Title and Title Insurance

The true north and south line extending from an initial point in both directions. Principal meridians are the first north-south lines (meridians) surveyed for an area and form the basis for measuring ranges east and west.

Latin.
1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as prorate.

1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as pro rata.

Statement in a deed that specified actions or improvements can or cannot take pace on a given property. The covenants may stipulate the use of the property, restrict the number of occupants and prohibit certain actions. Alternately, an agreement restricting specified financial transactions.

Pur autre vie is a French phrase that literally means "for the life of another". An estate pur autre vie (also known as pour autre vie) is an interest in real property held for the life of some person other than the life tenant. A life estate pur 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. An 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.

Definition: A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in qualified fee are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in qualified fee differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Same as Fee simple defeasible or Fee simple qualified.


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

Definition:
An estate in qualified fee conditional is one in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as his or her heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as Qualified fee subject to condition subsequent.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


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

Definition:
An estate in qualified fee determinable is a freehold estate in real property that has been qualified with a special limitation. If the new owner (grantee) fails to comply with the terms of the limitation, the former owner (grantor) has the right to recover ownership of the property. The grantor of an estate in qualified fee determinable retains the possibility of reverter, a future interest and right of reversion which, if exercised, ends the estate in qualified fee and allows for automatic reacquisition of ownership. Estates in qualified fee determinable, together with estates in qualified fee conditional, are the two primary examples of estates in fee simple defeasible, also known as estates in qualified fee. Qualified fee determinable estates differ from those in qualified fee conditional in that reversion is automatic and no court action is required.

Example: Mrs. Brown owns a parcel of land in fee simple and decides to sell it to Mrs. Garcia, with the contingency that a specified portion of the property must be used for agricultural purposes only. If Mrs. Garcia uses that part of the property for any purpose that is not agricultural, Mrs. Brown has the right to recover fee ownership. Whether or not she may recover all of the property or just that portion where the violation of the special condition occurred depends on the wording of the deed, the document used to create the estate in qualified fee.


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

Definition:
An estate in qualified fee subject to condition subsequent is a freehold estate in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as the grantee's heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Same as qualified fee conditional.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


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

Noun: A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.
Verb: To make, cause, or create a condition where disputed title to real property has been established or settled.

A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.

1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

Technically, real property refers to the interests, benefits, and rights included in the ownership of real estate. In practical use, it is synonymous with real estate or realty. Ownership of real property includes the "bundle of rights".

Same as real estate:
1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Legal recording imparts constructive notice to all the world of the existence of the recorded document and its contents.

The right of a mortgagor who has defaulted on the mortgage note to redeem or recover the title to the property by paying off the entire mortgage note prior to the foreclosure sale.

The act or process of applying for and obtaining a new loan with different terms than the existing loan. One or more financial goals may be met through refinancing: paying off or satisfying the existing loan, obtaining a lower interest rate, decreasing the duration of the loan, lowering the total amount paid, and/or reducing the monthly (periodic) payments.

A legal action to correct or modify a contract or deed which does not accurately reflect the intentions of the parties due to some mechanical error, such as a typographical error in the legal description.

A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro rata portion of the loan.

Definition:
1. The interest in real property from a life estate that passes to another upon the death of the life tenant; the grantor of the original life estate specifies upon creation of this estate who is to receive the remaining interest when the life estate ends; this person is known as the remainderman.
Contrast with reversion.
2. A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.

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

Definition: 1. A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.
2. The interest in real property from a life estate that passes to another upon the death of the life tenant; the grantor of the original life estate specifies upon creation of this estate who is to receive the remaining interest when the life estate ends; this person is known as the remainderman.
Contrast with reversion.

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

The person who receives the interest from a life estate upon the death of the life tenant.

Definition: A clause in some leases which gives the lessee the right to extend the lease term for a certain period of time and under certain conditions.

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

Definition: Money or other consideration paid by a lessee (tenant) to a lessor (landlord) in exchange for the right to use and possess real or personal property for a predetermined period of time and according to conditions upon which both parties have agreed.

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

Definition: A written or oral contract whereby one party (the lessor) agrees to allow another party (the lessee) to use and possess real or personal property owned by the lessor.
Also known as a Lease agreement.

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