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URE-OWNERSHIP

QuestionAnswer
Adverse Possession The process whereby a non-owner can gain ownership of property by occupying it in hostile, continuous, open, and notorious possession, and in Utah, paying the property taxes for the statutory period of time (7 years in Utah).
Bundle of Rights All rights and interests that can be legally held in real property. They are separated into Possession, Use & Control, Quiet Enjoyment and Disposition.
Color of Title To all outward public appearance, or from a document that seems to be valid, the possessor of the property would seem to have ownership.
Community Property A form of ownership between husband and wife where each has an equal interest in property obtained during their marriage. The only way either can hold separate property is to obtain it before marriage, after the marriage is ended, or during the marriage
Corporation A legal person. It cannot die or go to jail.
Dedication A private individual's gift of property for public use. It may be voluntary (giving land for a public park) or statutory (subdivider giving land for roads).
Defeasible Fee Estate A fee simple estate which has conditions attached, the violation of which could cause the grantee to lose title. If written in the deed with the words "so long as," it automatically reverts back to the grantor or his heirs if the conditions are violate
Fee Estate The highest or most complete form of ownership that can be held under the law. The ownership rights go on forever.
Fee Simple The highest or most complete form of ownership that can be held under the law. The ownership rights go on forever.
Fee Simple Defeasible Estate See "Defeasible Fee Estate." Also sometimes called "fee simple qualified."
Freehold Estate An interest in property in which some form of ownership is held.
General Partner A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership.
General Partnership A partnership composed only of general partners.
Holder of a Life Estate The receiver of a life estate who has the property for the duration of the grantee's own life.
Joint Tenancy A form of concurrent ownership where all owners have equal rights of possession, equal interest, took title at the same time, there is one deed, and each owner has full rights of survivorship.
Joint Venture A "temporary" partnership between individuals and/or companies to accomplish a particular project or business activity.
Life Estate A form of freehold estate wherein the holder acts as though he owns the property so long as he lives.
Life Estate Pur Autre Vie A life estate based on the life of a person other than the holder of the life estate.
Limited Partner A partner who has no authority to make decisions or act for the partnership. He is financially liable only for the amount of his investment.
Limited Partnership A partnership with at least one general partner and one limited partner. Beyond that, there can be as many general or limited partners as desired.
Natural Person An individual. The opposite of a legal person.
Partition Suit A court process where property owned concurrently can be divided into distinct portions so each co-owner may hold his or her portion in severalty. The court may order the property sold.
Quiet Enjoyment One of the rights in the "Bundle of Rights." The right of an owner or lessee to uninterrupted legal use of the property without interference or disturbance caused by defective title.
Quiet Title Action A court ordered hearing to determine the actual ownership of real property. This type of proceeding would be conducted to transfer title to an adverse possessor.
Remainderman The person who will receive the life estate when the current holder of the life estate dies. There can be more than one of these.
Severalty A form of ownership wherein an individual owns the property in sole ownership.
Statutory Dedication When the developer is allowed by the city, county, or state to convey the streets, sidewalks, gutters, etc. for maintenance by the government.
Survivorship In Joint Tenancy, the surviving owner(s) automatically receives ownership of the deceased person's share. It takes precedence over a will.
Tacking In adverse possession, this process allows consecutive periods of adverse possession by multiple adverse possessors to be added together to make up the required number of years.
Tenancy by the Entirety A form of ownership that can only be held by husband and wife similar to joint tenancy, except that one party cannot sell without the approval of the spouse.
Tenancy in Common A form of ownership where owners have equal rights of possession, but each owner can have a different percent of ownership. Upon the death of one, his interest goes to his heirs.
Title An abstract term denoting ownership
Voluntary Dedication When a private individual gives land as a gift for public use, such as land for a park, church, hospital, etc.
Created by: ryan0099
 

 



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