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10 Cards in this Set
- Front
- Back
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Distribution in Kind |
Distribution of an LLC's real estate on dissolution to members as a return of their capital contributions |
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Referee |
An advisor to the court on the feasibility of the division or sale of co-owned real estate |
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Cloud on Title |
A claim, encumbrance or condition which impairs the title, not possession, to real estate until eliminated by release of recorded document, quitclaim deed or a quiet title action |
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Cause of Action |
Facts which are the basis for a claim in a court action |
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Redemption |
A property owner or junior lienholder's right to clear title to property of a mortgage lien prior to the completion of a trustee's sale or following a judicial foreclosure sale by paying all amounts due on the mortgage debt, including foreclosure charges |
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Forfeiture |
Loss of money, rights, or anything of value due to failure to perform, a remedy abhorred by the courts |
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Restitution |
A refund to the buyer by the seller on a rescission of a transaction in exchange for the restoration of the property to the seller |
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Equitable Owner |
A person who purchased a property and has not yet received legal ownership placing title in their name, such as occurs under a purchase agreement land sales contract or lease- option sales agreement |
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Declaratory Relief |
An action seeking a judicial declaration of the rights and obligations of parties to disputed situation |
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Anticipatory Breach |
When a buyer or seller repudiates the purchase agreement by their words or conduct before closing |
