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3-2 Interests

Chapter 3-2: Real Property Interests

TermDefinition
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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