Appurtenant Easement - An easement created between 2 adjoining properties creates a dominant and servient estate. NOTE: The dominant estate is in control. They could choose to keep or terminate the easement., What impact will marrying have on a deed for a property purchased before marriage? - NONE. The deed will not change unless the parties take action. Remember: 1 to buy and 2 to sell. , Condo Ownership - Ownership of the airspace (considered severalty) and co-ownership of the common areas (tenants in common). NOTE: The HOA owns the common area with townhouse ownership., Title Insurance - Title insurance is the best assurance that you get what you paid for. If the seller has no money to pay a claim, the covenants in the deed would not matter. The premium is paid once at the time of closing. The lender will require a mortgagee/lender policy. The buyer should purchase a mortgagor/buyer policy. NOTE: No coverage for issues discovered by the attorney before closing., Testate - An owner dies with a will and the property will be distributed in accordance with the will. NOTE: Intestate = without a will ("in the state"),
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National Problem Topic Flashcards
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