A decree issued by a court determining that one individual is indebted to another and specifying the amount owed.
A judgment debtor is an individual or entity who has been ordered by a court to pay a sum of money but has not yet satisfied this obligation. This term is often used in legal and real estate contexts where defaulting on financial responsibilities can lead to court judgments.
Judicial foreclosure is a legal process in which a defaulted debtor’s property is sold under the supervision and ratification of a court, often resulting in a deficiency judgment against the debtor if the sale price does not cover the owed amount.
Kickbacks are fees or rebates paid to an agent or other participant in a transaction as an incentive to refer customers to a particular vendor, without any actual service provided to the customer besides the referral. These practices are often illegal and can jeopardize the integrity of the real estate transaction.
Land use controls or regulations refer to government ordinances, codes, and permit requirements designed to ensure that private use of land and natural resources aligns with established policy standards.
Legal age refers to the official standard of maturity upon which an individual is considered legally responsible for their actions. In the context of real estate, contracts involving minors are typically voidable.
A legal notice serves as a formalized notification required by law to communicate specific information to others. It ensures that all parties are informed about legal proceedings, decisions, or actions.
Legal title refers to the officially recognized ownership of property, as defined and protected by law. A person or entity with legal title has the full rights to control and transfer the property, subject to any restrictions that may apply.
A legatee is an individual or entity that receives property or assets from a will upon the death of the testator.
The term 'liable' refers to being responsible or obligated, especially in the context of financial and legal commitments within the realm of real estate. It often indicates a party that is legally bound to uphold agreements or settlements.
A life tenant is an individual who holds the right to use, occupy, and control a property for the duration of their own life or the lifetime of another specified individual.
Liquidated damages are a predetermined sum agreed upon in a contract which one party will pay to the other in the event of a breach of contract. This provision aims to cover the non-breaching party's estimated losses without requiring a legal battle.
Lis Pendens, meaning 'suit pending' in Latin, is a recorded notice indicating that a lawsuit has been filed which may affect the title to a certain piece of land. This notice serves to inform other interested parties that the property is subject to litigation.
Litigation refers to the process of taking legal action, typically involving disputes brought to court, to enforce or defend a legal right.
A marketable title is defined as a title free from significant defects, ensuring that a court will enforce the title's acceptance by a purchaser. This concept contrasts with a 'cloud on the title,' which indicates a defect or potential issue that could limit marketability.
A mechanic’s lien is a legal claim against a property as security for unpaid labor and materials supplied for the property's improvement.
A Mineral Deed is a legal document used to transfer mineral rights from one party to another. This can include the right to explore, extract, and sell the minerals found beneath the surface of a property. Mineral Deeds can significantly impact property rights, land value, and taxation.
In real estate, a minor is an individual who has not yet reached the age of majority, which varies by state but is typically between 18 and 21 years old. Contracts involving minors, such as those for the sale or use of real estate, are subject to special legal considerations.
Misrepresentation in real estate involves an untrue statement, whether unintentional or deliberate, affecting material facts about a property. This can lead to legal actions such as damages or rescission of the contract.
To alleviate, reduce, or abate a penalty, punishment, or damage in a real estate context. Often involves actions such as mitigating financial obligations or physical damage to property.
Notorious Possession is the open, obvious, and well-known occupation or use of property, which one of the criteria required for establishing adverse possession. This kind of possession is typically one where the possessor's use of the property is visible to onlookers and could be perceived by neighbors and passersby as ownership of the property.
Null and void refers to a term applied to contracts or provisions within contracts that cannot be legally enforced due to non-conformance with the law.
In real estate, the term 'OFFSET' can refer to various contexts, including a reduction or counterbalance in value resulting from condemnation. It's often intertwined with terms like 'SETOFF' or 'SPECIAL BENEFITS,' relevant to compensation in property takings.
Open housing refers to a condition where housing units can be purchased or leased irrespective of the buyer's or tenant's racial, ethnic, color, national origin, familial status, sex, or religious characteristics. This ensures equal housing opportunities for all and is supported by federal fair housing laws.
Ownership rights to realty possession encompass the legal rights to control, enjoy, use, lease, and dispose of real property. These rights are fundamental to property ownership and are guided by state and federal laws.
Parol Evidence concerns the use of oral agreements made prior to or at the time of writing a contract. The Parol Evidence Rule states that such oral agreements are generally inadmissible in court to contradict written agreements, except in cases of mistake or fraud.
Partial eviction occurs when a tenant is deprived of a portion of the leased property, often resulting in a reduced rent or relocated space within the property.
Partial taking refers to the acquisition by condemnation of only a portion of a property or specific property rights, rather than the entire property.
Partition refers to the division of real property among co-owners who hold it with undivided interests, ensuring each party receives a specific portion or the equivalent value in cases of physical impracticability.
A penalty is a sum of money that one must pay for breaking a law or violating part or all of the terms of a contract. Penalties serve to ensure compliance with legal and contractual obligations.
The period of redemption is a specific timeframe within which a borrower can reclaim their foreclosed property by paying off the total debt owed.
Perpetuity refers to a condition of endless or indefinite duration, commonly used in finance and real estate contexts to describe ongoing income streams or property rights.
In the context of real estate law, a person is an entity having legal responsibility. This can range from natural human beings to corporations, partnerships, governments, and other recognized bodies. Understanding these distinctions is crucial in contracts and legal obligations.
Police power is the inherent authority of a governmental body to enact and enforce regulations to ensure the order, safety, health, morals, and general welfare of the public.
Possession in real estate refers to the holding, control, or custody of property for one’s use, either as the owner or as a person with another legal right to the property. Possession can vary based on the extent and legality of the occupier's claim or usage.
A procedural step requiring mortgage lenders to publicize their intention to foreclose on a property due to a borrower's default. This notice is meant to inform the public and the property owner of the impending foreclosure action.
Prescription is the process by which certain rights are acquired through long-term, continuous, and open use of a property, particularly in cases of adverse possession. This legal doctrine allows an individual to gain a right or an easement after meeting specific statutory requirements.
A prior lien is a legally enforceable claim or hold on a property that takes precedence over other liens. It is established before any subsequent liens and typically has higher priority in the event of default.
Private covenants, often referred to as deed restrictions, are legal obligations imposed in a deed that restrict the use or activities that may be conducted on property. These covenants are designed to maintain a certain level of standard or uniformity within a development area or neighborhood.
In the context of U.S. federal anti-discrimination laws, 'protected class' refers to certain minority subgroups of the population that must be treated fairly and without discrimination, particularly in matters related to housing, employment, and public accommodations.
Pur Autre Vie refers to a life estate in property held by one person (the grantee), but measured by the life of another person (the cestui que vie). This property interest is often used in specific legal, financial, and estate planning contexts.
A Purchase Agreement is a legally binding contract between a buyer and a seller outlining the terms and conditions for the sale and purchase of a property. This document details essential aspects such as price, closing date, and contingencies.
In real estate, quiet enjoyment is the right of an owner or any person legally entitled to possession to use property without interference. It is fundamental for tenants and property owners, ensuring that they can possess and enjoy their property in peace.
A quiet title suit is a legal action taken to settle ownership disputes and remove any clouds on the title of real property, ensuring the owner has clear and undisputed rights to the property.
Real Property encompasses a variety of rights associated with the use and ownership of land and structures. It can include a full ownership interest, the use of a property under a lease, or partial interests like easements.
The redemption period is the time during which a former owner can reclaim their foreclosed property by paying off the debt and any associated legal fees.
Reentry is the legal right of a landlord to take back possession of the property once the tenant's lease term has expired.
Regulatory taking occurs when government regulation limits the use of private property to such an extent that it effectively takes the property without direct compensation to the owner.
Relocation benefits refer to payments made by the government to occupants who are forced to move due to a condemnation action. Condemnation is the legal process by which the government takes private property for public use through eminent domain. These benefits are designed to cover the costs associated with moving to a new location and are provided to anyone affected, including property owners, tenants, and other non-owner occupants.
Repossession refers to the forced retrieval of property by a lender or lessor when a borrower or lessee defaults on contractual obligations, such as missing payments. This legal process primarily involves reclaiming collateral used to secure a loan or leased items and is often juxtaposed with the term foreclosure.
Rescind refers to the withdrawal or cancellation of an offer, contract, or agreement before it is fully executed. This term is notably applicable in various legal and real estate contexts, offering a means of nullifying transactions under specific conditions.
Respondeat Superior is a legal doctrine in agency law that holds a principal liable for the acts of its agent carried out within the scope of the agency relationship.
Restraints on alienation refer to conditions placed on property ownership that limit the owner's ability to transfer or sell the property. Such restraints are generally scrutinized under laws governing property rights and public policy considerations.
A restricted license allows a real estate licensee to continue to practice in a limited capacity while on probation, following a violation of state real estate laws or regulations.
A restrictive covenant is a binding legal obligation written into the deed of a property by the seller that restricts the way the property can be used by the buyer. It usually aims to uphold specific standards or maintain the character of a community.
Revocation is the act of recalling or withdrawing a power of authority previously conferred, such as a power of attorney, license, agency, or other similar agreements. It is a fundamental legal concept that has considerable implications in real estate transactions and credentials.
The right of redemption is a legal provision allowing a mortgagor to reclaim their property once they've satisfied debts before foreclosure is completed, thereby preventing loss of property ownership.
The Right of Survivorship is a legal provision whereby property co-owners hold the right to automatically inherit the interest of a deceased co-owner. This provision is prominently featured in Joint Tenancy and Tenancy by the Entirety arrangements, facilitating smoother transfer of property ownership upon death without the need for probate.
A riparian owner is an individual or entity that holds ownership of land that is adjacent to a river, stream, or other body of water. Riparian rights are often a significant aspect of property ownership and can influence land use, access, and water resources.
Run with the Land is a legal term referring to rights or restrictions that extend to all current and future owners of a piece of property. These rights or restrictions are usually referenced in the property's deed.
Self-help refers to the efforts of a landlord to cure a default on the lease without aid of legal proceedings, which is generally not permitted as a legitimate substitute for a legal eviction.
In real estate law, a servient tenement refers to a property that bears the burden of an easement. Essentially, it is the land over which an easement exists and through which another property, known as the dominant tenement, benefits.
Setoff refers to special benefits arising from a condemnation that offset any damages that may have occurred to the property owner, balancing the advantages gained against the losses suffered.
Spot Zoning refers to the act of rezoning a specific parcel of land to a use that differs from the zoning classification of its surrounding area. This practice is often scrutinized for creating inconsistencies in land use and is generally disallowed by courts.
A squatter is an individual who occupies and lives on property without legal title, right, or payment to the property owner. This person takes up residency without the owner's consent, often living on abandoned or unoccupied land or structures.
A squatter is an individual who occupies a property without the permission or legal authority of the owner. Over time, under certain conditions, squatters may claim legal rights to the property through adverse possession.
A method for determining just compensation for condemnation prevalent in many states, providing a detailed procedural framework for property valuation unlike the more general Before-and-After Rule.
A state law that stipulates that certain contracts must be in writing to be enforceable. This includes deeds, mortgages, and other real estate contracts, except for leases shorter than one year.
Statutory foreclosure is a foreclosure process that is conducted according to statutory laws, without supervision by the courts. This is in contrast to judicial foreclosure, which involves court intervention and oversight.
The statutory right of redemption allows a mortgagor to redeem their property within a specified time after a foreclosure sale, as provided by state law.
Steering is an illegal practice of guiding prospective homebuyers or renters to or away from certain neighborhoods based on racial or ethnic composition. This act is a violation of the Federal Fair Housing Act.
Strict foreclosure is a legal process wherein the mortgagee has the right to take possession of the mortgaged property directly if the mortgagor defaults on the mortgage agreement. This type of foreclosure is infrequently utilized in modern real estate markets.
Strict liability is a legal doctrine that holds an owner responsible for the cleanup of a contaminated site, regardless of whether the owner was negligent. This implies that any property involvement with contaminants could entail cleanup costs even if the current owner did not cause the contamination.
The Superfund Amendments and Reauthorization Act (SARA) is a law that confirmed the continued existence of the Superfund program and strengthened the enforcement of hazardous waste site remediation under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).
Surface rights refer to the legal rights associated with the surface area of a piece of real estate. These rights are often distinct from underground (mineral rights) or above-ground (air rights) entitlements.
Tacking, in the context of real estate, refers to the process of adding successive periods of possession together to establish a continuous period required for a claim of adverse possession.
In real estate, 'Taking' refers to the acquisition of a parcel of land through condemnation, or the application of restrictions that preclude any reasonable use of the land.
Tenancy at sufferance occurs when a tenant who legally occupied a property remains in possession after the lease has expired, without the landlord's consent.
Tenancy in Severalty refers to the ownership of property by a single individual or legal entity. This format of ownership allows the owner full control without the need to collaborate with co-owners or partners.
Title in real estate is a legal document or designation that denotes ownership and interest in a property. It is evidence that the owner of land is in lawful possession thereof. Title differs from the right to possession alone, as it signifies both the right to possess and evidence of ownership.
Title theory states are where the law splits the title of mortgaged property into legal title, held by the lender, and equitable title, held by the borrower. The borrower gains full title to the property upon retiring the mortgage debt. Lenders are granted a more immediate cure for a default than in lien theory states.
Trespass refers to the unlawful entry or possession of someone's property without permission. It can involve physical intrusion or unlawful occupation, thereby infringing on the possessor's rights.
Four characteristics required to create a Joint Tenancy: unity of interest, unity of possession, unity of time, and unity of title, ensuring equal shared ownership among joint tenants.
An unrecorded deed is an instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership. Recording is essential to protect one’s interest in real estate.
Understanding the value of a property before and after a taking is crucial in matters of eminent domain and just compensation.
Vesting is the process through which an individual earns the right to assets or benefits, usually over a specified period and under clearly defined conditions.
A violation in real estate refers to an act or condition that is contrary to law or permissible use of real property. Examples include illegal business operations in residential zones and non-compliance with housing codes such as non-functioning plumbing in occupied apartment buildings.
Voluntary Alienation is a legal term that describes the transfer of property rights through the free will of the property owner, typically by sale or gift.
The Warranty of Habitability is an implied assurance given by a landlord that an apartment offered for rent is free from safety and health hazards.
WASTE refers to property abuse, destruction, or damage caused by a possessor that goes beyond normal wear and tear, affecting the rights and interests of other stakeholders in the property. This is often addressed in mortgage or lease contracts, as well as in life estates.
A Writ of Ejectment is a legal order issued by a court to repossess property from someone who is occupying it unlawfully. This document empowers law enforcement to remove said occupant and restore possession to the rightful owner.
Wrongful foreclosure occurs when a lender improperly or illegally forecloses on a borrower’s property. This type of foreclosure typically arises due to failure to follow correct legal procedures or agreements made between the lender and the borrower.
