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3-2 Interests

Chapter 3-2: Real Property Interests

Term	Definition
Estate	The right to use, possess, and enjoy the property to which the estate attaches.
Right of alienation	The right to transfer an interest in real estate.
Indefinite duration	Ownership can continue for an undefined, unlimited period.
Freehold Estate	An estate of interminable duration, e.g., fee simple or life estate. Involves ownership.
Leaseholds	An estate held under a lease for the term of the lease. This is a personal property right. Possession of property but no ownership; Less than freeholds.
Indefinite duration	Ownership can continue for an undefined, unlimited period.
Estate in severalty	Property is owned by only one person; Ownership is "severed" from all others.
Fee simple	Absolute title to land, free of any other claims against the title, which one can sell or pass to another by will or inheritance.
Fee Simple Defeasible	An interest in real property that may be defeated upon the happening of a certain described event.In other words,someone must take an action in order for the estate to come to an end.
Fee Simple Determinable	An interest in real property that will automatically terminate upon the happening of a certain described event.
Fee Simple Subject to a Condition Subsequent	Instead of the property automatically reverting to the grantor, the grantor must, upon violation of the condition subsequent, re-enter the property and take action to recover the estate.
Fee Simple Subject to an Executory Interest	If the specified condition is breached, the property will go to a third party and not to the grantor or the grantor's heirs.
Seizin	Possession of real estate by one entitled thereto.
Bundle of rights	The right to do with the property as the owner wishes.
Termination of a Fee Estate	A number of ways an owner can cease to be an owner of a fee estate (selling, gifting, foreclosure, condemnation).
Life estate pur autre vie	The ownership of an estate for the entire lifetime duration of ANOTHER person.
Tendency with permission	When the owner gives permission for someone to occupy the premises
Leases for a Definite Period	Definite and fixed period of time, after which the lessee has to vacate.
Periodic Tenancy	The letting of a dwelling for a repeated short term, as by the week, month, or quarter, with no end date.
Tenancy at sufferance	When the right of a tenant to possess a property is terminated, but the tenant does not leave the property. A holdover tenant is NOT a trespasser. Also known as "estate of sufferance."
Tenancy at will - indefinite	Created at the end of a lease where the landlord allows the tenant to possess the property for an indefinite period without renewing the original agreement.
Reversion	The right to future possession or enjoyment by a person, or the person's heirs, creating the preceding estate. The return of leased property to the owner at the conclusion of the lease.
Novation	Substitution of a new contract, debt, or obligation, for an existing one, between the same or different parties.
Ground Lease	Tenant is permitted to develop a piece of property during the lease period, after which the land and all improvements are turned over to the property owner.
Quiet Enjoyment	The tenant has the right to enjoy the property without interference from the owner. The sole right to the uninterrupted use of the rented property without interference from the owner, the property manager, or any third party.
Eviction	Owner forces a tenant to leave the premises.
Actual eviction	An eviction used by a court order.
Constructive eviction	An eviction by the landlord that's done outside of the law.
Subleasing	The transfer of part of a leased property and/or part of the remaining term of a lease to a third party.
Assignment	The transfer of all rights and responsibilities under a lease to a third party.
Surrender	Relinquishing a leased premises to the landlord prior to the expiration of the lease.
Ground lease	The lease of bare land, usually for 99 years, and adding improvements which become the property of the landlord upon expiration of the lease.
Sale-Leaseback	The owner of a property sells the property to an investor with the understanding that the seller will lease back the property.
Quiet Enjoyment	The right of a tenant to uninterrupted use of the leased property without interference from the owner, property manager, or third party.
Constructive eviction	A landlord takes the law into his own hands and forces his tenant out of the leased property without the use of the court system.
Dower/Dowry	The part or interest of a deceased man's real estate allotted by law to his widow for her lifetime.
Curtesy	The life tenure that by common law is held by a man over the property of his deceased wife if children with rights of inheritance were born during the marriage.
Community property	Each spouse is treated as an equal partner in the community property owning a one-half interest.
Separate property	Property which was owned by each spouse, respectively, prior to the marriage.
Encumbrance	A claim, lien, charge, or liability attached to and binding real property.
Easement	The right to enter and use land belonging to another owner.
Runs with the land	An encumbrance, such as an easement, burdens current and future owners of the property.
Affirmative Easement Appurtenant	Allows the owner of the dominant estate to physically cross the servient estate.
Negative Easement Appurtenant	Does not allow the owner of the dominant estate to physically cross the servient estate.
Easement in gross	Gives the owner of the easement the right to use real property for a particular purpose.
Party Wall Easement	When a single wall is located on the lot line that separates two parcels of real estate.
Encroachments	A form of encumbrance created by the intrusion of some structure or object across a property boundary line onto a neighboring property.
Estoppel certificate	A clause in a contract stating that certain facts are true as of the date the contract is signed.
Cloud	A "possible" interest in property that may or may not have ripened into actual title or a lien.
Quitclaim deed	A special type of deed used to release all right, title and interest, if any, of the deed grantor in the property.
Restrictive Covenants	Restrictions placed on a landowner's use of land by a non-governmental entity or individual, usually a developer.
Voluntary Liens	Contractual and voluntarily filed against a property with the consent of the property owner.
Involuntary Liens	Specifically authorizes liens of this classification to be placed against a property without the consent of the owner.
Judgement Liens	A lien on all property of a judgment debtor as a result of the entry of a judgment, the failure to appeal, and the filing of some document in the public records as evidence of the judgment.
Property tax liens	Liens for the payment of real property taxes.
Hypothecation	The act of pledging something as collateral for a debt.
Trustee	A person to whom the legal title to property is entrusted to hold or use for another's benefit.
Lis Pendens	Pending litigation
Writ of Attachment	A court order preventing any transfer of a property during litigation.
Special assessment	A charge against a property for a benefit that the property owner receives, which differs significantly from the benefits received from the government by the public (streetlights, sewers, etc.)
Qualified fee	The estate is not absolute in nature because it is conditioned upon the happening or non happening of an event.

Created by: userjoe

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3-2 Interests

Chapter 3-2: Real Property Interests

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