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RE LEGAL 06TERMS
RE Legal Unit 06Terms
| Term | Definition |
|---|---|
| CID | Project combining individual ownership of private dwellings with an interest in common with other owners |
| community property | Form of concurrent property ownership that exists only between spouses |
| condominium | Undivided interest in common in a portion of real property coupled with a separate interest in space called a unit |
| cooperative | Form of CID in which a corporation holds title to all of the real property and owners purchase shares of stock in that corporation |
| corporation | Legal entity viewed as a legal person (has rights) but not a natural person (has body) |
| general partnership | Business entity established by two or more individuals or businesses, which join to operate a business for profit |
| interval ownership | Timeshare ownerships |
| joint tenancy | Form of concurrent ownership providing for automatic survivorship to the other cotenants upon death |
| PD | Community of clustered single-family detached residences, townhouses, garden apartments, and other types of residences, with ample open space, community recreational facilities, and sometimes local shopping and employment centers |
| quasi-community property | Property acquired outside of California that would be community property if acquired in California |
| severalty | Ownership of a parcel of real property by only one person or entity |
| tenancy | Mode or method of ownership or holding title to property |
| tenancy in common | Ownership by two or more persons, whose interests are not necessarily equal, in a single estate |
| title vesting | Evidence that the owner of land is in lawful possession; it is the proof of ownership |
| undivided interest | Interest held under the same title by two or more people or entities, whether their rights are equal or unequal in value or quantity |
Created by:
julietmongia
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