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Real Property

Ownership

TermDefinition
Accession the right of the property owner to become entitled to all which the property produces, and to all that is added to it, either naturally or artificially.
Bill of Sale a legal document used to transfer the ownership of personal property.
Bundle of Rights real property ownership includes rights regarding the ownership of land, improvements to land. these rights generally include: the right of quiet enjoyment, possession, disposal, exclusion, control, and the right to encumber.
Common Elements all real property in a condominium development that is not described as a unit.
Condemnation a judicial or administrative proceeding to exercise the power of eminent domain.
Condominium Unit the part of the condo development that is realized when the other properties in the neighborhood are similar.
Condominium Ownership fee simple unit ownership of real property. resident own their unit plus a share of common elements.
Control the right to use a property within the boundaries of the law.
Cooperative Ownership a multi-unit building which is owned by a corporation. residents living in the building own stock in the corporation and have a proprietary lease.
Disposition the right held by a property owner to lease, sell, or will the property away.
Eminent Domain grants the government the right to take private land for public use.
Encumbrance any claim against a property that may diminish its value.
Escheat the reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and there are no heirs.
Estate in Land a recognized interest in the use possession, control, and disposition a person has in land.
Exclusion the right held by a property owner or lessee to keep others from using a property.
Fee Simple Absolute Estate the largest estate of ownership which automatically passes upon death to the owner's heirs and devisees, either by will or by descent. the state includes the complete bundle of legal rights.
Fee Simple Defeasible Estate an estate of inheritance which may be nullified upon the occurrence or non-occurrence of a particular event.
Fixtures an article that was once personal property but has been so affixed to real estate that it has become real property.
Freehold Estate an estate in land characterized by an interest in something, which is immobile, and of an indefinite duration.
Grantee a party who is receiving an interest in real property.
Grantor a party who is conveying an interest in real property.
Homestead the home or dwelling of a married person, so much of the land surrounding it as is reasonably necessary for use if the dwelling as a home, but not less than one-fourth acre, and not exceeding 40 acres.
Improvement valuable additions made to property that mount to more than repairs, costing labor and capital, and are intended to enhance the value of the property.
Individual Property property of married persons that was acquired prior to marriage, income that has been designated as individual property, appreciation of value from individual property or gifts and inheritance received during marriage.
Joint Tenancy two or more persons holding title to real property who are named on the deed, hold an equal interest which was obtained at the same time, and share an undivided possession of the property. joint tenants benefit by the 'right of survivorship'.
Leasehold Estate a personal property interest in land acquired under a lease.
Lessee tenant
Lessor landlord
Life Estate an estate with duration limited to the life of the party holding it or of some other person.
Life Tenant one who holds an estate in land for the period of her own life or that of another person.
Limited Common Elements common elements of the condo, which are identified in the declaration or plat as reserved for the exclusive use of one or more unit owner.
Management and Control the ability that married person has, under WI's marital property laws, to control marital property.
Marital Property property ownership recognized in WI that views the married couple as equal partners. it establishes ownership rights and the right to manage and control the property. marital property is the real and personal property of all married persons.
Mixed Property a combination of both individual and marital property that will always be treated as marital.
Partition Suit a court process that divides co-tenants interests in real property when the parties do not all voluntarily agree to terminate the co-ownership.
Percentage Interests determines the extent of the condo unit owner's undivided ownership interest in the common elements, their responsibilities for common expenses, their voting power, and the amount of proceeds in the event that the condo is terminated.
Personal Property/Chattel property that is portable or unattached to the real estate.
Police Power a written instrument giving a person the authority to act on behalf of another (the principal).
Possession the act of occupying a property.
Predetermined Date Property property of married couples that was acquired prior to WI becoming a marital property state.
Probate formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of descendants estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass.
Quiet Enjoyment the right a property owner has to the uninterrupted use of the property from third-party claims.
Severalty sole ownership of real property.
Survivor Marital Property upon death of a spouse,
Taxation the right the government has to place a charge on real estate to raise funds to meet the public need.
Tenancy in Common a form of ownership where two or more people hold title on the same property. each person's interest is held in severalty and each person retains the right to will away her interest.
Time-Share a type of ownership that permits several individuals to hold legal title to a property. time shares are distinguished by the fact that each unit is sold in time intervals.
Total Unity a requirement for joint tenancy. joint tenancy requires unity of possession, interest time and title.
Trade Fixture/Chattel Fixture items of personal property, which have become permanently attached to leasehold property, used for the purpose of operating a trade or business.
Created by: bunkiebaby