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N12

TermDefinition
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.
Created by: bronny