Here are some real estate terms that pop up from time to time in a sale. The answers are provided by the website real-estate-law.freeadvice.com.
Q. What is “real property?”
A. Real property is generally defined as land and the things permanently attached to the land. Things that are permanently attached to the land, which also can be referred to as improvements, include homes, garages and buildings. Substances that are beneath the land such as gas, oil and minerals are also considered permanently attached. Other items that can be attached to the land, such as mobile homes and tool sheds, are not considered to be real property.
Q. What is “adverse possession?”
A. Traditional common law provided a method for someone to obtain title to land through use. The common law rules for adverse possession have been codified under both federal and state statutes. A typical statute allows a person to get title to land from the actual owner simply by using the land, out in the open for all to see. For example, a person builds a fence on another person’s land with the intention of taking the property and pays property taxes. The landowner knew about it and did nothing. Thus, the person using the land may have a claim for adverse possession.
Q. What is a “quitclaim deed?”
A. A quitclaim deed transfers or “releases” to the transferee whatever present right or interest the grantor has in the described property. Unlike a grant deed, a quitclaim deed carries with it no express or implied covenants. Thus, if the grantor holds no interest in the property, a quitclaim deed conveys nothing.
Q. What is an “easement?”
A. An easement is the right of a no owner to use another person’s land for a designated purpose - for instance, a person owning a Ponte Vedra Beach oceanfront home may allow the homeowner across the street to use his property to get to the beach.
Q. What is an “encroachment?”
A. An encroachment is an unauthorized entry upon land of another, whether or not an obstruction is placed upon the land. Traditional common law created the action of trespass for injury to another’s property.
Q. What is “color of title?”
A. Color of title, also referred to as “apparent title,” occurs when any fact which appears on its face to support a claim of present title to land for some reason fails to establish ownership by law. For example, you purchased a condo for investment purposes at Destin, receiving what you thought was a valid title. Later, it turned out that the previous owner’s title, handed down through several generations of his family, was defective.
Q. What is “cloud on title?”
A. A “cloud on title” exists when any outstanding claim affects a person’s title to land. If a cloud exists over title on property, the owner may have to bring a lawsuit to “quiet” the title and firmly establish in law that he owns the land.