The ground and anything permanently attached to it.
What is Real property
100
The person who transfers title, the seller.
What is The grantor
100
When two or more persons own real property and each person owns an undivided share.
What is Tenants in Common
100
The person who lends money for real property, such as the bank.
What is Mortgagee
100
This means litigation is pending.
What is Pendente Lite
200
An estate limited in duration to either the life of the owner or the life of another person.
What is Life estate
200
A deed containing warranties under which the grantor guarantees the property to be free from all encumbrances and to defend the title against the claims of all persons.
What is General Warranty Deed / full covenant and warranty deed
200
Upon death of one of the joint tenants, the entire ownership remains in the other joint tenants and does not pass to heirs or devisees.
What is Joint Tenants
200
A fixed low payment rates during the life of the loan, ending with one large final payment.
What is Balloon
200
The care, control and maintenance of children.
What is Custody
300
The largest estate that one can own in land, giving the holder absolute ownership and power of disposition during life and descending to the owners heirs at death
What is Fee simple estate
300
A deed to real property in which the grantor transfers only his or her interest, if any, in the property and gives no warranties of title
What is Quitclaim Deed / Deed without Covenants / Fiduciary Deed
300
A fee simple ownership of a unit of real property in which the owner can exercise the right of possession only in small intervals like a week or 2 each year.
What is Timeshare
300
When your payment increases gradually over the life of the mortgage.
What is Graduated payment
300
Custody of a child awarded to a parent on a temporary basis, pending the outcome of a divorce.
What is Temporary custody
400
Restricts ownership of real property to a particular blood line.
What is Fee tail estate
400
A deed contain warranties under which the grantor guarantees the property to be from all encumbrances made during the time that he or she owned the property and to defend the title only against claims through him or her.
What is Limited Warranty Deed / special warranty deed
400
A dwelling unit in which the occupants lease individual units and own shares of stock in the corporation. Tenants pay rent to the corporation and the corporation maintains the property and pay the real estate taxes.
What is Cooperative Apartment
400
A rate does not change during the life of the mortgage.
What is Fixed rate
400
Custody in which both parents share the responsibility and authority of child rearing equally.
What is Joint Custody
500
An estate in real property that is capable of coming to an end automatically because of the happening of the event. (ex. church purposes)
What is Determinable fee estate
500
A deed that conveys land itself, rather than people’s interests therein, and requires consideration
What is Bargain and Sale Deed
500
A parcel of real property in which portions are called units and are owned by individual owners. The property includes a common area which is owned by all the unit owners.
What is Condominiums
500
An interest rate that fluctuates according to changes in an index to which it is connected.
What is Variable rate
500
Custody in which the child lives with the each parent part of the year, the other parent usually having visitation rights but not control over the child during that time.