| A | B |
|---|
| estate purautre vie | means for the life of another/grantor names a life tenant but estate is based on the life of a person other than the life tenant |
| estate in remainder | grantor states in deed that upon the death of the life tenant that the property will go to a third person (remainderman) |
| estate in reversion | the grantor says in the deed that the property will be returned to the grantor or his heirs at the time of the life tenant's death |
| fee simple conditional (fee tail) | not legal in AZ. /is a fee simple with a restriction to the right of inheritance |
| fee simple on condition subsequent | places conditions on the grantee (stated negatively, doesn't automatically revert/requires court action (example:provided you don't smoke on the property) |
| fee simple determinable | is subject to a certain restriction that is included in the deed (ex: as long as it is used as a church)if use changes it reverts to the grantor or their heirs |
| leasehold estate | is an estate that is less than freehold & lasts for a certain duration of time(possession of land but no ownership/definite duration/legal matters tried under personal property laws |
| freehold estate | actual ownership of land/unpredictable duration/legal matters tried under real property laws |
| lis pendens | is a recorded legal document that gives constructice notice that an action affecting a particular piece of property has been filed in state or federal court |
| writ of attachment | is the legal process of seizing the real or personal property of a defendant in a lawsuit |
| writ of execution | attach one's property and sell it to satisfy the debt |
| lien priority | 1. real propery taxes 2. special assessments 3. others are determined by the order in which the lien is recorded;except mechanic & material liens (priority by date work began) |
| 3 classifications of liens | contractual/statutory/equitable |
| contractual lien | parties enter into a contractual agreement such as a mortgage or trust deed |
| statutory lien | created by law (property taxes or special assessments) |
| equitable lien | occurs when the courts declare that justice would best be served by creating a lien |
| lien | is a monetary encumbrance, a claim or charge against a property as security for the payment of a debt |
| encroachment | is an intrusion upon another person's property w/o a right to use it (eaves, fences, branches) |
| license | personal privilege to use the land for a limited purpose and can be revoked at any time |
| profit/profit a prendre | a type of easment/a right to remove soil, minerals, fruit, timber or some product with compensation to the owner; must be written in a clause |
| Ways to terminate easements | quitclaim deed/merger of 2 properties/abandonment or nonuse for 5 years |
| 4 methods to create easements | express grants/reservation in a deed/necessity/prescription |
| easement in gross | the right to use the land of another/it isn't attached to the land |
| appurtenant easements | attached to the land & if property is sold the easement is transferred to the new owner |
| servient tenement | is the land on which the easement runs |
| dominant tenement | landowner who benefits from easement |
| easement | not terminated with sale of property/is an interest that entitles one party to some limited use of another's land/must be written & recorded with country recorder to satisfy statute of frauds |
| ingress | entrance |
| egress | exit |
| laches | a delay in asserting one's rights |
| deed restrictions | private limitations placed on land use (example CC & R's_ |
| nonmonetary encumberances | affects the physical condition or use of property (ex:deed restrictions, easements, encroachments) |
| encumberance | is any claim, lien charc, or liability attached to & binding on real property that may lessen the value, burden, obstruct or impair the use of a property but not necessarily prevent the transfer of title |
| down zoning | occurs when a property zoned for higher-density uses in rezoned lower density ones (ex: zoned for apts.--changed to residential) |
| special use permit | planning & zoning commission gives permission to develp a property in the public interest (ex:church or restaurant in an industrial area) |
