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KES interest in real
Interest in real estate
| Term | Definition |
|---|---|
| Freehold Estates 2 | Fee simple, life estate |
| Fee simple estate | Ownership continues indefinitely also called Fee Simple Absolute, Instate succession |
| life estate | free hold estate that Lasts for life of person. |
| fee simple Determinable | qualified estate: so long as, while, during example: Church. no legal action required |
| fee simple condition subsequent | qualified : on condition of (no smoking, drinking) must go to court to take back ownership. |
| condemnation | the process by which government exercises right of eminent domain |
| CC&R's | Covenants, conditions and restrictions. Private restrictions on use of land. |
| deed restrictions | private restriction placed in deed and runs with land. |
| easement | right to use land of another for particular purpose. |
| easement appurtenant | attached to ownership, goes with land |
| easement by necessity | when land has no legal access to street or public way |
| easement by perscription | open, visible, notorious, hostile use for over 10 years |
| easement in gross | personal or company interest attached to individual/company. (RR lines, personal)) |
| eminent domain | the right of government to acquire private owned real estate for public use. condemnation is the process used. |
| encroachment | when building, fence or driveway extends beyond property line |
| encumbrance | type of interest that does not rise to the level ownership. (easements, licences, private restrictions, liens, encroachments) |
| escheat | government position of property on death of owner without succession. |
| estate in land | the degree, quality, nature, and extent of ownership in real property |
| fee simple determinable | fee simple defeasable estate that may be inhearted |
| future interest | the right to retake position on broken condition |
| homestead | a legal life estate of real estate occupied as the family home. all or part is protected from creditors. |
| inverse condemnation | property owner seeks compensation for diminished value due to proximity to public land use. |
| licence | personal privilege of use granted (can be terminated by owner) |
| lien | charge against property, security for debt, taxes, mortgage |
| police power | enacted legislation to preserve order and public safety, to protect public interest. |
| pur autre vie | for the life of another |
| remainder interest | life estate may go to named party remainderman on death of life estate holder |
| taking | acquiring private property for public use. 5th amendment states must be compensated. |
| taxation | charge on real estate to raise funds for government services |
| reversionary interest | on death goes to creator of life estate |
| legal life estate | created by law dower, curtesy, homestead |
| concept of tacking | when successive periods by different parties are combined to provide total years |
| Lis Pendens | litigation pending, (public record of pending legal action affecting title) |
| dominant tenement | benefits from easement |
| servient tenement | that which providing the benifit |
| Government powers PETE | Police power, Eminent Domain, Taxation, Escheat |
Created by:
KimSchroeder
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