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KES interest in real

Interest in real estate

TermDefinition
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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