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• Ownership


  The act, state, or right of processing something
• Agreements


  • Transfer of interests in real property must be in writing
• Real Property


  Attachment to real property becomes real property
• Bundle of Sticks


  The right to use real estate: sell, lease, enter, give away
• Fee Simple


  Full and irrevocable ownership of land and any building on that land. Highest form of ownership
• Life Estate


  Divides property into 2 main groups. The groups are defined by the life's tenants life span. Then they are divided into different groups. The grantor is the current owner of a property creating the deed. Life tenant is the person owning the real estate, typically the grantor. Remainder beneficiary is the owner of property.
• Lease


  • Term exceeds 1 year must be in writing
  • If not month to month or equal to the term of the payment (daily, weekly, monthly)
• Warranty Deed


  • The person will be in lawful possession of the property
  • Has clear title to convey the property
  • The grantee will be able to enjoy the property without interference from others
  • The grantor will be defined the title of the property against any 3rd parties that make a claim
• Covenant Deed


  • A deed includes only covenants pertaining to the acts of the grantor but not of those of any other person.
  • Limited Warranties - provide a limited warranty of title. These types of deeds only convey a warranty for the time that the grantor actually owned the property
• Sheriff's Deed


  A deed that gives ownership rights in property bought at a sheriff's sale. A sheriff's sale is a sale conducted by a sheriff upon order of a court after a failure to pay a judgment. Often, property is involved in a mortgage foreclosure is subject to being sold at a sheriff's sale. In such cases a sheriff's deed refers to the deed given in foreclosure of a mortgage. Generally, the debtor has the right of redemption of the property until confirmation of sale is signed by the judge and filed by the court. The giving of the deed begins a statutory redemption period.
• Tenants in Common


  Tenancy in common in real estate is an arrangement in which two or more people share ownership rights of a property. When one of them dies, the property passes to that tenant's beneficiaries or heirs. Furthermore, each co-owner may control an equal or different percentage, or share, of the total property.
• Joint Tenants with Full Rights of Survivorship


  A legal term for a way to own assets jointly, where two or more parties have equal rights and ownership of an account or real estate. If one owner dies, the surviving owners automatically get full ownership of the asset.
• Tenancy By the Entries


  is a legal arrangement where a married couple shares equal ownership of a property, and ownership automatically passes to the survivor if their partner dies. This allows the survivor to avoid probate and protects the home from any claims against the other tenant.
• Life Estate


  A life estate is a form of joint ownership that allows the current property owner to remain in the home until they die, at which point it'll pass to the other specified owner. A life estate can be thought of as a way to pre-gift your home to your heirs while still maintaining ownership through your lifetime.
• Ways to identify land


  • Address
  • Fire Numbers
  • GPS Coordinates
  • Tax I.D. # / Sidwell
  • Tax Legal Description
  • Legal Description
  • Metes Bounds
  • Plat
  • Lot Sub
• Remainder beneficiary


  The person who will own the property after the life tenant passes away in a Life Estate arrangement.
• Life tenant


  The person who owns the real estate during their lifetime, typically the grantor in a Life Estate arrangement.
• Grantor


  The current owner of a property who creates the deed in a Life Estate arrangement.
• Life Estate


  A type of property ownership that divides property into two main groups: one group is defined by the life tenant's lifespan, and the second group is defined by the remainder beneficiary's interest in the property.
• Warranty Deed


  A legal document that transfers ownership of a property from one party (the grantor) to another (the grantee), with the grantor providing a warranty of clear title and protection against third-party claims.
• Grantor


  The person or party who is transferring ownership of the property to the grantee.
• Grantee


  The person or party who is receiving ownership of the property from the grantor.
• Clear title


  The grantor's assurance that they have the legal right to transfer ownership of the property, and that there are no outstanding liens, claims, or other encumbrances on the property.
• Protection against third-party claims


  The grantor's agreement to warrant and defend the title of the property against any third-party claims that may arise.
• Quit Claim Deed


  A legal instrument that transfers any interest that the grantor has in a property at the time of conveyance. It does not guarantee that the grantor has any interest in the property at all.
• Warranty Deed


  A promise from the person selling the property that they own it and nobody else can claim it, and that the person buying the property can use it without any problems
• Quit Claim Deed


  The person selling the property is giving up any rights they may have, but it doesn't guarantee that they actually own the property
• Sheriff's Deed


  A property is sold because someone couldn't pay their debts, and the sheriff sells the property to get the money back
• Tenants in Common


  Two or more people share ownership of a property, and if one of them passes away, their share of the property goes to their family or whoever they named
• Joint Tenants with Full Rights of Survivorship

  If one owner dies, the other owners automatically get all of the property
• Tenancy By the Entirety


  A married couple owns a property together, and if one of them dies, the other person automatically gets everything
• Ways to describe a piece of land


  • Address
  • Fire numbers
  • GPS coordinates
  • Legal descriptions using "metes and bounds" or "plat"
• The document is all about how people buy and sell houses and land, different types of deeds they use, and how people can own properties together