1. Revocable, non-transferable permission to use the property of another for a specific purpose.
2. a. Legal authorization to perform or engage in certain specific acts (e.g., real estate license, driver's license, business license, etc.)
b. A document or permit that provides evidence of such authorization or permission.

A freehold estate in real property in which the interest in the property is held until the death of the owner or some other person specified by the grantor of the estate. Unlike other freehold estates, life estates cannot be inherited by the heirs of the grantee. Transfer of property ownership following the end of a life estate occurs according to the provisions stipulated by the grantor. There are three types of life estates: legal life estates, conventional life estates, and estates pur autre vie (technically a type of conventional life estate).

Definition:
An interest in real property held for the life of some person other than the life tenant (pur autre vie is French for "for the life of another"). A life estate pur autre vie (also known as pour autre vie) is a form of conventional life estate wherein the duration of the estate is measured not against the life of the life tenant, but against the life of another person specified by the grantor of the estate. A life estate pur autre vie is the only life estate that has a right of inheritance: during the life of this other person against whose lifespan the duration of the estate depends, the life tenant's heirs may inherit the property. Once the "other person" is deceased, this right of inheritance ends.


Terms, Definitions, and Concepts: Real Estate, Legal (Law), Title and Title Insurance, Management

The owner or holder of a conventional life estate (or an estate pur autre vie). The life tenant holds a right or interest in the property until his or death, or in the case of an estate pur autre vie, until the death of some other person specified by the grantor of the estate.

Also sometimes referred to as "tenant for life".

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, merchantable, and without clouds.
3. Title that is without liens or encumbrances and can be sold or transferred to another.

A statutory lien created in favor of materialmen, contractors, laborers and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real estate.

Something that is commercially valuable and desirable, and that can usually generate a profit or return on an investment (yield).

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.
3. Title that is without liens or encumbrances and can be sold or transferred to another.

The true north and south line extending from an initial point in both directions. Meridians used within each state can be numeric or common names.

Metes and bounds is an old system of measuring land and establishing boundaries. Metes refers to survey lines with specific distance measurements which can be described in varying units, such as poles, chains, rods, perches, links, etc. The direction of the line is usually based upon compass readings. Metes and bounds is an old system of measuring land and establishing boundaries.

Metes and bounds is an old system of measuring land and establishing boundaries using natural landmarks and compass readings and distance measured in poles, links, rods and chains. A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

Type of land tenure (feudal tenure) requiring the title holder (the tenant) to furnish soldiers or knights to the tenant-in-chief in return for the right to own the land. Tenants in chief with military tenure provided military services directly to the king or other sovereign.

Legal term for a document or other evidence that proves ownership of an asset. In real estate, examples of muniments of title include deeds, wills, and court judgments. In order to be considered a muniment, the document must show title and also be a critical link in the chain of title.

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all or a portion of the property expenses in addition to periodic rent. It is called a net lease because the rent paid is "net" to the lessor.
Abbreviated as "N lease".

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay property taxes and insurance in addition to periodic rent, and the landlord (lessor) agrees to pay for property maintenance.
Also known as a double net lease.
Abbreviated as "NN lease".

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all operating and property expenses in addition to periodic rent, including taxes, insurance, maintenance, utilities, and assessments.
Also known as a triple net lease.
Abbreviated as "NNN lease".

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

A cadastral survey which creates land boundaries and marks them for the first time.

A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.
Contrast with release.

Noun: 1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.
3. Title that is without liens or encumbrances and can be sold or transferred to another.
Verb: 4. To remove or satisfy claims, liens, or other encumbrances against a title to real property; to make a title whole, clear, and marketable.

Occurring regularly or semi-regularly in time, as a periodic tenancy, periodic rent, periodic portfolio review, etc.

Monies payable as part of a residential or commercial lease agreement and collected on a regularly recurring basis (e.g., monthly, annually, etc.).

A right to, share of, participation in, or ownership of real or personal property that entitiles one to possess and control the property, not merely to use it.

For example, fee simple ownership of real estate is a possessory interest and therefore constitues an estate; the right to use an access road or easement on the private property of another is neither a possessory interest nor an estate.

Definition:
The right of reversion and future interest retained by the grantor of an estate in qualified fee determinable which allows him to automatically recover fee ownership of the property if the grantee fails to comply with a special limitation stipulated as a condition of the sale.
Contrast with Right of reentry.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition: A written instrument authorizing a person (the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

Terms, Definitions, and Concepts: Legal (Law), Management, Real Estate, Title and Title Insurance