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CARE Prin. Ch. 6:2-D

Part 2: Holding Title Definitions

TermDefinition
Fee simple absolute Owner holds without any qualifications or limitations, but all gov’t ordinances and limitations still apply
Life Estates Created by deed or will for the life of one or more designated persons
Community Property Ownership of real property held by more than once person, usually spouses or domestic partners
Estate in Reversion Property is returned to the person who gave the life estate to his or her heirs.
Fee Simple qualified Owner holds subject to conditions, limitations or private deed restrictions that limit the use of the property
Join Tenancy When 2 or more persona are in joint and equal ownership of the same undivided interest in real property
Estate in remainder When life estates indicates the title is to go to some other person upon death of the life estate holder.
Freehold Estate One’s interest as an owner of real property.
Right of survivorship If one tenant dies the surviving joint tenant acquires the deceased’s interest without a court action (such as probate).
Tenancy in Common When 2 or more are owners of an undivided interest in property.
Severalty When a person acquires/holds real property and holds title solely in his or her own name.
Less-than-freehold-estate Interests held by tenants who rent or least property. Also called lessees or leaseholders.
Tenancy in partnership When 2 or more persons as partners pool their interests, assets, and efforts in a business venture, with each to share in the profits or losses.
Limited Partnership A partnership composed of some partners whose contribution and liability are limited
Living Trust A trust created during one’s lifetime to avoid probate proceedings
Created by: cobiagwu
Popular Real Estate sets

 

 



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