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arbitration
A method of
resolving a dispute in which a third party renders a
decision.
boundary
The dividing line between two adjacent
properties.
breach of
contract
The failure to perform provisions of a
contract without a legal excuse.
building
code
A comprehensive set of laws that controls
the construction or remodeling of a home or other structure.
cancellation clause
A clause
that details the conditions under which each party may terminate the
agreement.
cloud on
title
An invalid encumbrance on real
property.
community
property
Property accumulated through the joint
efforts of husband and wife. It is a classification of property peculiar to
certain states.
conveyance
The transfer of
title of property.
deed of
trust
A document that gives a lender the right
to foreclose on a piece of property if the borrower defaults on the
loan.
fee simple
This type of ownership, also called fee simple absolute, is the
maximum interest a person can have in a piece of real estate. It entitles the
owner to use the property in any manner they see fit, in accordance with state
and local laws.
foreclosure
Legal process by
which a lender ends the borrower's interest in a property after a loan is
defaulted. The lender may sell the property and keep the proceeds for mortgage
and legal costs, using excess proceeds to satisfy other liens or return to the
borrower.
joint tenancy
Ownership by two or more people that gives equal shares of a piece
of property. Rights pass to the surviving owner or owners.
liquidated damages
A sum of
money specified in the purchase contract to be paid by one party to the other in
the event of a breach of contract.
property
line
The official dividing line between
properties.
real
property
Land and any permanent fixtures on it,
including buildings, trees, and other fixtures.
tenancy by the entirety
Ownership by a husband and wife in which they together hold title
to the whole property with right of survivorship.
title
The legal document
conferring ownership of a piece of real estate.
title company
A firm that
ensures that the property title is clear and provides title
insurance.
title search
The process of reviewing all recorded transactions in the public
record to determine whether any title defects exist that could interfere with
the clear transfer of ownership of the property.
zoning
Regulations that control
the use of land within a jurisdiction.
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