The following definitions may be of assistance to you in your real estate matters.
Action to Quiet Title
A court action to establish or confirm ownership of real property. Although technically not an action to remove a cloud on title, the two actions are usually referred to as "Quiet Title" actions.
Condemnation
The taking of private property for public use by a government unit, against the will of the owner, but with payment of just compensation under the government's power of eminent domain. Condemnation may also be a determination by a governmental agency that a particular building is unsafe or unfit for use
Contingency
Condition which must be satisfied before the buyer can complete the purchase of a property. Contingencies are generally outlined in the purchase contract between the buyer and seller.
Grantee
The buyer, who receives a deed.
Grantor
The seller, who gives a deed.
Joint Tenancy
An undivided interest in property taken by two or more joint tenants. The interests must equal, accruing under the same conveyance and beginning at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenants rather than to the heirs of the deceased.
Tenancy in Common
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death. The ownership interests need not be equal.
Title Insurance
A contract by which the insurer, usually a title insurance company, agrees to pay the insured a specific amount for any loss caused by defects of title to real estate. This type of insurance is required by lenders to protect them against deficient title. The buyer also has the option to purchase an owner's title insurance policy to protect his own interest.
Quitclaim Deed
A deed that transfers whatever interest the maker of the deed may have in the particular parcel of land. A quitclaim deed is often given to clear the title when the grantor's interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.
Tax Lien
- A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid.
- A federal income tax lien. May attach to all property of the one owing the taxes.
Zygocephalum
In civil law an inaccurate measure of land. The area of land a yoke of oxen could plow in one day.
