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Chapter 2

Chapter 2 Mass Real Estate

TermDefinition
Commercial Easement in Gross An easement in gross that is of a business or commercial nature; not personal. EXAMPLE: Utility line.
Concurrent Estate Ownership by two or more persons at the same time. EXAMPLE: Joint tenancy, tenancy by the entirety, tenancy in common.
Curtesy The right of the husband to share of his wife's estate at the time of her death. (In Mass, curtesy rights are one-third of the wife’s estate at the time of her death).
Dominant Estate An estate that derives benefit from another estate (Servient Estate) as in an easement.
Dower The right of the wife to share of her husband's estate at the time of his death. (In Mass, dower rights are one-third of the husband's estate at the time of death).
Easement An interest that one party (Dominant Estate) has to use the property of another (Servient Estate) as in a Right of Way.
Easement Appurtenant The right one property owner (Dominant Estate) has in the property of another (Servient Estate). Passes forward with the land. EXAMPLE: A common driveway or the right of Lot A property owner to cross Lot B to access a lake.
Easement by Necessity Easement created by the courts and required by need. Must have common grantor for dominant and servient estates. EXAMPLE: Right of way to road when property is land-locked.
Easement by Prescription Easement created by open notorious continuous use (20 years in Mass ) similar to acquiring title by adverse possession. SQUATTERS RIGHTS.
Easement in Gross An easement that does not pass with the land and has no dominant estate. EXAMPLE: Utility easement.
Economic Forces Those activities in and around a community, that involve business and economic development. Used as a principal and appraisal.
Encroachment When the property of one party intrudes on the property of another. EXAMPLE: A roof or deck overhanging the lot line.
Encumbrance Anything that lessens the value of a parcel of property; including liens and any encroachment.
Estate The legal interest and rights that a party has in real property.
Fee Simple Absolute (Fee Simple) The highest form of estate; the holder possesses all of the rights possible, limited only by government rights and the rights of others. Also known as fee or fee simple.
Fee Simple on Condition Subsequent A condition in an estate, where the duration cannot be determined from language in the deed, but depends on the grantor's choice to end the estate. Not automatic; requires action by the grantor.
Fee Simple Defeasible A fee simple estate subject to a specific condition. There are two types, Fee Simple Determinable and Fee Upon Condition Subsequent.
Fee Simple Determinable An estate in which the holder has a fee simple title, that ends upon the happening of a specific condition, that can be determined from the deed and automatically ends, when that specific condition takes place.
Fee Upon Condition Subsequent An estate in which the holder has a fee simple title, that ends upon the occurrence of a certain condition. The original grantor must take action to regain title; not automatic.
Freehold Estate An estate for an indefinite period of time (as compared to a Non-Freehold or Lease Estate).
Homestead Land that is owned and used as the family home. Many states allow protection from creditors for a homestead.
Joint Tenancy A type of concurrent estate (2 or more persons) with co-owners having equal rights. Upon the death of one party interest passes to the surviving party (Right of Survivorship).
License A use of property permitted by an owner for a specific purpose. Revocable at any time. Maybe verbal. Also a certification by the state to sell real estate.
Lien A right or interest, that one party has in the property of another as security for a debt. EXAMPLE: A financial encumbrance; a mortgage.
Life Estate An interest in real or personal property, that is limited to the life of the owner or some other specified individual.
Littoral Rights Rights of land owners abutting oceans or standing bodies of water (Riparian Rights deal with rivers, streams, flowing bodies of water).
Non-Freehold Estate An estate for definite period of time; a lease. As compared to a Freehold Estate as in a deeded transfer of title.
Personal Easement in Gross An easement in gross, that is a personal nature and not commercial. EXAMPLE: Charlie has the right to cross Mary's property for access.
Remainder Estate A type of estate held as a future interest by one, who will receive title at the end of a life estate. Upon death of holder of a life estate, the remainder estate becomes a free simple estate.
Remainderman The party holding a future interest as a third-party to a life estate.
Restrictive Covenant A private restriction in a deed, that limits future use and rights. Not tied to zoning. EXAMPLE: Lot size, type of architecture; runs with the land.
Reversionary Estate The estate left with the grantor, when the estate being transferred is less than the estate previously received.
Right of Survivorship The right in Joint Tenancy, and Tenancy by the Entirety, for title to pass to the surviving joint tenant(s) upon the death of one of the owners.
Riparian Rights The rights associated with property, that abuts a flowing body of water such as a river or stream. Similar rights associated with the ocean, lake, or other standing body of water are called the Littoral Rights.
Servient Estate Property over which another piece of property (Dominant Estate) has a right of way.
Tenancy by the Entirety A type of joint tenancy restricted to husbands and wives. Provides for right of survivorship.
Tenancy in Common A type of concurrent estate (2 or more persons) where co-owners each have an undivided interest in the property. No right of survivorship.
Tenancy in Partnership Ownership by a partnership as an entity, and subject to the terms of the partnership, regards rights of the partners.
Water Rights The rights a property owner, has in regards to water within or abutting property owned. Includes subsurface water, and surface water. Rights in flowing bodies of water are riparian, while rights to standing bodies of water are littoral.
Created by: sunaecm4
 

 



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