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Ch 3 - Ownership

RED chapter 3

TermDefinition
Publicly owned real estate held by federal, state or local gov't entities for such things as schools roads, parks, public housing, military installations and gov't office buildings
privately owned real estate may be held by one individual or entity or by more than one.
severalty ownership sole ownership. Ownership by one person or single legal entity
concurrent ownership form of ownership where more than one person has an interest in the same property at the same time.
tenancy in common a form of concurrent ownership where co-owners hold an equal or unequal undivided interest without the right of survivorship. each tenant owns separate title,
joint tenency co-tenants jointly own a single estate. Only one title, interest must be equal, has right of survivorship, PITT must be present, no probate, can file partition suit to divide property
right of survivorship allows deceased co-owner's interest in property to pass to the surviving co-owners rather than to the estate of the deceased.
PITT possession, interest, time, title
partition suit legal action to divide or sell property held as a tenancy in common or in joint tenancy. This legal procedure is available to co-tenants who are unable to mutually agree on an acceptable plan of division or sale.
tenancy by the entirety special form of joint tenancy between husband and wife, both own equal undivided interest in the the entire property with the right of survivorship. Any instrument to convey or transfer an interest in the property must be signed by both spouses.
community property type of concurrent ownership between husband and wife which entitles each spouse to one-half of all property acquired by their mutual efforts during marriage
separate property in community property states, separate property is any property owned by either spouse prior to marriage, or property acquired during marriage by gift or inheritance
partnership working relationship of two or more persons where they unite skill, property or labor to carry on a business and share in the profits or losses
general partnership allows each partner to participate in the management of the business but holds the partners jointly and personally liable for obligations incurred by the partnership
limited partnersip made up of general and limited partners. A general partner has the responsibility of managing the business and is held liable for its obligations. Limited partners are investors who do not manage and are only liable to the extent of their investments
joint venture partnership formed for the purpose of carrying out a particular business project without an intent to establish a permanent business relationship
limited liability company form of ownership not classified as a corporation, but similar to limited partnership. Management responsibilities are vested in members who aren't personally liable for debts of the LLC.
trust property owner (trustor) places title to property in the hands of someone else (trustee) for the benefit of a third party (beneficiary). Include Testamentary, living, land and real estate investment trusts
testamentary trust trust created by will after owner's death. Heir is a minor, for example so testator leaves the estate in the hands of capable testee
living trust created by a property owner during his/her lifetime for the purpose of providing financial care for the family or self. May be a way of avoiding probate costs
land trust beneficiary retains control over the property held by trustee. Trustee needs to sign at beneficiary's request all documents necessary to convey, mortgage or lease property. Trustor will be the beneficiary and have control over management of property
real estate investment trusts (REIT) minimum of 100 investors (beneficiaries) for certain income tax benefits. Managed by board of trustees and pays no income tax on profits as long as 90% of income is passed through to beneficiaries each year
syndicate group of persons or firms who combine their resources for the purpose of investing or dealing in real estate. Not a legal form of ownership, but a descriptive term. would likely own tenancy in common, joint tenancies, partnership, corporation or trust
condominium concurrent ownership-each occupant of multiple unit building holds fee simple title to an individual unit. developer must record in county where property is developed. must file master deed, declaration, plat and by-laws.
master deed principal conveyance doc used to create condominium. included complete legal discription
declaration (condominium) includes complete description of each unit, % of interest in the common elements that attaches to each unit, description of common areas and limited common areas, and a statement of permitted uses.
plat (condo) detailed site plan that includes plans and specifications for buildings to be constructed
by-laws (condo) establish framework for the formation of HOA that will run the community
covenants, conditions, and restrictions (CC&R's) rules governing how common areas and individual units can be used in condominium ownership
Georgia Condominium Act 1975-requires extensive disclosures and allows buyer of a new unit 7 day right of rescission
time-sharing another application of condominium ownership which is interval owning. simple rights-to-use, and personal property
Georgia Timeshare Act 1983-amended in 1995-regulates timeshare programs located in GA and out of state properties sold in GA. requires public offering statement, trust funds deposited into escrow, sales agent licensed as real estate broker, ads must comply with FBPA
public offering statement written doc disclosing all material facts including details of management and operation of the project as well as the right of rescission
cooperative ownership concurrent ownership of multi-unit building where a corporation holds title to land and improvements. Each owner buys stock for the exclusive right to use a unit for the life of the corporation. Proprietary lease
proprietary lease used with cooperative ownership to assure tenant of the exclusive right to use a particular unit in a multi-unit building.
Created by: lrassoulian