Real Estate
Land and all things "permanently" attached thereto.
Real Property
Ownership Rights associated with Real Estate
Personal Property
Movable things and Intangibles.
Fixtures
Are Personal Property until they are Attached to a Building, then they become a part of the Real Property
Statute of Frauds
Requires that almost every agreement relating to Real Property be in Writing in order to be Enforceable in a court of law (from England 1677).
Property Rights and Estates in Real Estate
Ownership, Possessory and Use rights. The most complete form of ownership is a Fee Simple Absolute (or "Fee Simple" or "Fee"). A Life Estate lasts only for the life of the named person. A Future Estate can be a Remainder interest or a Reversion interest.
Easement
A Non-ownership, Non-possessory right to Use or access Land owned or leased by someone else. They are very limited in nature
Leasehold Estate / Lease
Property can be Leased by the Landlord / Lessor to the Tenant / Lessee for a particular purpose for a particular period of time. Leases of more than One Year must be in Writing to be Enforceable under the Statute of Frauds
Title
Determines Ownership of the Property and is evidenced by a Deed
Deed
A Document that grants or transfers Title to Real Property from a Grantor to a Grantee. The strongest is a General Warranty Deed, the weakest is a Quitclaim Deed. Certain Deed Restrictions are not enforceable under non-discrimination laws
Security Interests
A Borrower signs a Mortgage (or Deed of Trust) as the Mortgagor (or Trustor) in favor of a Lender who is the Mortgagee (or Beneficiary) pledging Real Estate owned by the Borrower to secure the repayment of a Loan
Recording Act
All states have statutory rules to resolve the Priority of Claims relating to Real Property and to give the public Constructive Notice of recorded items
Abstract of Title
Historical summary of the Publicly Recorded Documents that affect Title to Real Property
Title Insurance
Method of assuring Title to Real Property used in California and all other states. Two kinds: Owner's Policy and Lender's Policy (can be CLTA or ALTA)
Mechanic's Lien
May be Recorded by Unpaid Contractors, workers and materials providers to secure payment for their work on Real Estate and, in California, may be Recorded up to 90 days after the work is completed or the materials are supplied