Chapter 4 Estates an interest in real property Principles and practices of New Jersey real estate by Frank W Kovats

Lease

A contract whereby the lawful owner of the property transfers his or her rights of use and possession to another for a specific term. 18-361 A tenant is in titled to use the property for a period of time, but without ownership of the property.

Indefeasible fee

A fee simple absolute estate that is not capable of being defeated.

Devise

A gift of real or personal property by will. 6-209

Less-then-freehold

A lease: a leasehold estate. Also called "non-freehold." 4-188

Security agreement

A legal document that pledges personal property as security for a debt; chattel mortgage. 4-183

Conventional life estate

A life estate created by grant, by reservation or by will. 4-188

Legal life estate

A life estate created by law such as a dower or curtesy. 6-207

Pur Autre Vie

A life estate, however, is based upon "the life of another "other than the life tenant and is inheritable until the measuring life ends. Example Arnold conveys a parcel of land to his son Bill for the life of his daughter Claire, when Claire dies Bill's life Estate is terminated. It should be noted however, that if Bill dies before Claire, the estate belongs to Bill's heirs during the life of Claire. 4-187

Chattel mortgage

A personal property mortgage. This is now known as a security agreement. Real property is usually financed by a mortgage. 4-183

Defeasible fee

A qualified fee subject to defeat. Defeasible means capable of being defeated. 4-187

Reservation

A right retained by a grantor inconveying a property. 4-187

Bill of sale

A written instrument which passes title of personal property from seller to buyer. 4-183

Accession

Acquisition of property by it's a joining or Union with other land/properties this gaining of additional land is caused by the process of alluvion or reliction 4-182

Fixture

An article of personal property which has been installed in or attached to land or a building thereon, in such a manner that it is now considered to be part of the real estate. 4-184

qualified fee

An estate in fee simple bound by limitations imposed by the grantor. This fee is sometimes referred to as a base fee, a conditional fee or a determinable fee and is created by the placement of a deed restriction on a deed. These fees were used to transfer property when the grantor wished to have some specific requirement fulfilled as a condition of the conveyance, generally when the conveyance was a gift. Example Knights Park 4-187

Fee simple

An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may disposed of, trade or will as he chooses. 4-187

Life estate

An estate or interest in real property held for the duration of the life of a certain person. Upon the expiration of that life, the estate will automatically be vested in a remainderman or a reversioner.

Life estate

An estate or interest in real property held for the duration of the life of a certain person. Upon the expiration of that life, the estate will automatically be vested in a remainderman or reversioner. 4-187

Freehold estate

And estate in real property for an indefinite and uncertain time. e.g., A fee simple or life estate. 4-186 Freehold and non-freehold refer to the collection of rights that come with land and buildings. If you are freeholder, you generally own property; as a non-freeholder, you rent. Your choice of bundles determines the power you have over real estate and the burdens it places on you.

Personal property

Any property not real property: personalty 4-183

Trade fixture

Articles of personal property Annexed to real property, but which are necessary to carrying on a trade and are removable by the owner or tenant when he leaves. 4-185

Improvements

Beneficial attachment to rawl land that increase its value or improve its usefulness. 4-181

Accretion

Gradual additions to land by deposits of sand or soil by bordering waters through natural causes 4-182

Reliction

Gradual recession of water from the usual watermark which exposes new land. Generally the new land exposed becomes the property of the party who owns the rights to the water area. 4-182

Future interest

Is a present right, which will or may permit the holder to come into possession in the future. 4-188

Divisor

One who gives real or personal property by will.

Devisee

One who receives a gift of real estate or personal property by will.

Bundle of rights

Ownership concept in real estate, which embraces the rights of possession , use, enjoyment and disposition. 4-185

Chattel

Personal property which is tangible and movable. 4-183

Governmental limitations

Police power, eminent domain, taxation, escheat.

Littoral

Property the borders a large body of water such as a lake, ocean or sea is said to be the Littoral property. 4-181

Alluvion

That increase of soil on a shore or bank of a river as the result of accretion. 4-182

APPURTENANCES

That which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed. Examples improvements, air rights, gas, oil and mineral rights and water rights 4-181

Estate

The degree, quantity, nature and extent of interest a person has in real property. 4-186

Remainder

The future interest that a remainderman holds. 4-1 88

Erosion

The gradual wearing away of land due to natural causes of wind and water. 4-182

Non-freehold

The holder of the non-freehold estate is usually referred to as the tenant and the holder of the future interest is referred to as the landlord.

Life tenant

The holder or grantee of a life estate. Mobile-friendly - Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.

Police power

The inherent right of a government to enact such legislation as may be deemed necessary to protect and promote the health safety and general welfare of the public. 4-185

Remainder man

The one in whom an estate vests after termination of a prior estate. 4-188

Dower

The one-half interest a wife has in the property of her husband; a life estate in one half of the land the husband owns during the continuance of the marriage relationship. 6-207

Real estate

The physical land at, below and above the earth surface with all appurtenances, including structures. 4-181

Condemnation

The process by which property of a private owner is taken for public use, with just compensation to the owner, under the right of eminent domain. 13-303 & 4

Reversion

The residue of an estate left to the grantor or his heirs after termination of all prior estates and interest; the right of a lessor to recover possession of the leased property upon termination of the lease, with all subsequent rights to use and enjoy the property. 4-188

Escheat

The reverting of property to the state when heirs capable of inheriting are lacking, or the property is abandoned. 4-185

Riparian rights

The right of a landowner to the use of water on or adjacent to his land. 4-181

Eminent domain

The right of government to take private property for public use upon payment of just compensation. 4-185

Curtesy

The right that a husband has in his wife's estate at her death. 6-208

Air rights

The rights vested by a grant of an estate in real property to all or any portions of the space above the ground. 4-181

Avulsion

The sudden removal of land of one owner and depositing it on the land of another when a stream changes it's channel. Also refers to a sudden change in the course of a stream due to an earthquake or flood. If the stream served as a boundary line for the adjoining owners, the property line does not change. 4-182

Land

The surface of Earth, the area above and below the surface, and everything permanently attached thereto. 4-181

Leasehold estate

The tenants right to use an occupied the property. 4-188

Navigable waters

Those bodies of water which are capable of being used for public transportation 4-182

Non-navigable waters

Those bodies of water which are not capable of being used for public transportation chapter 4-182

Mobile homes

Three dimensional single-family units, built to be towed on their own chassis, not required to satisfy local building codes. 4-183

Emblements

Trees or crops that are cultivated annually; the rights of a tenant to harvest the annual crop even after his tenancy has ended. 4-184

Waste

Willful destruction of any part of the land which would injure or prejudice the land lord's or remainder man's revisionary rights. 4-188

Non-freehold

refers to the collection of rights that come with land and buildings. If you are freeholder, you generally own property; as a non-freeholder, you rent. Your choice of bundles determines the power you have over real estate and the burdens it places on you.