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April 27, 2007
Here’s some terms that I found useful, and their definitions. After failing to get an 80% four times on the practice test (curse you 79%!) I decided I’d actually skim the textbook’s appendix a bit and study. It worked, and I passed the final practice exam. Which means I get to take the real thing now!
curtsey rights - some states are “common law” states - their laws are derived mostly from the old English common laws. Property may be owned individually, regardless of one’s marital status. The spouse in those states does have dower/curtsey rights, and so must sign at closings releasing those rights.
Torrens title - is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. The system was formulated to combat the problems of uncertainty, complexity and cost associated with old system title, which depends on proof of an unbroken chain of title back to a good root of title.
Square Miles: A measurement of area equal to one mile length by one mile width making an area of 640 acres
RESPA is about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services.
A Special Assessment is a fee collected by the City for improvements or services the City provides that benefit your property. Special assessments can be used to finance many different types of local improvements.
REVERSIONARY RIGHT. The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease.
The Interstate Land Sales program protects consumers from fraud and abuse in the sale or lease of land. In 1968 Congress enacted the Interstate Land Sales Full Disclosure Act, which is patterned after the Securities Law of 1933 and requires land developers to register subdivisions of 100 or more non-exempt lots with HUD and to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement.
Recording of Deeds: Your deed is considered complete once it has been signed, sealed and delivered. Recording the deed is not required by law in order for the transfer to be completed.
What is a “Life Estate” - A “life estate” is an estate whose duration is limited to the life of an individual (usually the party holding the life estate), and a legal arrangement whereby the “life tenant” during his or her life retains use (the rights to rents and profits), possession of the property and costs of maintaining the property. The life tenant cannot sell or waste the property without the consent of the “remaindermen”.
descent and distribution n. the system of laws which determine who will inherit and divide the possessions of a person who has died without a will
Urea-formaldehyde foam insulation (UFFI) is an insulating material formerly used for difficult-to-reach cavities inside house walls.
To be legally correct, joint-tenancy real estate ownership means “joint tenancy with right of survivorship.” A few states require use of those exact words on the deed. But in most states, “joint tenancy” is sufficient.
Survivorship means the joint tenant who outlives the joint tenant co-owner(s) automatically receives the deceased’s share of the property without probate court costs or delays. Probate court avoidance is considered the major joint-tenancy advantage.
mechanics’ lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien. It is also called a materialman’s lien or supplier’s lien when referring to those supplying materials and a laborer’s lien when referring to those supplying labor. In the realm of personal property, it is also called an artisan’s lien. The term “lien” comes from a French root (via William the Conqueror), with a meaning similar to link; it is related to “liaison.” Mechanics liens on property in the United States date from the 1700s.
A tenancy at will is a leasehold such that either the landlord or the tenant may terminate the tenancy at any time by giving reasonable notice.
A tenancy at sufferance (sometimes called a holdover tenancy) exists when a tenant remains in possession of property after the expiration of his lease, and until the landlord acts to eject the tenant from the property.
SPECIFIC LIEN. A lien affecting or attaching only to a certain, specific parcel of land or piece of property.
read comments (2)
May 23rd, 2007 at 1:36 pm
Great article. It’s fascinating the way laws in some states are set up so differently.
June 22nd, 2007 at 4:42 pm
I am having difficulity with my brother and sister wanting to make up an life tennet agreement with my stepmother. She was left an life astate by my father, with the only stipulations being she kept up the house and paid the taxes and insurance. They want to make up a set of rules for her to live by{ she can not move any one in with her, like her niece with out paying rent for the niece} She has to ask before she does any improvments to the house etc…..
Is this legal? There were no rules made other than the ones I talked of can they make more after the fact? Don’t they have to abide by the will?
LaVeta