Compucram: Property Ownership

pur autre vie

"For the life of another." where the measuring life is someone other than the life tenant

ad valorem

"according to value" used to refer to taxes assessed on the value of property

judgment

1. a court's binding determination of the rights and duties of the parties in a lawsuit 2. court order requiring one party to pay the other damages

accretion

A gradual addition to dry land by the forces of nature

general lien

A lien against all of the property owned by the debtor, real and personal

lien

A lien is an encumbrance (burden) on one person's property to secure a debt the property owner owes to another person.

dominant tenant

A person who has easement rights on another's property; either the owner of a dominant tenement, or someone who has an easement in gross.

encroachment

A physical object intruding onto neighboring property, often due to a mistake regarding the boundary.

chattel real

An item of personal property which is connected to real estate, for example a lease.

trade fixtures

Equipment a tenant installs for use in his or her trade or business, and can be removed by tenant before the lease expires.

Ownership in Severalty

Individual ownership.

license

Permission to use the land of another

reversion

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

metes and bounds

The legal description of a property based on points of beginning, distances, directions, and degrees

air rights

The right to use, control and occupy the space above a particular parcel of land. May be transferred separately from the land

bundle of rights

The right to use, enjoy, possess and dispose of real property

reliction

When a body of water gradually recedes, exposing land that was previously under water.

specific lien

a lien that attaches to a specific piece of property

encumbrance

a lien, easement or restrictive covenant burdening the property owner's title

fee simple

absolute ownership of land, and therefore the owner may do whatever he or she chooses with the land. If an owner of a fee simple dies intestate, the land will descend to the heirs.

condominium ownership

actual fee simple title to designated areas of air, plus a percentage of ownership of "common elements" in the common area.

Tenancy by the entireties

co-ownership between husband and wife. undivided 1/2 interest and the right of survivorship

tenancy in common

co-ownership in which two or more persons each have an undivided interest in property with no right of survivorship

joint tenancy

co-ownership where the co-owners have equal undivided interests and right of survivorship. Must have 4 unities present

chattel mortgage

creates a lien on personal property

freehold

estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time.

Estate of Inheritance

estate that can be willed or descend to heirs

estate for life

form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.

remainder

future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate

assessment

governments valuation of property for tax purposes

erosion

gradual loss of soil due to the action of wind or water

fixture

item of personal property that has been attached to or closely associated with real property in such a way that it has legally become part of the real property

estate for years (term tenancy)

lease with a specific beginning and end date

mechanics lien

lien claimed by someone who performed work on the property and has not been paid.

condemnation

local, state, or federal government seizes private property and compensates the owner. The power of the government to do this is called eminent domain, which essentially means the government takes private property for public use.

constructive notice

matter of public record.

lis pendens

notice stating that there is a pending lawsuit that may affect title to the defendants (person being sued) real estate

chattels

personal property, goods, or other items of property (moveable or immovable) that are not real property.

Actual Annexation

physically attaching something to the land

deed restriction

private agreements that restrict the use of the real estate in some way, and are listed in the deed

Apprutenance

property rights or items that are permanent and are passed along with the sale of the property.

condition

provision in a contract, deed, law, regulation, guideline etc. that makes the parties rights and obligations depends on occurrence of a particular event.

situs

site or location where something exists or originates.

cooperative ownership

the ownership of stock in a company with occupancy rights prescribed under a lease.

easement

the right to use some part of another person's real property for a particular purpose

defeasible fee

type of property ownership, where the ownership is dependent on specific conditions. If the conditions of ownership are violated, the property may be returned to the grantor or to a specified third party.

littoral rights

water rights of a landowner whose property is adjacent to a lake or contains a lake

riparian rights

water rights of a landowner whose property is adjacent to or crossed by a river (or any body of water)

actual notice

what a person sees or is told.

inquiry notice

when circumstances should alert a person to a problem that should be investigated.

Constructive Annexation

when something is so closely related to the property it is a fixture even though it is not physically attached.