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N12
Term | Definition |
---|---|
Inheritance | @ death, estate is probated |
Probate | court proceeding validates will, totals assets, distributes to heirs |
Testate | to die with a will |
Testator | person who makes a will |
Intestate | die without will, property passes to heirs according to law |
Administrator | court appointed executor (if none) |
Holographic will | handwritten |
Nuncupative will | oral/deathbed (2 witnesses) |
Devise | transfer of real property |
Descent | transfer of real estate from person intestate |
Bequest | Legacy. gift of personal property |
Involuntary alienation | forced transfer through eminent domain, adverse possession, foreclosure proceedings |
Voluntary alienation | un coerced transfer by gift/deed |
Severalty ownership | ownership by 1 person |
Joint tenancy | ownership by 2+ people w/ right of survivorship, time, title, interest, possession |
Automatic right of survivorship | @ death of one joint tenant interest goes to remaining joint tenants |
Community property | property acquired by hubby+wife during mariage seperate property=gift, inheritance, seperate funds, prior to wedding |
Tenancy in common | co-ownership by 2+ (natural/legal persons) NO RIGHT OF SURVIVORSHIP |
Suit for partition | legal action to terminate tenancy in common/joint tenancy |
Tenancy by the entireties | ownership interest between h+w only w/ right of survivorship (not in AZ) |
General partnership | each partner has full liability for debts of partnership |
Limited partnership | composed of general and limited partners |
Limited Liability Companies (LLC) | business entity combines characteristics of limited partnerships and certain types of corporations |
Bly Sky Laws | regulate securities |
Condominium | individual fee simple ownership of a unit plus shared ownership of the common areas (building, land, parking, stairways, pool) owner receives deed, pays property taxes. Can be residential, office, industrial. |
Cooperative | corporation holds title to the building and the unit buyer purchases stock in corp. long term proprietary lease, NO deed. stock transfers at sale of unit. |