chapter 4

Ownership in Severalty

Title to real property held in the name of only one person.

Estate at Will

A leasehold estate that may be terminated at the desire of either party.

Freehold Estate

A right of title to land.

Grantee

A person who receives title to real property by deed.

Condominium

Five or more units where in the owner has a fee simple interest in the air space, or four walls in which they live or occupy, plus common areas which are owned as a tenancy in common.

Life Estate

A freehold estate created for the duration of the life or lives of certain named persons; a non-inheritable estate.

Fee Simple Estate

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees.

Fee Simple on Condition

A defeasible fee (title), recognizable by words 'but if'.

Estate in Remainder

An estate which vests after the termination of the prior estate

Tenancy in Common

An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship"

Estate at Sufferance

Continuing to occupy property after lawful authorization has expired; a form of leasehold estate.

Lessee

A person to whom property is rented under a lease.

Grantor

A person who conveys title to real property by deed.

Lessor

One who rents property to another under a lease.

Fee Simple Determinable

An estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor.

Constructive Eviction

Any disturbance of the tenant's possession of the leased premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased.

Estate for Years

A leasehold estate for any specific period of time. An estate for years is not automatically renewed.

Covenants

Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.

Lease

A contract whereby, for a consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will.

Periodic Tenancy

A lease that automatically renews for successive periods unless terminated by either party; also called estate from year to year.

Tort Liability

A legal obligation of one party to a victim as a result of a civil wrong or injury.

Estate in Reversion

Property or estate ownership that reverts back to the grantor after a temporary ownership period.

Leasehold Estate

Non-freehold estate; of limited duration, providing the right of possession and control but not title.

Fee Simple Absolute

An inheritable estate in land providing the greatest interest of any form of title.

Estate

The degree, quantity, nature, and extent of interest that a person has in real and personal property (includes everything one owns).

Joint Tenancy .

Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant