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REAL ESTATE TERMINOLOGY
CAL-FIRPTA
Applies to NON-RESIDENTS of
California. (Seller or Buyers agents responsibility.)
Community Property
A form of ownership in which husband
and wife have equal interest in property acquired by either
spouse during their marriage.
Federal-FIRPTA
Applies to NON-RESIDENT aliens of
the USA. (Buyers responsibility)
Grant Deed
A type of deed in which the grantor
warrants that he or she has not previously conveyed or granted
to another and will convey to the grantee any title to the
property.
Grantee
The receiver of real property
through a transfer of title. (Generally, the Buyer)
Grantor
One who grants property or transfers
title in real property. (Generally, the Seller)
Joint Tenancy
Ownership between two or more
parties who have been named in one single instrument as joint
tenants. Each party has equal interest with right of
survivorship.
Living Trust
An arrangement in which a property
owner transfers assets to a trustee, who assumes specified
duties in managing the asset.
Mello-Roos District
Is an area where a special tax is
imposed on those real property owners within a Community
Facilities District.
Ownership in Severalty
Individual ownership of real estate,
also called tenancy in severalty. sole tenancy or separate
ownership. One who owns property alone.
Quitclaim Deed
A conveyance by which the grantor
transfers whatever interest he or she has in the property,
without warranties or obligations.
Sub-Escrow
Is a service provided by the title
insurance company which assures the buyer, seller and lender
that the loans/mortgages/liens of record have been paid off
through escrow and properly released. The department of
Insurance for the State of California requires the title
insurance company to charge a fee for this service.
Tenancy in Common
The co-owners own undivided
interests, need not be equal and there is no right of
survivorship.
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Estate Terminology
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