Arbitration
A method of resolving a dispute in which a third party renders
a decision.
Boundary
The dividing line between two adjacent properties.
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Breach of contract
The failure to perform provisions of a contract without a
legal excuse.
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Building code
A comprehensive set of laws that controls the construction
or remodeling of a home or other structure.
Cancellation clause
A clause that details the conditions under which each party
may terminate the agreement.
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Cloud on title
An invalid encumbrance on real property.
Community property
Property accumulated through the joint efforts of husband and
wife. It is a classification of property peculiar to certain
states.
Conveyance
The transfer of title of property.
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Deed of trust
A document that gives a lender the right to foreclose on a
piece of property if the borrower defaults on the loan.
Fee simple
This type of ownership, also called fee simple absolute, is
the maximum interest a person can have in a piece of real
estate. It entitles the owner to use the property in any
manner they see fit, in accordance with state and local laws.
Foreclosure
Legal process by which a lender ends the borrower's interest
in a property after a loan is defaulted. The lender may sell
the property and keep the proceeds for mortgage and legal
costs, using excess proceeds to satisfy other liens or return
to the borrower.
More on Foreclosure >
Joint tenancy
Ownership by two or more people that gives equal shares of
a piece of property. Rights pass to the surviving owner or
owners.
Liquidated damages
A sum of money specified in the purchase contract to be paid
by one party to the other in the event of a breach of contract.
Property line
The official dividing line between properties.
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Real property
Land and any permanent fixtures on it, including buildings,
trees, and other fixtures.
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Tenancy by the entirety
Ownership by a husband and wife in which they together hold
title to the whole property with right of survivorship.
Title
The legal document conferring ownership of a piece of real
estate.
Title company
A firm that ensures that the property title is clear and provides
title insurance.
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Title search
The process of reviewing all recorded transactions in the public
record to determine whether any title defects exist that
could interfere with the clear transfer of ownership of the
property.
Zoning
Regulations that control the use of land within a jurisdiction.
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