Intestate Dying without leaving a will

Indiana Real Estate Vocab Flashcards IntestateDying without leaving a will EmblementsAnnual crops produced for sale Sale-leasebackWhen the vendor becomes the lessee Joint tenancyConcurrent ownership sharing the unities of time, title, interest and possession InjunctionA court order to stop certain action(s) by certain individual(s) Eminent domainThe right to take a property by the government for some important public use Concurrent estateWhere property is owned by more than one person RESPA (Real Estate Settlement Procedures Act) Applies to one to four family residential dwellings. It is mainly there to give consumers information when shopping for settlement services Bilateral contractA contract formed by an exchange of promises Involuntary lienA lien, such as a tax lien, judgment lien, etc., which attaches to property without the consent of the owner EasementThe right to use the land of another for a specific purpose, such as a right of way for utilities AffidavitA statement or declaration reduced to writing and sworn to or affirmed before a public official who has authority to administer an oath or affirmation Real propertyProperty which, generally speaking, cannot be moved. This includes wells, minerals, or stock in a mutual water company Statute of LimitationsA law which limits the bringing of a court action (civil or criminal) to within a specified period of time Life estateAn estate in real property for the duration to the life of a person Prepayment penalty clauseA clause that allows a penalty to be enforced if the mortgage is paid off early EquityWhat is the market value of real property minus the existing liens RemodelingImproving a structure by changing its plan, characteristics, or function VoidableA contract that may be voided, but not void in itself is called "Grandfather" clauseAllows a property to continue to be used in the same way it always has been even if it doesn't comply with zoning laws YieldRatio of income from an investment to the total cost of the investment over a given period of time SteeringA form of racial discrimination where brokers or salespeople direct interested buyers away from and toward

certain neighborhoods to control racial composition

AmortizationPayment of a debt in equal periodic installments of principal and interest Lis pendensA legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property Fair housing lawsBased on the principle that discrimination is illegal, unenforceable, and contrary to public policy CondemnationThe act of taking private property for public use. Consent of the owner is not required, but fair compensation must be paid Tax Deferred ExchangeAllows you to postpone paying tax on the gain if you reinvest the proceeds in similar property Master planA comprehensive plan to guide the long-term physical development of a particular area Promissory notesServes as evidence of debt Economic ObsolescenceDepreciation that occurs because of factors outside of the property TownshipA territorial division of land established by federal survey, being six miles square and containing thirty-six sections, each one mile square Down-zoningWhere changes in zoning convert commercially-zoned areas into residentially-zoned areas Estate for yearsAny estate for a definite period of time Tax shelterA general term used to include any property which gives the owner certain income tax advantages, such as deductions for property taxes, maintenance, mortgage interest, insurance, and especially depreciation.PuffingAn opinion not made as a representation of fact, but intended to enhance the value of the property Fee simple estateHighest possible ownership interest that can be held in real property Load-bearing wallA wall that supports the weight of part of a structure in addition to its own weight ComminglingWhere a real estate broker mixes their personal funds with those of a client, it is illegal EncroachmentA neighbor is using land which they do not own AcknowledgementA written declaration by a person executing an instrument, given before an officer authorized to give an oath, stating that the execution is of his own volition VendeePurchaser or buyer, especially on a land contract CodicilAn addition to a will, which modifies the will by adding to it, subtracting from it, or clarifying it Gross Rent MultiplierThe quotient of the sale price divided by the gross rent Eminent domainA governmental right to acquire private property for public use by condemnation, and the payment of just

compensation