reasonable time
Lawful and Possible Objective
The purpose or objective of a contract must be lawful at the time the contract is made
Liquidated Damages
A sum of money that the parties to a contract agree to in advance that will serve as
compensation in the event of breach. Often, it's the forfeiture of the earnest money
deposit in purchase contracts
Listing Agreement
Written agency contracts between a seller and a real estate broker stipulating the
conditions under which the broker will be paid a commission with regard to the seller's
property. They are employment contracts between a seller and a real estate broker. A
Material Breach
A breach of contract important enough to excuse the non-breaching party from
performing her contractual obligations
Meeting of Minds
When all parties involved agree to the terms of a contract. This is achieved through offer
and acceptance. Also referenced as mutual agreement, mutual consent
Misrepresentation
A false or misleading statement
Mistake
When one or both parties to a contract were mistaken about a fact or law
Mitigation
Action taken by the non-breaching party to minimize the losses resulting from a breach
of contract
Parol Evidence
Evidence concerning negotiations or oral agreements that were not included in a written
contract, altering or contradicting the terms of the written contract.
Partial Performance
A potential remedy to breach of contract where the injured party agrees to accept less
than the full terms of the original contract
Reconveyance
Instrument that releases security property from the lien created by a deed of trust;
equivalent of satisfaction of mortgage.
Rejection
An irreversible refusal of an offer by an offeree
Severable
One part or provision of a contract can be held unenforceable without making the entire
contract unenforceable
Sheriff's Deed
A deed issued by the court to a property purchaser from a foreclosure sale
Specific Performance
Legal remedy in which a court orders someone who has breached a contract to perform
as agreed, rather than paying monetary damages
Statute of Frauds
A statutory law that requires certain types of contracts to be in writing and signed to be
enforced
Substantial Performance
When a promisor doesn't perform all of his contractual obligation but does enough so
that the promisee is required to fulfill her part of the deal
Tendering Performance
An unconditional offer by one party to perform his part of a contract
Time is of the Essence
A clause added to a contract which voids the contract when the deadline passes. The
party that fails to perform by the deadline is in material breach of the contract
Naked Title
Bare title to a property that lacks the typical rights of ownership, as a trustee in a trust
deed securing instrument may hold title to the trustor's property
Valid Contract
A binding, legally enforceable contract. It meets all of the legal requirements for contract
formation
Valuable Contract
Anything of value such as money, services, goods, or promises that are given to induce
another to enter into a contract. This is sometimes referred to simply as consideration
Void Contract
A contract that isn't enforceable because it lacks one or more of the requirements for
contract formation or is otherwise defective
Voidable Contract
A contract that one of the parties can end without liability because of a lack of legal
capacity or other factor such as fraud or duress
Undue Influence
Exerting excessive pressure on someone to overpower the person's free will and
prevent him from making a rational or prudent decision
Unenforceable Contract
A contract that a court would refuse to enforce. Some oral contracts or vaguely worded
contracts could be deemed unenforceable
Unilateral Contract
One party makes a binding promise to the othe
Acknowledgement
A person signing a document and formally declaring to an authorized official (usually a
notary public) that she signed voluntarily. The official certifies that the signature is
voluntary and genuine
Administrator
A person appointed by the probate court to manage and distribute the estate of a
deceased person when no executor is named in the will or there is no will
Affidavit of Title
A statement, sworn in front of a notary public or other authorized official, by the seller or
grantor of property that identifies the grantor, identifies the grantor's marital status, and
certifies that the grantor has no new judgments, liens, divorces, u
Against Encumbrances
A guarantee in a deed that the property will not have any encumbrances except for
those listed on the deed
American Land Title Association (ATLA)
A national association of title companies, abstractors, and attorneys. Members agree to
promote uniformity, quality, and professional standards in title insurance policies.
Policies issued by ALTA members follow specific guidelines
Beneficiary
The person who receives the benefit from a will, trust, or insurance policy
Chain of Title
The chain of deeds and other documents transferring title to a piece of property from one
owner to the next, as disclosed in the public record
Cloud on the Title
A claim, encumbrance, or defect that makes the title to real property unmarketable
Concurrent Estates
Ownership by two or more persons at the same time. All of the estates are concurrent
estates except for estates in severalty. A co-owner can sell his interest without the other
owner's consent, unless the property is held as tenants by entirety
Condominium
A property developed for co-ownership, where each co-owner has a separate interest in
an individual unit, and an undivided interest in the common areas of the property
Cooperative
A building owned by a corporation, where the residents are shareholders in the
corporation; each shareholder receives a proprietary lease on an individual unit and the
right to use the common areas
Co-Ownership
Any form of ownership in which two or more people share title to a piece of property,
holding undivided interests. Also called co-tenancy or concurrent ownership
Continuation
A title search performed just prior to settlement in order to bring a preliminary title report
up to date and ensure that no intervening rights to the property have come up. Also
called a continuance or a bring-down
Corporation
An association organized according to strict regulations, in which individuals purchase
ownership shares; regarded by the law as an artificial person, separate from the
individual shareholders
Correction Deed
A deed used to correct minor mistakes in an earlier deed, such as misspelled names or
errors in the legal description of the property
Covenant
A contract, promise, or a guarantee (express or implied) in a document such as a deed
or lease
Covenant of Quiet Enjoyment
A guarantee that a buyer or tenant has the right to exclusive, undisturbed possession of
a leasehold estate, and will not be disturbed by the previous owner, the lessor, or
anyone else claiming an interest in the property
Devise
Real property transferred in a will
Devisee
A recipient of real property under a will.
Escheat
When property reverts to the state after a person dies without leaving a valid will and
without heirs
Executor/Executrix
A person appointed in a will to carry out the provisions of the will. If a man is appointed,
he is called an executor; if a woman is appointed, she may be referred to as an
executrix
Donative Intent
An intent to transfer title immediately and unconditionally
Further Assurance
A guarantee in a deed that the grantor will provide other documentation to prove
ownership if necessary
General Partnership
A partner who has the authority to manage and contract for a general or limited
partnership, and who is personally liable for the partnership's debts
Gift Deed
A deed that conveys interest in a property when the only consideration given is love and
affection
Grant Deed
A deed in which the grantor warrants title only against defects arising during the time he
or she owned the property, and not against defects arising before that time of ownership.
Also called a special warranty deed
Guardian's Deed
A deed authorized by a guardian. The guardian is person assigned by the court to
handle the affairs of an incapacitated person
Habendum Clause
Clause included after a granting clause in many deeds; it begins "to have and to hold"
describing the type of estate granted
Hidden Risk
A title risk that is not apparent during an examination of the public records, such as
forgery. Hidden risks are covered under standard title insurance policies but not covered
by a certificate of title
Inquiry Notice
When circumstances should have alerted someone to a possible problem prompting
further investigation, a person may be held to have had notice of the problem even if he
or she does not have actual knowledge of it
Involuntary Alienation
The transfer of an interest in property against the will of the owner, or without action by
the owner, occurring through operation of law, natural processes, or adverse
possession
Joint Tenancy
A form of co-ownership in which the co-owners have equal undivided interests and the
right of survivorship
Joint Venture
Two or more individuals or companies joining together for one project or a series of
related projects, but not as an ongoing business
Land Trust
A trust in which real estate is the only asset. The beneficiary has the right to possess the
property as well as to the income or proceeds from its sale. The trustee manages the
real estate as directed by the beneficiary
Limited Liability Corporation
A type of business organization that has the limited liability protection of a corporation
and the tax advantages of a partnership
Limited Partnership
A partner in a limited partnership who is primarily an investor and does not participate in
the management of the business, and who is not personally liable for the partnership's
debts
Ownership in Severalty
Ownership by a single individual, as opposed to co-ownership
Planned Unit Development (PUD)
A special type of subdivision that may combine nonresidential uses with residential uses,
or otherwise depart from ordinary zoning and subdivision regulations; some PUDs have
lot owners co-own recreational facilities or open spaces as tenants in common
Proprietary Lease
Exclusive, longer term lease given to a person who lives in a cooperative and owns
stock in the cooperative
Quiet Enjoyment
A warrantee included in a deed that the buyer will not be bothered by others claiming the
title
Quiet Title Action
A lawsuit to determine who has title to a piece of property, or to remove a cloud from the
title
Quitclaim Deed
A deed that conveys any interest in a piece of real property the grantor has at the time
the deed is executed. This type of deed is often used to clear up a cloud on the title. It
contains no warranties of any kind
Race/Notice Rule
When the same property has been sold to two different buyers, if the second buyer
records the deed before the first buyer, then the second buyer has good title to the
property as long as he or she did not have notice of the first buyer's interest
Reverse Index
An index kept by the county recorder, with each recorded document listed in alphabetical
order according to the last name of the grantee
Right of Survivorship
A characteristic of statutory survivorship tenancy, joint tenancy, and tenancy by the
entireties; surviving co-tenants automatically acquire a deceased co-tenants' interest in
the property
Sectional Index
An index that lists recorded documents under the tax parcel number of the property they
apply to, grouping together all recorded documents affecting a particular piece of
property
Seizen
A guarantee included in a deed that the grantor really owns the property. May be spelled
seizin, seisen, seisin
Simultaneous Issue
When an owner's title insurance policy is issued at the same time as the mortgagee title
insurance policy
Sole Proprietorship
A business owned and managed by one person (or for tax purposes, a husband and
wife) who is personally liable for all business debts. It could be organized under a
fictitious or assumed name
Standard Coverage
With standard title insurance coverage, the title insurance policy states all possible
clouds or problems with the title, like liens or unpaid taxes. Title insurance protects the
homeowner from claimants not stated in the insurance policy including defect
Subrogation
A company issuing title insurance usually reserves the right to pursue third parties to
regain any claim money paid
Syndicates
An association of people or entities formed to operate an investment business. A
syndicate is not a recognized legal entity; can be organized as a corporation,
partnership, or trust. Also called syndication
Tenancy by Entireties
A form of property co-ownership by husband and wife, in which each spouse has an
undivided one-half interest without the other's consent
Tenancy in Common
A form of co-ownership in which two or more persons each have an undivided interest
by the entire property (unity of possession), but no right of survivorship
Title
Actual lawful ownership of real property. This is not a document, but rather a concept
dealing with ownership
Title Insurance
An insurance policy guaranteeing that title to property is good title and insuring the
policyholder against loss or damages from defects in the title
Title Report
A report issued by a title company, disclosing the condition of the title to a specific piece
of property
Title Search
An inspection of the public record to determine all rights and encumbrances affecting
title to a piece of property
Trust
A legal arrangement in which title to property (or funds) is vested in one or more trustees
who manage the property (or invest the funds) on behalf of the trust's beneficiaries, in
accordance with instructions set forth in the document establishing the tr
Undivided Interest
A co-tenant's interest, giving him the right to possession of the whole property, rather
than a particular section of it
Voluntary Alienation
An owner voluntarily transferring an interest to someone else
Warranty Deed
A deed carrying warranties (guarantees) of clear title and the grantor's right to convey
Warranty Forever
A guarantee in a deed that the grantor promises to compensate buyer if title is
not good
Wild Deed
A recorded deed that will not be discovered using the grantor-grantee indexes because
of a break in the chain of title
Articles of Incorporation
A document filed with state that forms a corporation; generally details the purpose of the
corporation, its principal place of business, the names of its initial directors, and the
breakdown of the stock it issues
Asbestos
A fibrous material that was once very common in many building materials because of its
insulating and heat-resistant value
Cluster Zoning
A zoning provision, unlike traditional subdivision, where a specific residential or unit
density is prescribed, but the developer is allowed to concentrate or disperse the
location of units to create different configurations of open space
Common Area
Areas of a condominium complex that are used and owned by all owners such as
grounds, lobby, hallways, etc. Each co-owner has an undivided interest in these areas.
Also called common elements
Conditional Use
A land use that does not comply with the general zoning rules for the zone in which it's
located, but is permitted there because it benefits the public; for example, a hospital in a
residential neighborhood. Also called a special exception
Condominium Conversion
The conversion of a rental, residential property into condominiums
Condominium Declaration
The document that must be filed for record when property is developed as, or converted
to, a condominium
Co-ownership
Any form of ownership in which two or more people share title to a piece of property,
holding undivided interests
Deeded Timeshare
A type of timeshare ownership that is fee simple, giving the owner the right to use the
property until the owner sells it. This type of timeshare ownership is inheritable. Also
called interval ownership
Density
When referenced by zoning requirements, the number of building units per acre or the
number of occupants or families per unit
Department of Environmental Protection (DEP)
The state agency largely responsible for administering the Commonwealth's
environmental laws and regulations
Environmental Hazard
A situation that exists where there is potential for harm to come to persons or property
from conditions that exist in a property or the surrounding area
Environmental Impact Statment (EIS)
A study required for all federal and federally related projects by the National
Environmental Policy Act which details a development project's impact on energy use,
sewage systems, drainage, water facilities, schools, and other environmental, economic,
an
Environmental Protection Agency (EPA)
The federal agency created in 1970 in charge of protecting public health and the
environment
Ground Water
Water found in subterranean crevices or spaces
Horizontal Property Acts
A generic name given to state laws that create the legal framework that allows a
condominium form of ownership. These laws give ownership rights to a specific
horizontal layer of the airspace within a specific condominium unit. And since they define
actua
Limited Common Area
Areas of a condominium complex that are owned by all owners, but are only used by
one owner such as designated parking space
Master Deed
A document that converts a parcel of land into a condominium regime; also called
enabling declaration, declaration of condominium, or declaration agreement
Nonconforming Use
Property use that doesn't conform to current zoning laws, but is allowed because the
property was being used that way before the new zoning law was passed. Also referred
to as being "grandfathered in.
Plat
A detailed survey map of a subdivision, recorded in the county where the land is located.
Subdivided property is often called platted property. Also called a Plat Map
Plat Book
A large book containing subdivision plats, kept at the county recorder's office
Public Restriction
A law or regulation limiting or regulating the use of real property
Rezone
An amendment to a zoning ordinance, usually changing the uses allowed in a particular
zone
Right to Use Timeshare
A type of timeshare ownership that is a leasehold, giving the owner the right to use the
property for one week a year only for a specified number of years. May or may not be
inheritable
Setback
The legal distance that a building must be from a designated position such as a property
line; determined by setback requirements.
Setback Requirements
Provisions in a zoning ordinance that do not allow structures to be built within a certain
distance of property lines
Spot Zoning
A rezone, often illegal, that favors (or restricts) a particular property owner (or a small
group of owners) without justification
Stachybotrys
A greenish-black mold that grows on materials with high cellulose content such as
drywall, ceiling tiles, and wood that becomes chronically moist. It can be called "black
mold.
Stigmatized Property
A property that people think is undesirable because of a past event such as a murder,
drug deal, or past environmental hazard
Subdivision Regulations
State and local laws that must be complied with before land can be subdivided
Unit Deed
A unique deed held by a unit owner of a condominium that documents the ownership of
that specific unit
Unit Owners Association
The organization that manages the operation of a condominium, imposing assessments
and arranging for the maintenance of the common areas. The association's members
are the unit owners and they usually elect a board of directors. Also called a
Condominium
Variance
Permission granted to a property owner by the zoning authority, allowing some deviation
from strict compliance with the zoning law
Wetland
An ecosystem where the land is permeated with water, which either lies on or near the
surface of the land; an environment were specialized plants, aquatic species, and wildlife
live
Association
A group of people who have joined together for a common business purpose. The law may treat
an association like a corporation for tax purposes, however, if it has been operating in a
corporate manner
Attorney in Fact
Any person authorized to act for another by a power of attorney (not necessarily a lawyer who is
an attorney at law). Also called an agent in fact
Consent to Service of Process
Any person authorized to act for another by a power of attorney (not necessarily a lawyer who is
an attorney at law). Also called an agent in fact
Limited Liability Company (LLC)
A business ownership structure that offers its owners the advantage of limited liability (like
corporations) and partnership-like taxation, in which profits are passed through to the owners
and taxed on their personal income tax returns
Power of Attorney
An instrument authorizing one person (called an attorney in fact or agent in fact) to act as
another's agent, to the extent stated in the instrument.
Receiver
A neutral person appointed by a judge to take charge of the property and business of one of the
parties to a lawsuit and receive his/her rents and profits while the right to the monies has not
been finally decided or to receive rents and profits coming to
Reciprocity
A mutual exchange of privileges, such as recognizing a license issued in one jurisdiction in
another jurisdiction
Rental Listing Referral Agent
Any person who owns or manages a business which collects rental information for the purpose
of referring prospective tenants to rental units or locations of such units
As Is" Clause
A provision in a purchase agreement stating the buyer accepts property in its present condition
Actual Authority
Authority given intentionally by the principal to an agent
Express Authority
Authority expressly communicated, in words or in writing, by the principal to the agent
Implied Authority
Authority indirectly given to an agent to do everything reasonably necessary to carry out the
principal's express orders
Closed Transaction
A listing that sold or a sale made after a fully executed deed is delivered
Criminal Litigation
A lawsuit in which the government sues someone to punish the wrongdoer and protect society
Conversion
Misappropriation of property or funds belonging to another
Punitive Damages
Damages award that is added to compensatory damages, to punish the defendant for malicious
or outrageous conduct and discourage others from engaging in similar acts
Demand Deposits
Money that a customer may elect to withdraw from the bank at any time. They are immediately
accessible, e.g., in a checking account
Escrow
The system in which things of value (e.g. money or documents) are held on behalf of the parties
to a transaction by a disinterested third party (called an escrow agent), until the specified
conditions have all been complied with
Fair Market Value
The amount of money a piece of property would bring if placed on the open market for a
reasonable period of time, with a buyer willing (but not forced) to buy, and a selling willing (but
not forced) to sell, if both buyer and seller were fully informed as
Felony
A serious crime (contrasted with misdemeanors and infractions, less serious crimes), usually
punishable by a prison term of more than one year or, in some cases, by death. For example,
murder, extortion and kidnapping are felonies; a minor fist fight is u
Interpleader Action
A court action filed by someone who is holding funds that two or more people are claiming. The
holder turns the funds over to a court; the court resolves the dispute and delivers the money to
whoever is entitled to it
Nolo Contendere
A plea entered by the defendant in response to being charged with a crime. If a defendant
pleads nolo contendere, she neither admits nor denies that she committed the crime, but agrees
to a punishment (usually a fine or jail time) as if guilty. Usually, t
Prima Facie
A Latin term meaning "at first look," or "on its face," and refers to evidence that is sufficient to
prove the case unless there is substantial contradictory evidence shown at trial
Puffing
Superlative statements about the quality of a property that should not be considered assertions
of fact. "The best buy in town" or "a fabulous location" are examples of puffing.
Tortious Interference
The causing of harm by disrupting something that belongs to someone else -- for example,
interfering with a contractual relationship
Twisting
Inducing or seeking to induce a contracting party by misrepresentation to terminate an
existing contract and to take on a new contract