Real Estate Services -
Glossary of Terms
Abandonment - to give up ownership of an interest (such
as an easement) by failure to use the property, along with an interest to
abandon (give up interest).
Adverse Possession - a method of obtaining
ownership rights by the open, notorious, exclusive, and hostile possession of
private real property for a statutory period of ten years in Arizona. (For
more information regarding adverse possession see the
Arizona
State Legislature).
Annexation - permanently incorporating real
property, (i.e., such as a city adding additional land to increase its size).
Chain of Title - the chronological order of conveyance of
a parcel of land, from the original owner to the current owner.
Common Area - the area owned in common by the owners of a
planned unit development (PAD) or homes in a subdivision (i.e., retention
basin).
Easement - an interest in land, owned by another that
entitles its holder to a specific limited use or enjoyment.
Eminent Domain - a right of a government to take private
property for public use by authority of the superior dominion of the sovereign
power over all lands within its jurisdiction.
Encroachment - entering onto the property
of another (i.e., construction of a wall or sign on
another property owner's land).
Encumbrance - a claim against a property (i.e., lien),
which prohibits the transfer of property.
Escrow - funds or a piece of property held by a third
party until certain conditions are met by both buyer and seller.
Fee Simple - estate under which an owner is entitled to
without limitation unrestricted powers to a piece of property (this is used
commonly as a synonym for ownership).
Grantee - party to whom property or property rights are
given.
Grantor - party who gives property or property rights.
Ingress/Egress - a right to enter upon and pass through
land.
Lessee - party to whom a lease is given in return for a
consideration (rent).
Lessor - party who gives the lease in return for a
consideration (rent).
Lien - an encumbrance against a property for the
satisfaction of a debt, either voluntary or involuntary (all liens are
encumbrances but not all encumbrances are liens).
Lis Pendens - a legal document recorded to show pending
legal action relating to real property. This gives notice that anyone
acquiring an interest in the property after the date of the notice may be bound
by the outcome of the legal action.
Metes and Bounds - legal description of a piece of land
by boundary lines including terminal points and angles.
Public Utility Easement (PUE) - an easement for public
utilities which may include electric, water, sewer, irrigation, etc.
Public Utility and Facilities Easement (PUFE) - an
easement for public utilities and public facilities, including but not limited
to irrigation, fire hydrants, street lights, street pavement, curbs, sidewalks,
traffic signs/signals and equipment, and all appurtenances.
Quit-Claim
Deed - a
deed releasing any title, interest, or claim, but doesn't warrant title in the
grantor.
Real Property - land or property, and anything
permanently affixed to the land or property.
Special Warranty Deed - a deed, warranting the current
owner only, good title, free and clear of all liens and encumbrances and will
defend the grantee against all claims.
Taking - describes an acquisition of real property.
Warranty Deed - a deed warranting that the grantor has a
good title, free and clear of all liens and encumbrances and will defend the
grantee against all claims. |
