Good
Not on time;late in making payments
Arrears
A provision in a mortgage requiring full payment of the debt upon the transfer of title to the property, due on sale. Prevents loan assumption
Alienation clause
A mortgage which covers more than one piece of real estate. Often used by a developer in the financing of undeveloped lots. Contains a partial release clause
Blanket Mortgage
Adverse possession
Color of title
Property jointly owned on a pro-rata basis with other unit owners in a condominium regime
Common elements
Occurs in cases where there is a sudden loss of land through nature
Avulsion
A method of acquiring original title to property by open, notorious and hostile possession for a statutory period of time; also referred to as prescription. Poach.
Adverse possession
The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property.
A method of estimating value based on the economic principle of substitution; the value of a building cannot be greater than the cost of purchasing a similar site and constructing a building of equal value
Cost approach
Any property acquired in certain states by purchase, or as compensation by either spouse during the period of marriage is considered to be owned in an undivided half interest by each
Community property
A statement issued by an attorney after analyzing an abstract as to quality of title
Attorney's opinion of title
A contract in which a promise is given for the promise of another. It becomes binding when mutual promises are communicated (a real estate contract).
Bilateral Contract
Latin for "let the buyer beware"
The transfer of title to land from one party to another
Conveyance
A promise that no one has superior or paramount title to that of the grantor; assures the grantee of peaceful possession without fear of being ousted by a person with a superior claim to the property.
Covenant of quiet title
The act of witnessing a person's signing of an instrument by a notary
Attestation
A means by which planners use space to separate two adjoining districts which have incompatible uses.
Buffer zone
A history of the ownership affecting title to a parcel of land
A method of determining the value of property in which the selling prices of similar properties are used as the basis for estimating the value of the subject property
Comparative analysis
Gives the assurance that the grantor has the exact estate in the quantity and quality which is being conveyed. "I own and I have the right to sell it."
Covenant of seisin
The free and full ownership of rights in land by individuals , which is the basis of real property in the US
Allodial
Any activity which attempts to drive prices down for the purpose of causing transition from one ethnic group to another. This is a violation of Federal Fair Housing Laws. Also called "panic selling"
Blockbusting
A law which prohibits discrimination in all real estate transactions based on race
Civil Rights Act of 1866
Illegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late
Commingling
The rights that a husband acquires in the wife's property upon her death.
Curtesy