Intestate having made no legally valid will before death or not

Real Estate Terms for MO Flashcards General LienThis type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real property GrantorThe person transferring title to or an interest in real property to a grantee Intestatehaving made no legally valid will before death or not disposed of by a legal will Alienation(law) the voluntary and absolute transfer of title and possession of real property from one person to another Federal Housing AdministrationA federal agency established in 1943 to increase home ownership by providing an insurance program to safeguard the lender against the risk of nonpayment. Currently part of HUD.Dowera life estate to which a wife is entitled on the death of her husband CooperativeWhereas each owner owns a percentage of the whole.Coop owns severalty. Members own stock, Coop pays mortgage and taxes. All members lose if Coop is foreclosed.Govermant Rights in Real PropertyTaxation, Police power, Zoning, eminent domain and escheat.Erosioncondition in which the earth's surface is worn away by the action of water and wind

Trade FixturePersonal property: Business items permanently attached

by tenant. May be removed up to last day of lease. If left, landlord acquires by process of accession Tenancy at WillA type of tenancy under which either party can terminate the tenancy without notice; usually arises when a tenant who has been under a tenancy for years retains possession, with the landlord's consent, after the tenancy for years has terminated.Delivery and Acceptancewhen the grantor delivers the deed and the grantee accepts the deed. this is necessary for conveyance of title.Estate in Reversionthe grantor of a life estate holds an estate in reversion.When the grantee who is the holder of the life estate, or life tenant, dies the property reverts to the grantor Estate for yearsA conveyance of realty for a definite stated period of time.The term may be one year, one month, one week or even one day. No notice needed to terminate.Chattelpersonal as opposed to real property

Personal PropertyMovable objects, not real property, sometimes called chattels, such as cars, cash, stock Descentproperties goes to your legal heirs, Mechanics LienA specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others. Must be filed within 120 days of the last day that labor or material were furnished to the property.Leasehold EstateA tenant's right to occupy real estate during the term of the lease. This is a personal property interest.Homesteadland acquired from the United States public lands by filing a record and living on and cultivating it under the homestead law CurtesyThe rights that a husband acquires in the wife's property upon her death.EmblementsCrops nurtured in the year of the transfer or sale of the property. They are considered personal property.Estates in LandRefers to the degree, quantity and nature of interest that a person has in real property for a lifetime(life estate) or forever(inheritable freehold) SeveraltyOwnership of real estate by one person only; although a corporation (single entity) can own in severalty Master Land PlanPlan for Future growth Tenancy in CommonForm of co-ownership in which each owner holds an undivided interest as if he or where were sole owners; individual owners have right to partition, right of inheritance.Shares can be unequal amounts Alienation Clause - Due on SaleAlso know as "due on sale" clause permits lender to declare balance of loan immediately due if property is sold; prevents loan assumption without lender approval Periodic TenancyA lease, which has the original terms automatically renewed for successive periods, until proper notice to terminate is given by either the landlord or tenant. Month to month rental.Adverse Possessiono If someone enters on another person's real estate and lives there in a manner that is hostile to the owner and live there notoriously , openly, and continuously, and in an uninterrupted manner, than that person can claim title to that portion of real estateo Statutory period of time-7 years all states differ (georgia-20) Usury lawsrestricts the amount of interest that can be charged for credit Quiet title suitalso called an action to quiet title- a court procedure to correct or cure a defect or cloud on the title, court ordered hearings held to determine land ownership

Spot ZoningWhen a particular property or group of properties is rezoned to permit a use different form the neighboring properties use.Subordination Clause - Changes PriorityA clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance.Property Descriptionwritten description of a specific piece of property for public record or other public entity Avulsionan abrupt change in the course of a stream that forms the boundary between two parcels of land resulting in the loss of part of the land of one landowner and a consequent increase in the land of another Freehold EstateAn estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. There is no definate ending date an it is at least for a lifetime.Trust DeedJust as with a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the transaction there are three. There is the borrower who signs the trust deed and who is called the trustor. There is the third, neutral party, to whom trustor deeds the property as security for the payment of the debt, who is called the trustee. And, finally, there is the lender who is called the beneficiary, the one who benefits from the pledge agreement in that in the event of a default the trustee can sell the property and transfer the money obtained at the sale to lender as payment of the debt.Reverse Annuity MortgageWhen the mortgagee makes regular monthly payments to the mortgagor. The payments create the loan. It is used for elderly people whose homes are paid off or nearly so. The debt is not repaid until they either sell the house or die.Deficiency JudgementA judgment given for the unpaid balance of a debt remaining after the surety is sold. A court decree holding a debtor personally liable for the shortage or insufficiency realized on the sale of secured property. The debtor owes the difference between the sale price of the property and the amount of the secured debt.Riparianof or relating to or located on the banks of a river or stream Mortgage LienA lien or charge on the property of a mortgagor that secures the underlying debt obligations.Eminent Domainthe right of the state to take private property for public use ConsiderationSomething of value that gets a person to enter into a contract; owner of property promises to convey marketable

title and the buyer promises a certain amount of money