Glossary
The following list of definitions will assist you with the legal language.
Questions & Answers
An acknowledgment is a formal declaration by a person or other legally recognized entity, such as a corporation, that execution of a document or instrument is his-her free act and deed. Execution of an instrument means that it has been drafted and signed. When a person acknowledges the execution of an instrument, he-she is stating that his-her signing of it is his-her free act or deed. The acknowledgment is made before a person, such as a notary public, authorized by law to take an acknowl...
Adverse possession is the taking of title to real estate by possessing it for a certain period of time. Title means ownership of real estate. The person claiming title to real estate by adverse possession must have actual possession of it that is open, notorious, exclusive and adverse to the claims of other persons to the title. By its very nature, a claim of adverse possession is hostile to the claims of other persons. It cannot be hidden but must be open and notorious in order to put ot...
An Easement is a right of one person to use the real estate, or a portion of it, of another person for a particular purpose. The real estate, subject to the easement, is sometimes referred to as the "Servient Estate." An example of an easement is a right-of-way for the ingress and egress. This means the right to travel across or across part of the Servient estate to reach or leave one's own real estate. Another example is an easement for utility, such as power lines or water lines. Ea...
A conveyance of real estate is a conveyance from one person to another. A deed is one form of conveyance transferring title to the real estate from one person to another. Title means ownership of real estate. The person transferring title is known as the "grantor," and the person receiving the title is known as the "grantee." A deed must be in writing and must be signed. The person transferring his/her interest in the real estate must sign the deed. Many states also require the grantee ...
A conveyance of real estate is a transfer of real estate from one person to another. A deed is one form of conveyance, transferring a title to real estate from one person to another. Title means ownership of real estate. The person transferring title is known as the "grantor" and the person receiving the title is known as the "grantee." There are several types of deeds. One form of deed is a warranty deed. A warranty deed is a deed which warrants good and clear title to the real estate ...
A conveyance of real estate is a transfer from one person to another. A deed is one form of conveyance. It transfers title of real estate from one person to another. Title means ownership of real estate. The person transferring title is known as the "grantor," and the person receiving the title is known as the "grantee." There are several types of deeds. One type is known as a quit claim deed. In a quit claim deed, the grantor transfers all the right, claim, or interest in the real est...
Necessity of Written Instrument
An agreement, contract, conveyance, sale, or other transfer of real estate, or an interest in it, usually must be set forth in writing and signed. The writing requirement is found in a body of law, sometimes referred to as the "statute of frauds." This law makes oral or verbal transfers of real estate unenforceable. The written document setting forth the terms of the sale or transfer is referred to as "an instrument." Simply put, an instrument is a written document. To be enforceable, a ...
Homestead is real estate occupied by a person as his or her home or dwelling place. Homesteads often are exempt from levy or liens, at least to a certain extent. This is referred to as the homestead exemption. State law usually defines the extent of the homestead exemption. Please see specific state for details and/or differences. Black's Law Dictionary, Fifth Edition.
The law of husband and wife affects the legal rights and obligations of the spouses toward one another and toward the world. Discussed here is the law of husband and wife as it applies to the ownership and buying and selling of real estate. Previously the common law limited a wife's right to own real estate independent of her husband. Such laws now have been repealed or declared unconstitutional and unenforceable. Black's Law Dictionary, Fifth Edition. Regardless of the state of res...
A lease of real estate is an agreement or contract for possession of real estate for a certain period of time and for certain uses. The owner of the real estate is known as the "lessor" or "landlord." The person renting the real estate is known as the "lessee" or "tenant." The term of the lease specifies how long the real estate is to be rented. The time period may be for a certain period of time or indefinite. Other types of leases are known as "periodic estates" which means that they r...
A Power of Attorney is an instrument which authorizes one person to act as another's agent or attorney-in-fact. The attorney-in-fact need not actually be a licensed attorney. The Power of Attorney may be for a performance of a specific, definite act or duty, or it may be general in nature. It may be for a specific time period or for an indefinite time period. It may be revocable. If not revoked, it usually expires when the person granting the Power of Attorney dies. A Power of Attorney ...
Purchase Agreement - Offer to Buy
A Purchase Agreement is an agreement or contract between a buyer and a seller agreeing that a sale of real estate will take place in the future between the parties. It usually includes the purchase price, the description of the real estate to be sold, the identities of the parties, the date when the sale will be closed, and when possession of the transfer of the real estate is to be transferred to the buyer. The parties may include other terms as necessary. In most states, a purchase agree...
Ownership of real estate is granted to a person or persons in several types. The most common type of ownership seen is a grant in fee simple, which grants ownership of real estate to a person absolutely and unconditionally. Such a grant gives the person the right to the entire real estate with power to possess it and to transfer it to other persons. If two or more persons are granted ownership of real estate, there are several ways they may own it together. One way is known as a "tenanc...
A conveyance of real estate is a transfer from one person to another. A real estate contract is one form of conveyance. A real estate contract is an agreement to transfer title to real estate to a person, at some specified time in the future, contingent upon that person's payment of the purchase price. The seller is known as a "vendor" and the buyer is known as a "vendee." The vendor gives a deed to the vendee once the vendee has performed his/her obligations under the contract. Until su...
A covenant is an agreement, contract, or promise. A restrictive covenant is a covenant which acts as a restriction or prohibition of certain uses of real estate. For example, restrictive covenants for a residential subdivision may restrict use of the real estate in the subdivision to residential purposes only. Some restrictive covenants may define the maximum and minimum square footage of homes to be built and define further limitations regarding construction of other buildings upon the re...
Please see specific state for details.
A judgment is a final decree, decision, order, or other ruling by a court determining the rights and obligations of the parties to a lawsuit. A lien is a claim, interest, or right to property or a portion of it for payment of a debt or liability. A judgment lien is a lien arising from a judgment which gives the holder of the judgment the right to levy upon or seize the property of another to pay off or satisfy the judgment subject to rights of exemption or redemption belonging to the judgment...
A lien is a claim, interest, or right to property or a portion of it, of another person, arising by law or agreement for payment of a debt or liability. A mechanics' lien is a lien in real estate held by a person for labor, service, or materials furnished in connection with the construction or improvement of real estate. This type of lien is codified by the statute of the state which governs the creation, extent, filing, and foreclosure of the lien. The time limitations for filing of the lien...
A mortgage is an instrument giving an interest in real estate from one person, the "mortgagor," to another person, the "mortgagee," to secure a debt or liability. Depending upon the laws of the particular state, a mortgage may create a lien or it may actually transfer title to the mortgagee who holds it in trust pending payment of the debt or obligation. Mortgages may contain various clauses specifying the rights and obligations of the parties. The parties may agree upon the terms as they ...
Can a spouse elect against a will in this state?
Foreclosure is the legal or equitable enforcement of a mortgage, deed of trust, or other lien through legal proceedings or pursuant to a power of sale clause in a mortgage. Discussed here is a foreclosure of a mortgage or deed of trust. Foreclosure typically occurs when the mortgagor, or debtor, has defaulted or failed to perform an obligation imposed by the instrument such as a mortgage. In most states, a mortgagee may foreclose a mortgage through court proceedings or through sale of the mo...
Sample Legal Forms
Acknowledgment for Corporation
Farm Lease - Cash or Crop Shares
