Chapter 4 Estates and Interests in Real Property Vocabulary

Condition Subsequent

A condition where if something happens or doesn't happen title will not transfer.

Less than Freehold

A lease; a leasehold estate.

Homestead

A right given to a householder or head of a family to designate real estate as his homestead and said homestead is exempt, but to a stated amount, from execution by his creditors; a tract of land whose ownership has been established under the provisions of the Homestead Act.

Remainder Estate

An estate created by single grant simultaneously with another which vests with a third party after termination of the prior estate; such as a life estate.

Freehold Estate

An estate in real property for an indefinite and uncertain time, such as a fee simple or a life estate.

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 dispose of, trade, or will, as he chooses.

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.

Seisin

Possession of real property by one entitled thereto; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal title; also called "seizen."

Estate

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

Remainderman

The one in whom an estate vests after termination of a prior estate

Dower

The one-third interest a wife may have in the property of her husband acquired prior to July 1st 1977; a life estate in 1/3 of the land the husband owns during the continuance of the marriage relationship and an absolute interest in 1/3 personal property.

Grantee

The purchaser; the person to whom an interest in realty is conveyed.

Reversion

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

Curtesy

The right that a husband may have in his wife's estate at her death.

Grantor

The seller; the person who conveys an interest in realty by deed.

Condition Precedent

Where a condition needs to happen prior to the transfer of property.