Real Estate Information
Master deed for condominium project; the document recorded to reflect the units involved on the real property. See also Declaration of horizontal property regime and covenants.
The restrictions and limitations on the use and construction of land.
Another name for the declaration of condominium; multiunit housing is often referred to as horizontal housing regimes; the master deed recorded to reflect the existence of the multiunit housing and the location and number of units on the property.
Process of borrower/property owner/mortgagor surrendering title to property to prevent lender's foreclosure.
A deed with warranty protection limited to the time of the grantor's ownership.
Security interest in real property in which title is held by a trustee until the borrower and occupant of the land repays the beneficiary (lender) the amount of the loan.
Provisions usually recorded for subdivisions; the CCRs; restrictions of the use, development, and construction of the premises.
Failure to comply with mortgage or promissory note requirements; generally a failure to pay or obtain insurance.
Judgment against the mortgagor or borrower after foreclosure sale, requiring payment of the amount due on the loan that was not obtained through sale of the mortgaged property.
Requirement for gifts and transfers of property by deed that mandates some form of actual or constructive possession by the grantee.
Federal agency responsible for regulation of interstate land sales and other federal acts affecting real property.
Wear and tear on property; can be deducted each year and used to offset income earned on income-producing property; greatly limited under Tax Reform Act.
Agency relationship in which seller names agent to act on his/her behalf in closing transaction.
Process of leaving an heir out of a will; not giving anything to someone who would ordinarily receive a share of the estate if there were an intestate distribution.
Theory that originated in England that provides right to light if so used for 20 years or more; this prescriptive form of rights is no longer followed in the United States.
Term in oil and gas law that limits recovery of oil and gas in situations where others' rights or deposits would be destroyed.
In landlord/tenant relationship, the right of the tenant to remove crops from the leased premises even after the lease expires if the tenant is responsible for their production.
Theory that gives a grantee the full fee simple title when the grant is made "to grantee with remainder to the heirs of the grantee"; the two estates are merged into a fee simple estate for the grantee.
A property owner who holds an appurtenant easement in another's property; the land enjoying the benefit of an easement through another's property.
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