Land tenure characterized by the highest degree of ownership legally possible. Allodial tenure describes title to real property that is free of encumbrances and obligations, including taxation. It denotes absolute or supreme ownership. Strictly defined, allodial title is not subject to county, state, or federal codes, ordinances, or zoning regulations ("police power"), nor can it be taken through legal or regulatory means ("inalienable"). In practical use, title in the United States is often said to be allodial (as opposed to feudal), even though it does not meet all of the qualifications listed above.

Title to real property that is free of encumberances and obligations, including taxation. It denotes absolute or supreme ownership. Strictly defined, allodial title is not subject to county, state, or federal codes, ordinances, or zoning regulations ("police power"), nor can it be taken through legal or regulatory means ("inalienable"). In practical use, title in the United States is often said to be allodial (as opposed to feudal), even though it does not meet all of the qualifications listed above.

1. Real property owned under allodial title - completely, independently, without rent, mortgage, encumberances, taxation or any other obligation to another.
2. Freehold estate; land which is the absolute, inalienable property of the owner.
3. Real estate held in absolute independence, without being subject to any rent, service, or acknowledgment to a superior.

Features, both tangible and intangible, which enhance and add to the desirability of real estate

1. A set of facts, documents, or circumstances that give the appearance of title to real property, but are invalid or insufficient to legally show or prove title.
2. Something that on its face appears to be title, but is not actually title, nor does it show or prove title (as in a forged deed or other muniment of title).
Also known as "color of title".

1. Any transaction in which the two parties are unconnected and have no overt common interests. Such a transaction most often reflects the true or fair market value of a property. 2. Completion of a sales contract between a seller who is willing but not compelled to sell and a buyer who is willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used, under normal conditions on the open market.

The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.

The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments

The legal process of seizing the real or personal property of a defendant in a lawsuit, by levy or judicial order, and holding it in the custody of the courts as security for satisfaction of the judgment which the plaintiff may recover in any action upon a contract, express or implied

An evaluation of the status or validity of a title to real property by an attorney qualified to examine such titles.
See also "Certificate of title", "Chain of title", and "Abstract of title".

One who is authorized by another to act in his place under a power of attorney

The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises

Sometimes known as an offer to purchase or an earnest money receipt. A binder is the acknowledgment of a deposit along with a brief written agreement to enter into a contract for the sale of real estate.

Definition: One who engages in the illegal practice of blockbusting, or attempting to profit by telling homeowners that "undesirable" people - those of a different race, religion, etc. - moving into a neighborhood will lower home values or create other negative conditions. A blockbuster hopes to intimidate homeowners into selling their homes to the blockbuster at reduced prices, so that he or she may then resell those homes at profit.

Example: A real estate investor spreads rumors in a predominantly Asian neighborhood that a Latino family is considering purchasing a home there, which will bring undesirable elements and lower nearby property values. The investor hopes that people in this area will sell their homes to him at a price that is less than market value because they are alarmed the arrival of the newcomers will result in even lower home values or other undesirable neighborhood conditions. Under the Federal Fair Housing Act, it is illegal even to suggest that changes will occur in a neighborhood because persons of a protected class have moved there or will move there.


Terms and Definitions: Real Estate, Legal, Management

Definition: The act of creating or causing panic among homeowners with the intent to make them sell their homes by stating or implying that persons of a protected class moving into the neighborhood will have negative results such as lowered home values or increased crime. Blockbusters attempt to profit from this tactic by purchasing the homes of panicked people at less than market value, then reselling those homes at a greatly increased price. Blockbusting is illegal according to the Federal Fair Housing Act (1968, 1974, 1988), which lists as protected classes race, skin color, national origin, religion, handicap status, familial status, and gender.
Same as Panic selling.

Example: A real estate investor spreads rumors in a predominantly Asian neighborhood that a Latino family is considering purchasing a home there, which will bring undesirable elements and lower nearby property values. The investor hopes that people in this area will sell their homes to him at a price that is less than market value because they are alarmed the arrival of the newcomers will result in even lower home values or other undesirable neighborhood conditions. Under the Federal Fair Housing Act, it is illegal even to suggest that changes will occur in a neighborhood because persons of a protected class have moved there or will move there.


Terms and Definitions: Real Estate, Legal, Management

Bounds refers to definite boundary markers such as natural landmarks. Natural landmarks may often consist of such things as a specific tree or stream. Part of an old system of measuring land and establishing boundaries, commonly referred to as Metes and Bounds.

An area of land, usually open space, intended to mitigate land use effects and serve as a physical separation, transition, or screen between adjacent zoning districts. The most common examples include parks, greenways, or retention ponds between residential, commercial, or industrial zoning districts.

Zoning ordinances meant to regulate density and discourage overcrowding by restricting building heights or new construction, increasing setbacks, and mandating certain percentages of open space.

The ownership of property; allows one to buy, sell, or encumber real property or personal property. Also referred to as the bundle of rights; includes the rights of possession, control, enjoyment, exclusion, and disposition.

The ownership of property; allows one to buy, sell, or encumber real property or personal property. Also referred to as the bundle of legal rights; includes the rights of possession, control, enjoyment, exclusion, and disposition.

A form of corporation that meets the IRS tax requirements under Subchapter C of the Internal Revenue Code. It is also known as "C corporation" or "C-Corp".

Latin for "buyer beware". This phrase means that the buyer is responsible for verifying any and all claims by the seller; a prospective vendee of real property should observe and practice due diligence.

1. Document designating the legal owner of a parcel of real property and the state of its title, provided by a title company.
2. An opinion issued by a title examiner or attorney that the title to a particular property is clear and marketable.
3. Document issued by the Registrar of Titles for real estate registered under the Torrens system, which is considered conclusive evidence of the present ownership and state of the title to the property described therein.

The recorded history of matters (muniments of title) which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens; usually beginning with the original recorded source of the title.

All property other than real property. Chattels are distinct from real property in that they are moveable (not attached or affixed). Exceptions are made for trade fixtures or furniture, fixtures, and equipment (FFE), which can be attached, but are still considered chattels. Also known as personalty or personal property, chattels can be tangible (things or objects owned) or intangible (rights and relationships that are included in ownership). Tangible chattels include all objects that one owns, such as vehicles, clothing, houseplants, small appliances, etc. Examples of intangible chattels include patents, copyrights, royalties, and community property relationships. Transfer of chattels is done through a bill of sale, a will, intestate succession, or by court order (judgment).