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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 |