Estates, deeds, liens, easements, encumbrances, forms of ownership and transfer.
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- What is fee simple absolute?
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The highest and most complete form of real property ownership with no conditions, restrictions, or time limits.- What is a life estate?
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An interest in property that lasts for the lifetime of a specified person.- Define fee simple determinable.
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An estate that terminates automatically upon the occurrence of a specified condition.- What is fee simple subject to condition subsequent?
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An estate that may be terminated by the grantor if a specified condition occurs, but does not terminate automatically.- What is a leasehold estate?
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The tenant's temporary right to possess property for a specified term in exchange for rent.- What does a general warranty deed provide?
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The grantor warrants against all title defects and that the grantor has full power to convey the property.- What does a special warranty deed provide?
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The grantor warrants only against title defects arising during the grantor's ownership.- What is a quitclaim deed?
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A deed that conveys only the grantor's interest in the property without warranties of title.- What is a bargain and sale deed?
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A deed that conveys property with the implication that the grantor owns it, but without explicit warranties.- What must happen for a deed to be effective?
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The deed must be delivered to and accepted by the grantee with the intent that it immediately transfer property rights.- What is a mortgage?
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A security interest in real property given as collateral for a loan, with the lender holding the right to foreclose if the borrower defaults.- What is a deed of trust?
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An instrument used instead of a mortgage in some states, conveying property to a trustee to hold as security for a debt.- What is a mechanic's lien?
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A lien granted to a contractor or supplier for labor or materials furnished for construction or repair of property.- What is a tax lien?
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A lien imposed by a government unit on property for unpaid property taxes.- What is a judgment lien?
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A lien created when a court judgment is entered against a property owner and the judgment is recorded.
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