Section 1
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Lien Priority
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Last updated
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Date created
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Cards (72)
Section 1
(50 cards)
Lien Priority
The order in which liens will be paid off out of the proceeds of a foreclosure sale. Generally go in order of recordation. First in time first in right. Mortgage holder is usually first. Exceptions: federal tax liens first, then state and local, then purchase $ liens. If not enough money to satisfy liens remaining creditors can file a deficiency judgement against amount owed (mortgage companies can not do this)
CERCLA/SARA
Two federal organizations involved in environmental issues. CERLA: (1980) comprehensive environmental response compensation and liability act. Commonly known as Superfund. Cleaning up hazardous waste sites. SARA; (1986) amended CERCLA. Increased state involvement, increased size of trust fund, increased focus on human health posed by hazardous waste sites.
Co-op apartment
A form of home ownership where an investor purchases shares of a cooperative and then is able to live in the apartment You become a shareholder in a corporation that owns the property. Not buying real property, you are buying shares of the corporation.
Special Warranty Deed
A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise."
Rectangular Survey
method of land description used in about 30 states based on imaginary lines of longitude (meridians) and latitude (base lines); also referred to as the US government survey system. Each township is divided into 36 sections Each section is 1 square mile and 640 acres range is north/south columns of townships tiers are east/west rows of townships 160 acres equals 1/4 section 1/4 of a section is 1/2 mile on each side
Easement
A limited right to make use of a property owned by another. An easement is the right to use another's land for a designated purpose, such as accessing a beach. A right of way is a form of easement granted by the property owner permitting another to legally cross his land
Metes and bounds
A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land. Original property description system of the 13 colonies
Non-Conforming Use
A permissible use under former rules that is now prohibited - automatically granted when zoning regulations change A grandfathered use of land that was used prior to the current zoning
Easement appurtenant
a right of use that continues from owner to owner that involves a relationship between two parcels of land: a dominant parcel that benefits from a servient parcel Runs with the land regardless if it is mentioned in the deed.
Oregon Time Share Act
developer must provide plan, declarations, public report and five day cancellation disclosure for all purchasers
Housing Code
same as building code but applies retroactively to improvements existing before the building code was enacted.
Short Sale
lender agrees to accept sale proceeds, even if less than the debt
Less than freehold estate
are non ownership possessory interests in real property that can be measured in calendar time. The holder of a leasehold is a lessee (more commonly known as a tenant). His possession and use of the estate is known as tenancy. Be careful not to confuse this term with other types of tenancy that denote freehold ownership such as joint tenancy or tenancy in common. A less than freehold estate is an estate held by one who rents or leases property. It is also known as a leasehold estate. The key element of a less than freehold estate is the limitation of time. As lease is a legal estate, leasehold estate can be bought and sold on the open market. The estates of freehold are generally treated in the legal sense as real property. The estates of less than freehold are generally treated as personal property in the nature of leasehold interests.
Four Corners of a Deed
in reference to everything on the face of a deed. All wording contained in a deed, without any aid from the knowledge of the circumstances under which it was made, is said to be within its four corners, because every deed is still supposed to be written on one entire skin, and so to have but four corners.
environmental remediation
deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water Addresses underlying problems as well as physical improvements to the property.
Easement in gross
the right to use land for a specific, limited purpose unrelated to any adjacent parcel Must be expressly transferred if not it ends Like for a billboard on property Can be personal or commercial easement of utilities is usually considered easement in gross
Enchroachment
unauthorized intrusion or improvement on another's property
Financial encumbrance
A lien; affects only the title. An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that may diminish its value. Encumbrances can be classified in several ways. They may be financial (for example, liens) or non-financial (for example, easements, private restrictions).
Variance
Make some use of property that is a minor infringement on the regulations such as changing set backs or building heights. Once grated becomes a right that attaches to the title of the property. Varances usually granted to avoid hardship to the owner.
Freehold Estate
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. is an estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time. In contrast, a less than freehold estate is held for a fixed, defined period. The three types of freehold estates to know are: 1. Fee simple absolute 2. Fee simple defeasible 3. Life estate A freehold estate is a right of title to land that is characterized by two essential elements: immobility, meaning that the property involved is either land or an interest that is attached to or has been derived from land, and indeterminate duration, which means there is no fixed duration of ownership .
Life Estate
A life estate is an interest in real property which is held for the duration of the life of a designated person. It may be limited by the life of the person holding it or by the life of another person. For example, Anne can give a property to Dan for the life of Anne. Dan would be the life tenant. A life tenant receives the property and is responsible for maintenance of the property and paying taxes. If a life tenant allows a property to deteriorate, it would be committing waste; a life tenant cannot commit waste. A life tenant cannot leave a property to anyone in their will. However, a life tenant may sell, mortgage or lease the property for the duration of the estate, and thus all contracts would be terminated upon the death of the life tenant. For example, if Dan dies and the property goes back to Anne, Anne would have the estate in reversion. If Anne dies, then the property would not be Dan's because he had it as long as Anne was alive. Upon Anne's death the property would go to Lisa, and then Lisa would have the estate in remainder.
Ownership in Severalty
Sole ownership that only one person or legal entity holds the title to that property. (as opposed to co-ownership)
Dominant Easement
is the land that benefits from the easements or can be called the dominant tenant. Parcel of land that benefits from the easement Easement is necessary for the dominate estate to have ingress or egress to an otherwise land locked parcel of land. Without an easement one can create an easement of necessity by use.
Township sections
There are 36 sections in each township and each of the sections are 640 acres.
Encumbrance
Is any claim, charge or liability attached to any real property that may decrease its fair market value or impair its use or transfer. Always noted on the deed following real property description. When an encumbrance has not become enforceable yet it is a cloud. A claim against, limitation on, or liability against real estate is an encumbrance. Encumbrances include liens, deed restrictions, easements, encroachments, and licenses. An encumbrance can restrict the owner's ability to transfer title to the property or lessen its value.
Building Code
regulates the construction of improvements to raw land
Emblements
Refers to crops which require annual planting They are annual crops cultivated by a tenant that are treated as the tenant's property rather than the landowner's. If a tenant loses possession of the land on which the crops grow, he or she is still entitled to finish raising the crops and harvest them. Emblements are considered personal property. They are treated as tenants property
Easement by necessity
An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. Right of access to a landlocked parcel, created when not other access to land exists.
Fee Simple defeasible
A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur A fee simple defeasible is a conveyance of property that has conditions placed on it. The holder of a fee simple defeasible possesses the property as a fee simple subject to that condition. If the condition is violated or not met, then the property will either go back to the original grantor or a specified third party. The only exceptions which exist are the basic four government regulations, which are taxation, escheat, eminent domain, and police power, and, or a covenants (restrictions) on a deed. A condition on a deed refers to a previous owner creating conditions on the deed that restrict or limit the use of property from a specific use. A defeasible estate is created when a grantor places a condition on a fee simple estate (in the deed). Upon the occurrence of a specified event, the estate may be lost. Two types of defeasible estates are the fee simple determinable and the fee simple subject to a condition subsequent. - If the grantor uses durational language in the condition such as "to A, as long as the land is used for a park," then upon the happening of the specified event (the land being used for something other than a park), the estate will automatically terminate and revert to the grantor or the grantor's estate; this is called a fee simple determinable. - If there is a condition such as "no alcohol to be served," then that would be a condition subsequent, as you can lose the title if you serve alcohol.
Environmental mitigation
an effort to protect the environment, or species that live there, from damage by pollution or negative impacts of the civilization. People create a project intended to offset, mitigate, lessen known impacts to an existing historic or natural resource. An example might be to create bird or bat houses where their natural habitat has been eliminated.
Tenants in Common
shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists
Bargain and Sale Deed
In Oregon, title to real property can be transferred from one party to another by executing a bargain and sale deed. Bargain and sale deeds are statutory in Oregon Bargain and sale deeds are commonly used by banks who have acquired property after foreclosure. A bargain and sale deed could also be used in other situations where the grantor is unwilling to make the broad covenants that go along with a warranty deed. A quitclaim deed conveys title with no covenants at all. Does not include regular warranties, but the grantor has done nothing to cause defect in the title.
Abatement
the phasing out of a non-conforming use until the end of economic life
Habendum Clause
That part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying. If grantor intends to transfer a life estate, an easement, or some lesser estate it must be in clause. Clause is not required, but if it isn't there it is assumed that the property is being conveyed in fee simple absolute. clause in a deed that defines or limits the type of interest being conveyed
Servient Easement
An easement, on a property which is subject to or burdened by the easement, that benefits another property which is called the dominant tenement. Is the one that is encumbered by the easement. Also known as the serviant tenement. Is the parcel of land that provides the right.
Fee Simple absolute
The maximum possible estate or right of ownership of real property, continuing forever that a person can own. The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, commit waste upon it, dispose of it by deed or will, and take its fruits. A fee simple represents absolute ownership of land, and therefore the owner may do whatever he or she chooses with the land. If an owner of a fee simple dies intestate, the land will descend to the heirs. The term fee used independently is an adequate designation of this type of estate in land. The term simple is added to distinguish clearly this estate from other interests in real property. A fee simple (or fee simple absolute) is an estate in land. Ownership cannot be defeated by the previous owner or the previous owner's heirs; however, it is not free from encumbrances. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own. Sometimes it is designated simply as "fee." It is the most common way real estate is owned in common law countries and is ordinarily the most complete ownership interest that can be had in real property, short of absolute title. Fee simple ownership represents absolute ownership of real property and is limited by the four basic government powers of taxation, eminent domain, police power, and escheat, and could also be limited by certain encumbrances or a condition in the deed. You do not really need a memory technique for this as long as you understand what the word "absolute" means. It means complete and unrestricted.
LCDC
Land Conservation and Development Commission administers the comprehensive land use plan in Oregon - started in 1973. Created to ensure the highest livability in Oregon accomplished through land use planning and regulation at all levels of government - state/local/county
Lot and Block
A method of land description frequently used after land has been subdivided into building lots; also referred to as the recorded plat method. (Must have a plat map to find the property)
Prescription (easement by)
A prescriptive easement is defined as an easement created from an open, adverse, and continuous use, hostile to the true owner's title over a statutory period easement created by use of property for 10 years (the "statutory period"), or "prescriptive period" for adverse possession. To create an easement by prescription, the use must have been open, continuous, exclusive and under a claim of right for the prescriptive period. A "license" to use property can never ripen into an easement by prescription. Mere user is not sufficient to give rights of travel over land, to the public. It must be accompanied by acts, such as working on the roadway, performing maintenance on the roadway, removing obstructions, showing use to have been made under a claim of right. But it is important to note that "easements by prescription are not favored by the law."
Reservation
is the interest held by the grantor of an estate in fee simple determinable. A landlord also has a reversionary interest in leased property
Tenants by the entirety
Co-ownership form that can only be used by married couples. Created by express wording. Surviving spouse has right of survivorship. Neither spouse may sell, gift, devise, or otherwise transfer property without permission of other spouse.
License
Does not follow title. Similar to an easement in that it is personal right to use anothers land. Difference between license and easement: license is revocable by the grantor and it need not be in writing. ie: a personal right to use another person's land for an indefinite amount of time and can be cancelled by the sale of the property. (hikers to get to wildflowers)
CC&R's
Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.
Quit Claim Deed
Offers no warranties and used to convey existing interest to another, often a related party. Can be used to correct defects on title.
General Warranty deed
A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.
Statute of Frauds Timeshare
Non Conforming use
Utilization of a use that does not comply with local zoning for a particular parcel. Can be grandfathered use of land that was used prior to the current zoning.
Adverse possession
a right to acquire title by possession of land. It is a method, rooted in common law, of obtaining title to land through use The possession must be open for all to see. The possession must be exclusive to him or her (e.g., the fence in the above example, a driveway, road, etc.) The possession must be hostile to the actual owner of the land. If you own land, do not "sleep on your rights." You could lose ownership of land that is rightfully yours.
Trade Fixtures
Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the intention that they be removed when the tenant leaves
Condominium
An individually owned housing unit in a building with several such units. It is considered real property...buyers own deeds to their buildings. Ownership usually includes a nonexclusive interest in certain "common properties" controlled by the condominium management. Condominium management is usually made up of a board of unit owners who sees to the day-to-day operation of the complex, such as lawn maintenance and snow removal.
Section 2
(22 cards)