Property |
Property refers to anything that can be owned, such as land, buildings, and personal items. Property is divided into two types: real property, which consists of land and buildings, and personal property, which consists of movable items such as furniture, clothing, and jewelry. |
Title |
Title refers to legal ownership of property. A person who holds the title to property has the right to sell it, mortgage it, or give it away. |
Estate |
Estate refers to the assets and liabilities of a person who has died, and can include property such as real estate, investments, and personal items. The estate must be settled in accordance with the will, if there is one, or with the laws of the state if there is no will. |
Tenancy |
Tenancy refers to a person's right to occupy property that is owned by someone else. There are several types of tenancy, including tenancy for a specific term, tenancy at will, and tenancy at sufferance. |
Lease |
A lease is a written agreement that gives a person the right to use a property for a specified period of time, usually for a fee. The lease sets out the terms of the agreement, such as the amount of rent, the length of the lease, and the responsibilities of the tenant and landlord. |
Deed |
A deed is a legal document that transfers ownership of property from one person to another. The deed must be signed by the seller and the buyer, and must be recorded in the county where the property is located. |
Eminent domain |
Eminent domain is the power of the government to take private property for public use, provided that the owner is compensated. |
Zoning |
Zoning refers to the use of local laws to control the use of land and buildings. Zoning laws regulate where certain types of buildings can be located, what types of activities can take place in those buildings, and how much space must be left between buildings. |
Encumbrance |
An encumbrance is any claim or limit on the use or transfer of property, such as a mortgage, a lien, or an easement. |
Lien |
A lien is a legal claim that one person has on the property of another person until a debt is paid. Liens are often placed on property by creditors, such as banks or contractors, as a way to ensure that they will be paid back. |
Easement |
An easement is a right that one person has to use the property of another person for a specific purpose, such as to travel across the property to reach another location. Easements can be granted by the owner of the property, or can be created by law. |
Adverse possession |
Adverse possession is a legal doctrine that allows a person who has used someone else's property openly and continuously for a certain period of time to claim ownership of that property. The length of time required for adverse possession varies by state, but is usually between 5 and 20 years. |
Quitclaim deed |
A quitclaim deed is a legal document that transfers any ownership interest that a person may have in a property to another person. Unlike a warranty deed, a quitclaim deed does not guarantee that the seller actually owns the property, or that the property is free of any encumbrances such as liens or easements. |
Appraisal |
An appraisal is an evaluation of the value of a property, usually conducted by a professional appraiser. Appraisals are often done when a property is being sold, when it is being used as collateral for a loan, or when it is being assessed for property taxes. |
Covenants |
Covenants are promises or agreements that are contained in deeds or other legal documents, and that restrict the use of property in certain ways. For example, a covenant may prohibit the development of certain types of structures on a property, or require that the property be used only for residential purposes. |
Joint tenancy |
Joint tenancy is a form of co-ownership in which two or more people own a property together with equal shares. Joint tenants have the right of survivorship, which means that if one tenant dies, their share of the property automatically passes to the other tenant(s). |
Mortgage |
A mortgage is a loan that is used to buy a property, and that is secured by the property itself. The borrower (also called the mortgagor) agrees to make regular payments on the loan, and if they fail to do so, the lender (also called the mortgagee) can foreclose on the property and sell it to recover their losses. |
Foreclosure |
Foreclosure is the legal process by which a lender can take possession of a property that was used as collateral for a loan, if the borrower has stopped making payments on the loan. The property is usually sold at a public auction, and the proceeds are used to pay off the outstanding debt. |
Equity |
Equity refers to the value of a property that is owned by someone, minus any outstanding debts or loans. For example, if a person owns a house that is worth $200,000, but still owes $100,000 on their mortgage, their equity in the house would be $100,000. |
Deed restriction |
A deed restriction is a legal agreement that limits the use of a property, and that is contained within the deed to the property. Deed restrictions are often put in place by developers or homeowners' associations, and can regulate the types of structures that can be built on the property, or restrict the use of the property in other ways. |