Real Estate Law

Taxes assessed against real property usually measured by the value of the real property being taxed.

Method of acquiring ownership to real property by possession for a statutory time period.

Written statement of fact that is sworn to by the person making the statement under oath as a true statement of facts

A person authorized to perform acts or sign contracts on behalf of a principal. A principal is generally responsible to third parties for the acts of the agent.

In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it.

Easement created to benefit a particular parcel of real property. The easement transfers automatically with a transfer of the ownership of the real property benefited by the easement.

Survey that locates all physical improvements on the land in relation to the boundary lines of the land.

Sum of money owed by a condominium owner for monthly upkeep of the common areas of the condominium.

With regard to a lease, it is when the tenant transfers all of the his or her interest under the lease and retains nothing.

An agent appointed by a principal by a written power-of-attorney.

An agreement, usually entered into between a tenant and a holder of a mortgage on the leased premises, wherein each party agrees to recognize the other in the event of a foreclosure of the mortgage. The mortgage holder also agrees not to terminate the lease or disturb the tenant's possession in the event of a foreclosure of the mortgage.

Imaginary east-west survey line used in the government survey system to establish township lines.

Legal document that transfers ownership to personal property.

Person who purchases real property in good faith for valuable consideration without notice of any claim to or interest in the real property by any other party.

Public laws that regulate methods and materials to be used in the construction of improvements.

Course and distance describing a boundary line of land in a metes and bounds land description.

Portion of the deed that indicates the county and state in which the deed was signed by the grantor.

Check issued by a bank, the payment which is guaranteed by the full faith and credit of the bank.

Personal check in which the bank certifies that the funds are in the account.

Historical sequence of all owners to a particular tract of real property beginning with the original owner and including all successive owners who have derived their title from the original owner.

Straight line drawn from the beginning point of an arc to the ending point of an arc.

Consummation of a real estate and sale transaction purchase.

Date set forth in a real estate contract on which the parties agree to perform all promises of the contract. The date on which ownership of the real property is transferred from seller to purchaser and purchaser pays the seller the purchase price for the real property.

A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree.

A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree.

A lease for the possession and use of a business or commercial enterprise such as a retail store, warehouse, or office.

Common areas or common elements of a condominium is that portion of the condominium property that is owned in common by all the owners of units in the condominium.

Rule of law in states follwoing the civil law of Spain and France, which provides that real property acquired during marriage is owned equally by the husband and wife.

Also known as Superfund, is federal legislation which created a trust fund designed to finance the activities of the Environmental Protection Agency and gave the EPA the authority to recover cleanup costs for contaminated properties from the responsible parties for the contamination.

Condition in a contract that must be satisfied in accordance with the terms of the contract before one or both of the parties are required to perform their contractual obligations.

Form of property ownership in which the owner owns an individual unit in a multi-unit building and is a tenant in common with other owners of units in the building in certain common areas.

Governing body of a condominium, the members of which are owners of condominium units. The condominium association usually is in the form of a non-profit corporation.

Legal document required by state condominium acts to create a condominium.

Plat of survey of condominium property required by state conominium acts. The plat must show in sufficient detail the location and dimensions of the real property, as well as all condominium units located on the real property.

Something of value given to make the promises in a contract enforceable. Consideration is something of value given by the grantee for a deed.

A presumption of law that charges a person with notice of all title mattters that can be discovered from an inspection of the real property or an examination of public real property records.