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RE LEGAL 06TERMS

RE Legal Unit 06Terms

TermDefinition
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