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RE LEGAL 03TERMS
RE Legal Unit 03Terms
| Term | Definition |
|---|---|
| interest | Various rights, privileges, powers, and immunities with respect to real property |
| possessory interest | Present right to physically occupy land and to exclude others from that same land |
| present interest | Interest in land that can be exercised by the owner today |
| future interest | Interest that cannot be exercised today, but which might be exercised in the future |
| estate | The quantity, quality, degree, and nature of a person’s interest in real property that may become possessory |
| freehold estate | Estate with indefinite duration or that is measured by the length of someone’s life |
| nonfreehold estate | Estate with a fixed or determinable duration |
| fee simple absolute | Freehold estate that includes all rights to sell, exclude others, finance, and do any other thing with real property allowed by law |
| fee simple determinable | Freehold estate with present possessory interest in a grantee with a reversionary interest in the grantor |
| life estate | Freehold interest that allows the owner to live on a parcel until death, but that cannot be bequeathed via a will |
| periodic tenancy | Leasehold interest for an indefinite period of time |
| tenancy for years | Leasehold interest with a fixed term and definite end date |
| encumbrance | Interest in real property that is held by someone who is not the owner |
| financial encumbrances | Encumbrance that affects title to property |
| judgment creditor | Party to a lawsuit who obtains a money judgment against the other party |
| abstract of judgment | One-page, recordable document that contains information about a court judgment |
| writ of execution | Document directing the sheriff to commence a lien-sale of a parcel of real property |
| non-financial encumbrance | Encumbrance that affects the physical use or condition of the property |
| easement | Interest for use owned by one person in the land of another person |
| dominant tenement | Land benefiting from an easement |
| servient tenement | Land burdened by an easement |
| license | Permissive use of land that is freely revocable by the grantor |
| appurtenant easement | Easement that “runs with the land |
| easement in gross | Easement that is a personal right of one person to use land owned by another |
| profit-à-prendre | Right to enter another’s land to remove soil, substances of the soil, or other resource |
| CC&Rs | Rules and regulations established for a parcel of land and accepted by the owner when the property is purchased or transferred |
| covenant | Promise that a certain act will, or will not, be performed |
| condition | Limitation imposed by a grantor in a deed that can cause the ownership of the property to revert to the grantor who imposes the condition if the condition is not satisfied |
| homestead property | Home, occupied by a family, exempt from the claims of unsecured creditors |
| Declaration of Homestead | Recorded notice to protect the equity in a home from forced sale by unsecured creditors |
Created by:
julietmongia
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