Real-Estate Vocabulary Words for Giving Up and Losing Property
Prepare for your real estate license exam by learning the precise meanings of words used for property that's conveyed or transferred voluntarily — through a number of means. Property can also be lost involuntarily through the forces of nature, law, or the government. And finally — in fact, very finally — property is usually transferred after you die.
Become familiar with these real estate words for giving up and losing property:
Dedication: When you dedicate property, you essentially give it up voluntarily to the government. An example is a developer giving up streets in a subdivision.
Public grant: A public grant of land is just the opposite of dedication; the government actually is giving property to private individuals.
Adverse possession: When someone uses your property, you may end up losing the property or having your rights to the property restricted.
Avulsion: Avulsion is the sudden loss of land by an act of nature like a landslide.
Erosion: A little like avulsion, erosion is the gradual loss of land by an act of nature, like property lost along the bank of a river.
Partition: A partition is a legal proceeding to divide property owned by two or more people.