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N11
| Term | Definition |
|---|---|
| Fee/Simple absolute | highest form of ownership. all rights of bundle, forever |
| Defeasible fee simple | ownership lasts as long as terms/condit./uses met. ownership reverted back when terms broken |
| Life estate | ownership interest created for life of a person |
| Life tenant | holder of life estate |
| Conventional life estate | all life estate created by one person for another |
| Waste | deliberate damage to a property/value by life tenant |
| Estate in reversion | interest held by 3rd party. will acquire greater interest in future |
| Remainder man | person who holds interest in estate in remainder |
| Tenancy pur autre vie | for the life of another, can will property |
| Demise | lease (leasehold estate) |
| Lessor | landlord |
| Lessee | tenant |
| Estate(tenancy) for years | rent paid for specified/definite period |
| Estate from period to period | fixed term lease/ indefinite duration |
| Estate at will | lessor gives permission to lessee to use property |
| Estate at sufferance | lease is expired, tenant holding over wrongfully |
| Holdover tenancy | tenant remaining on property after lease void |
| Gross lease | rent = fixed. owner pays property expenses |
| Net lease | tenant pays everything except mortgage |
| Percentage lease | base rent + % of sales |
| Ground lease | long term lease for land |
| Sale leaseback | owner sells to investor, leases from investor |
| Graduated lease | escalator clause in rent |
| Index lease | rent based on index (consumer price index) up/down |
| Lease-option | lease with option to buy/release |
| Sandwich lease | lease w/ sub lease |
| Anchor lease | lease with major tenants (Macys, Target) |
| Proprietary lease | lease in co-op tenant rents unit = personal property |
| Condemnation clause | eminent domain cancels lease |
| Actual eviction | tenant fails to perform obligation, sues for possession |
| Ejectment | legal proceeding to regain property |
| Forcible entry&detainer action | ejectment |
| Constructive eviction | landlord fails to performs obligations, tenant can terminate lease sue for damages |
| Quiet enjoyment | use of property without interference by lessor or others claiming superior title |
| Trade fixtures | tenants personal property used in operation of tenants business. must remove by end of lease of belongs to lessor |
Created by:
bronny
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