California Real Estate VocabularyOnline version Match terms with their definitions in real estate. by Andrianna Caban 1 Terms 2 Definitions Escheat Subordination Clause Insurance Easement by precription Master Plan A License Concurrent Estate (Co-tenancy) Deed Title Sale-Leaseback When property is returned to the state because there is no individual owner. Allows a mortgage, added at a later date, to take priority over an exisitng mortgage. A contract under which, for consideration, one party (the insurer) agrees to indemnify another (the insured) for a possible loss under specific conditions. Granting of an easement by a court, based on the presumption that a written easement was given (although none existed), after a period of open and continuous use of land. A zoning plan for an entire governmental subdivision, such as a city. It is a comprehensive plan to allow a city to grow in an orderly and sound manner, both economically and ecologically. Gives the holder "the personal, revocable and non-assignable authority to do a specific act (or acts) on the land of another" Where property is owned by more than one person. It is a concept in property law that comes from common law. The physical document that "TRANSFERS OWNERSHIP" of a property The abstract legal concept of ownership itself Seller becomes a tenant (vendor becomes the lessee). The property buyer agrees to lease the property back to the seller after purchasing it.
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