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RE Ch 4 Defs

Real Estate Definitions for Chapter 4

TermDefinition
Sole ownership If a single party owns the fee or life estate, the ownership is tenancy in severalty.
Tenancy In Severalty Aka sole ownership, ownership in severalty, and estate in severalty; when a single party owns the fee or life estate.
Co-tenants Co-owners
Tenancy In Common Aka estate in common; the most common form of co-ownership when the owners are not married.
Joint Tenancy two or more persons collectively own a property as if they were a single person. Rights and interests are indivisible and equal.
Partition suit a legal avenue for an owner who wants to dispose of his or her interest against the wishes of other co-owners
Tenancy By The Entireties a form of ownership reserved exclusively for husband and wife
Community property defines property rights of legal spouses before, during, and after their marriage, as well as after the death of either spouse
Separate property owned at the time of the marriage, acquired by through inheritance or gift during the marriage, acquired with separate-property funds, income from separate property, by gift, settlements for personal injury, a written contract with the spouse
Community property all other property earned or acquired by either party during the marriage
Tenancy In Partnership a form of ownership held by business partners that grants equal rights to all partners, but the property must be used in connection with the partnership's business. Individual rights are not assignable.
Fee owner aka grantor, trustor; transfers legal title to a fiduciary in an estate in trust
Trustee holds and manages the estate for the benefit of another party
Living trust allows the trustor, during his or her lifetime, to convey title to a trustee for the benefit of a third party
Testamentary trust structurally and mechanically the same as a living trust, except that it takes effect only when the trustor dies. Provisions of the decedent's will establish the trust.
Land trust allows the trustor to convey the fee estate to the trustee and to name himself or herself the beneficiary. Applies only to real property, not to personal property.
Deed in trust The agreement that grants the beneficiary the rights to possess and use the property, and to exercise control over the actions of the trustee.
Condominiums a hybrid form of ownership of multi-unit residential or commercial properties
condominium unit one airspace unit together with the associated interest in the common elements
cooperative aka co-op; one owns shares in a non-profit corporation or cooperative association, which in turn acquires and owns an apartment building as its principal asset
Deeded Time-share Ownership the holder owns the property for life, for the number of years specified in the purchase contract, or until sold. The interest is legally considered to be real property
Vacation Interval Option the developer owns the resort, consisting of condominiums or units divided into "intervals" — either by weeks or the equivalent in points. The interest is legally considered to be personal property.
Time-Share Lease the tenant agrees to rent the property on a scheduled basis, or under any pre-arranged system of reservation, according to the terms of the lease
Time-Share Freehold aka interval ownership estate, tenants in common own undivided interests in the property
Created by: medct