Abandonment in real estate refers to the voluntary surrender of property, owned or leased, without naming a successor. Such property often reverts to an entity holding a prior interest or, if no owner is apparent, to the state. Abandonment does not negate obligations unless acknowledged by the obligee.
In real estate, 'abut' refers to properties that directly touch or share a common boundary line. Unlike adjacent properties, which are close but may not share a boundary, abutting properties are directly connected.
Access right refers to the legal entitlement of property owners to reach their own property, ensuring unobstructed passage. It is a fundamental aspect of property law that supports the practical use and value of real estate.
Accession in real estate refers to additions made to a property, either through the incorporation of fixtures or natural deposits, thereby enhancing its value over time.
An Act of God is an unpreventable destructive occurrence that results from natural forces. Insurance and contract laws often include clauses to address losses resulting from such events.
Actual damages represent the compensation for losses incurred as a direct result of condemnation of private property. These damages cover only the tangible and concrete losses, excluding any indirect, severance, or consequential damages.
Actual Eviction is the legal process by which a landlord removes a tenant from rental property.
Adjudication is the legal process by which a judge or adjudicator reviews evidence and argumentation to come to a decision or judgment regarding a contested matter. It is commonly used in real estate, eminent domain, landlord-tenant disputes, and property tax appeals.
An administrator is a person appointed by a court to administer the estate of a deceased person who left no will, ensuring the orderly distribution of the estate's assets according to state intestacy laws.
An adult is an individual who has reached the age of majority, which is defined as either 18 or 21 years old, depending on the state. This status grants the legal capacity to enter into binding contracts, including real estate transactions.
Adverse possession is a legal principle that allows a person who occupies land without permission to claim legal title to that land under certain conditions, including actual, open, notorious, exclusive, hostile, and continuous occupancy for a specified period.
Alienation refers to the conveyance or transfer of title and possession of property. This can be voluntary, i.e., carried out by the owner, or involuntary, without the owner's consent, such as in the event of condemnation.
The allodial system is a legal framework that grants individuals full property ownership rights. It is one of the foundational principles underlying property rights in the United States.
The American Land Title Association (ALTA) is a national trade association representing the interests of the land title industry, which includes title insurance agents, title insurance companies, abstracters, and real estate attorneys. ALTA provides support, education, and advocacy to its members, aiming to protect property owners by securing their property rights through industry standards and practices.
The Asset Conservation, Lender Liability, and Deposit Insurance Protection Act of 1996 (ALDA) is a federal statute aimed at providing certain protections to lenders from liability for the environmental cleanup of properties serving as collateral, alongside mechanisms for asset conservation and deposit insurance in the banking sector.
The Association of Real Estate License Law Officials (ARELLO) is a global organization that brings together regulatory authorities from the real estate sector. The primary members include commissioners and officials from various state and national real estate licensing agencies. The organization assists in establishing, regulating, and enforcing licensing standards to protect the public interest. Formerly known as the National Association of Real Estate License Law Officials (NARELLO), ARELLO plays a crucial role in policy development and ethical standards within the real estate industry.
An attachment is a legal seizure of property to force payment of a debt. It occurs when a court issues an order allowing a creditor to take possession of a debtor's property as a means to secure payment of a monetary judgment.
The term 'attorn' refers to the legal act of transferring or turning over money or property to another party, often used to describe a tenant recognizing a new property owner as their landlord. This can occur during the sale or transfer of leased commercial or residential properties.
Attornment is the formal agreement by a tenant to recognize a new owner of the property as their landlord, typically due to a sale or foreclosure.
Avulsion refers to the sudden and often dramatic removal of land from one parcel to another due to the abrupt change in the course of a body of water, such as a river. This natural phenomenon can significantly impact property boundaries and ownership rights.
The Before and After the Taking provision is found in many states' condemnation laws and provides compensation to property owners based on the difference in property market value before and after the taking.
Breach of Contract refers to the violation of the terms agreed upon in a legal contract, enabling the affected party to seek legal remedies such as rescission of the contract, damages, or specific performance.
Caveat Subscriptor is a legal doctrine stating 'let the seller beware,' which holds sellers liable for goods found to be defective post-sale unless sold 'as is.'
A 'Cease and Desist' order is a legal mandate issued by a court or administrative agency to stop an individual or business from continuing an identified illegal activity. Within real estate, these orders are crucial for preventing antitrust violations and illegal discriminatory practices.
A Certificate of No Defense, also known as an Estoppel Certificate, is a legal document used in real estate transactions to certify that the represented facts are accurate and there are no existing claims or disputes. This document plays a crucial role in ensuring transparent and risk-free real estate deals by confirming the status and obligations attached to a property.
A Certificate of Title is an authoritative opinion rendered by an attorney regarding the status of a property's title based on public records. It ensures the property's title is clear of public record claims.
The Civil Rights Act of 1968 is a critical federal law designed to eliminate housing discrimination and ensure equitable access to housing opportunities for all individuals, regardless of race, color, religion, sex, or national origin. The best-known segment of this law is Title VIII, known as the Federal Fair Housing Act.
Co-ownership refers to any of several legal arrangements by which property is owned by more than one person. This includes forms such as Tenancy in Common, Joint Tenancy, Community Property, Partnership, LLP, and LLC.
Color of Title refers to a condition in which a claim to title appears on the surface to be valid but is fundamentally void due to some defect.
Commingle refers to the act of mixing or blending, for example, combining client funds with a broker's personal funds. This practice is prohibited under most state laws, especially concerning earnest money deposits.
Common law refers to a body of law that has developed based on judicial decisions and precedents established by courts, as opposed to legislative statues or statutory laws. Originating from England and forming a significant part of the legal framework in many Commonwealth countries, common law evolves based on the practices, customs, and judicial precedents over time.
Common Property refers to property owned equally by all members of a group, which can include areas within a cooperative apartment building or municipal parks.
A condemnee is a property owner who is required to forfeit all or part of their property to the government or a governmental authority through the process of condemnation.
A consent decree is a judicial ruling that imposes issues and precautions requested by the defendant to rectify alleged illegal activities without admitting fault or guilt.
Constitutional rights in real estate refer to the guarantees provided by federal or state constitutions, such as the payment of just compensation to property owners in eminent domain proceedings.
A construction lien is a claim made by contractors, subcontractors, or suppliers who have performed work or provided materials but have not been paid. It ensures they are compensated by securing a legal right against the property where the work was performed or materials supplied.
Constructive eviction is a legal doctrine in real estate that allows tenants to terminate their lease and vacate the property when a landlord's actions or failure to act substantially interfere with the tenant's use and enjoyment of the premises.
Constructive notice is a legal concept wherein an individual is presumed to have knowledge of a fact when such fact is a matter of public record, even if they do not have actual knowledge of it.
A covenant is a legally-binding promise incorporated into deeds and other official instruments, stipulating the performance or non-performance of specific acts or the restriction or enforcement of certain property uses.
Curtesy is a legal term referring to the right of a husband to all or part of his deceased wife's real estate, regardless of the provisions in her will. This right traditionally exists to ensure the husband's financial stability after his wife's death.
In real estate, a 'Declaration' refers to formal pleadings by a plaintiff as to the facts and circumstances that gave rise to his cause of action. Additionally, it is a legal document used to create a condominium, including vital details about individual units and common elements.
A Declaration of Condominium Ownership is a legal document required for the establishment, management, and governance of a condominium association according to relevant state laws. This document outlines the rights and responsibilities of unit owners, common areas, and the owners' association.
A decree is an authoritative order or decision made by a court, which can mandate compliance or resolve disputes between parties, often having significant legal consequences.
A legal ruling issued by a court that determines the outstanding mortgage amount and mandates the sale of the property to pay off the debt.
Defeasance is a clause in a mortgage that gives the borrower the right to redeem the property after a default, typically by paying the full indebtedness and any additional fees incurred.
A deficiency judgment is a court order that mandates the borrower to pay the outstanding balance on a loan when the collateral or security for that loan does not entirely cover the defaulted debt.
Discrimination in real estate refers to applying special treatment, often unfavorable, to individuals based on race, religion, sex, color, national origin, handicap, or familial status. It is a serious issue as real estate transactions should be conducted fairly and equitably.
The Distinguished Real Estate Instructor (DREI) designation is awarded to exceptional real estate educators who exhibit profound expertise, mastery in teaching techniques, and a dedication to lifelong learning in the real estate industry.
Duty to disclose refers to the legal obligation of a seller, broker, or agent to inform a prospective buyer or interested party about any negative condition or material fact that could influence the property's value or a buyer's decision.
An easement by necessity is a type of easement that allows the owner of a landlocked property to access a public road or other essential resources through a neighbor's land.
An easement by prescription is a type of easement that is acquired through continuous and open use of another's property for a specific duration, as defined by state law, without the property owner's permission.
An easement in gross is a type of easement that grants an individual or entity the right to use another person's land for a specific, limited purpose. This right is not tied to owning any parcel of property and usually terminates upon the grantee's death.
An ejectment action is a legal process utilized to regain possession of real property from someone who is unlawfully occupying it, particularly when there is no lease agreement in place.
Eminent domain is the power of the government or its delegate to take private property for public use, with the requirement that the owner is fairly compensated. This legal principle ensures that essential public projects can proceed while protecting the property rights of individuals.
Equitable Conversion is a legal doctrine in certain states where, under a contract of sale, buyers and sellers are treated as though closing has already occurred. The seller in possession remains obligated to maintain the property until formal transfer.
An equitable lien is a legal interest granted to a creditor over a debtor's property as security for the debtor's obligation. Unlike a statutory lien, an equitable lien is created by the courts to achieve fairness, often in the absence of a formal written agreement.
An equitable mortgage is a legal arrangement where the property is encumbered similarly to a traditional mortgage loan but may not technically qualify as a mortgage due to a legal error or omission in documentation. Despite these errors, the courts can enforce an equitable mortgage to reflect the intentions of the parties involved.
Equitable title is the interest held by a buyer who has agreed to purchase a property but has not yet completed the transaction. This interest grants the buyer certain rights even though the legal title has not been officially transferred.
The Equity of Redemption is a legal concept in real estate that allows mortgagors to reclaim their foreclosed properties by paying off the outstanding mortgage debt and associated fees before the foreclosure sale is finalized.
An Estate for Life is a property interest that terminates upon the death of a specified individual. This estate type grants usage rights to the beneficiary during their lifetime, while ensuring the property will revert to another designated party upon the beneficiary's death.
An Estate for Years is an interest in land that grants possession for a specified and limited period, often defined in a lease agreement. It is a fixed-term tenancy where the duration of the estate is explicitly stated.
Estoppel is a legal doctrine that stops a party from denying or asserting something that contradicts what they have previously established as the truth in the eyes of another party who has relied on that position or representation in good faith.
Estovers refer to the legally supported right to take necessities such as wood for fuel or repair from property. This is particularly relevant in cases where a life tenant requires resources from the land to maintain their daily living needs.
Et Con. is an abbreviation of the Latin phrase et conjunx, meaning 'and husband.' It is commonly used in legal documents to refer to a party and their spouse, particularly in the context of property transactions and other legal matters.
The landmark U.S. Supreme Court decision on the legality of zoning, cited as Village of Euclid, Ohio, vs. Ambler Realty Company, 272 U.S. 365, 1926.
Eviction is a legal process initiated by a lessor (landlord) to regain possession of their property from a tenant who has violated the lease agreement.
An Examination of Title involves a review of the title to a piece of real estate. It is typically less thorough than a full Title Search and often focuses on more recent historical records to ensure the property is free from significant encumbrances or defects.
An executory contract is a contract under which one or more parties has not yet performed their obligations. It remains in a state of incompletion until all terms have been fully met by all involved parties.
The Fair Housing Law encompasses regulations and statutes that prohibit discrimination in housing-related transactions based on race, color, religion, sex, familial status, national origin, and disability.
The Federal Fair Housing Act is a federal law that prohibits discrimination in the rental, buying, or financing of homes and apartments on the basis of race, color, sex, religion, handicap, familial status, or national origin.
The Federal Fair Housing Law, part of the Civil Rights Act of 1968, is a measure aimed to ensure equal housing opportunities by prohibiting discrimination based on race, color, religion, sex, national origin, familial status, or disability.
A daily bulletin published by the U.S. government that provides a record of federal actions. It typically includes executive orders, new federal regulations, and certain other documents related to various sectors including real estate.
The Federal Rule is a method utilized in determining just compensation for property seized through condemnation. This rule is specifically applied in federal condemnation cases and various state cases. It is often referred to as the 'before and after' rule, representing the value difference of the property before and after the taking to determine fair compensation.
A fee in real estate can refer to the ownership interest in land that may be inherited, known as a fee simple or fee simple defeasible, or it can refer to compensation based on the completion of a specific task.
Fee Simple or Fee Simple Absolute refers to the absolute ownership of real property where the owner is entitled to the entire property with unconditional power of disposition during the owner's life, and upon their death, the property descends to the owner's designated heirs.
Fee Simple Defeasible refers to a type of property ownership where the grant of title or duration of ownership is dependent on a specified condition.
The landmark 1990 court decision regarding a lender’s exposure to liability for environmental cleanup if the lender acquires the property by foreclosure.
A property right or estate that is anticipated to be enjoyed at a later time.
The habendum clause is a section of a deed or lease agreement defining the interest and rights to be enjoyed by the grantee or lessee. It typically starts with the words 'to have and to hold,' followed by particular conditions or limitations to the estate granted.
Heirs and Assigns is a term often found in deeds and wills, used to grant a fee simple estate, indicating the intention that the recipient and their successors have full rights to the property.
A holdover clause is a provision in a lease that outlines the actions and conditions when a tenant remains in the property beyond the expiration of the lease term.
Homestead status is a legal protection provided to a homeowner's principal residence by some state statutes, which protects the home against certain judgments up to specified amounts.
The United States Department of Housing and Urban Development (HUD) is a federal agency created to address national housing needs and to improve and develop the nation's communities by providing access to affordable housing opportunities and overseeing fair housing practices.
In real estate and legal terms, 'implied' refers to obligations, rights, or contracts that are not explicitly declared in writing or verbally but are assumed to exist under the circumstances and are enforceable by law. It contrasts with 'expressed,' which refers to explicitly stated agreements or declarations.
"In Rem" is a legal term derived from Latin which means “against the thing.” It refers to proceedings directed against the property itself rather than against a specific person. For example, In Rem actions are typically used in scenarios involving property seizure due to non-payment of taxes.
Inchoate refers to rights, claims, or interests that are not fully developed or completed. In real estate, it often pertains to certain spousal rights that remain incomplete until specific events occur.
An individual who is not legally capable of completing a contract due to mental illness, being a minor, or other factors rendering them incapable. Contracts involving incompetent parties are voidable.
Incorporeal refers to intangible legal interests that do not have a physical form. These may include rights or privileges that are exercised over or in relation to real estate without possessing the property itself.
An incumbrance (or encumbrance) is a claim, lien, charge, or liability attached to and binding real property. These claims often affect the property's use, transferability, or value.
Indirect damages, also known as consequential damages or severance damages, refer to losses that do not flow directly and immediately from an act but are a consequence of the initial act. These are often distinguished from direct damages, which are the immediate and obvious losses.
An injunction is a legal order issued by a court that requires a party to either do or refrain from doing specific acts. It is often used to prevent harmful actions until a resolution is reached.
An innocent purchaser, in real estate terms, is a party who acquired property without being aware of its contamination, providing they had a due environmental assessment before the purchase.
An insurable title refers to a property title that a title insurance company is willing to insure, ensuring that the title is clear of any disputes, defects, or encumbrances which could affect the ownership or value. This term is significant in real estate transactions to mitigate risk and provide protection to the buyer or lender.
The Interstate Land Sales Full Disclosure Act (ILSA) protects consumers from fraud and abuse in the sale or lease of land across state lines by requiring developers to register subdivisions of 100 or more non-exempt lots with the Department of Housing and Urban Development (HUD) and provide prospective buyers with a property report.
Inverse condemnation is a legal procedure used to obtain compensation when a property interest has been taken or diminished in value by a government activity. It compels the government to pay the owner for such interference.
Involuntary alienation refers to the loss of property ownership against the owner's will, often caused by nonpayment of debts such as taxes or mortgage foreclosures.
Involuntary Conversion Condemnation occurs when private property is taken for public use without the owner's consent, often through eminent domain or sudden destruction by nature. This process leads to the conversion of private property into a public asset or adaptation.
Jeopardy in real estate refers to the risk or danger of losing a property, typically due to default on a loan or failing to meet certain contractual obligations, leading to potential foreclosure or other legal actions.
Joint and several liability is an obligation that allows a creditor to demand full repayment from any or all of those who have borrowed. Each borrower is liable for the entire debt, not just a prorated share.
Joint ownership refers to a property ownership structure where two or more individuals hold title to a property collectively. This structure can have various legal implications, depending on how the ownership is defined and agreed upon among the parties.
