Business Law chapter 42

compensation

US constitution and state constitutions require that the government pay the landowner when invoing its condemnation power

quitclaim deed

a deed that conveys only whatever interest the grantor had in the property and therefore offers the least amount of protection against defects of title

warranty deed

a deed that provides the greatest amount of protection for the grantee; the grantor promises that she or he has title to the property conveyed in the deed, that there are no undisclosed encumbrances on the property, and that the grantee will enjoy quiet possession of the property

specialty warranty deed

a deed that warrants only that the grantor held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners

deed

a document by which title to real property is passed

community property

a form of concurrent property ownership in which each spouse owns an undivided one-half interest in property acquired during the marriage

constructive eviction

a form of eviction that occurs when a landlord fails to perform adequately any of the duties required by the lease, thereby making the tenant's further use and enjoyment of the property exceedingly difficult or impossible

eviction

a landlord's act of depriving a tenant of possession of the leased premises

periodic tenancy

a lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year

easement

a nonpossesory right, established by express or implied agreement, to make limited use of another's property without removing anything from the property

recording statute

a statue that allows deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property

tenancy at sufferance

a tenancy that arises when a tenant wrongfully continues to occupy leased property after the lease has terminated

sublease

a tenant's transfer of all or part of the leased premises to a third person for a period shorter than the lease term

tenancy at will

a type of tenancy that either the landlord or the tenant can terminate without notice

fixed-term tenancy

a type of tenancy under which property is leased for a specified period of time, such as a month, year, or period of years; also called tenancy for years

life estates

an interest in land that exists only for the duration of the life of a specified individual, usually the holder of the estate

leasehold estate

an interest in real property that gives a tenant a qualified right to posses and/or use the property for a limited time under a lease

fixture

an item of personal property that has become so closely associated with real property that it is legally regarded as part of that property

fee simple

an ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power; entitled to use, posses, or dispose of the property as he or she chooses during his or her lifetime

real property

consists of land and the buildings, plants, and trees that are on it, also includes subsurface and airspace rights

airspace rights

disputes may involve the right of commerical and private planes to fly over property and the right of individuals and government to seed clouds and produce rain artificially

subsurface rights

extremely valuable, these rights include the ownership of minerals, oil, and natural gas

license

in context of real property, a revocable right or privilege to enter onto another person's land

profit

in real property law, the right to enter onto another's property and remove something of value from that property

nonpossesory interest

in the context of real property, an interest that involves the right to use land but not the right to posses it

land

includes the soil on the surface of the earth and the natural or artificial structures that are attached to it, all the waters contained on or under the surface and much of the airspace above it

concurrent ownership

joint ownership

tenancy by the entirety

joint ownership of property by a married couple in which neither spouse can transfer his or her interest in the property without the consent of the other

joint tenancy

joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property; on the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants

tenancy in common

joint ownership of property in which each party owns an undivided interest that passes to his or her heirs at death

possession

landlord is obligated to give a tenant possession of the property that the tenant has agreed to lease

quiet enjoyment

landlord promises that during the lease term, niether the landlord nor anyone having a superior title to the property will disturb the tenant's use and enjoyment of the property

personal property

movable property

transfer of ownership

ownership interests in real property are frequently transferred by sale, and the terms of the transfer are specified in a real estate sales contract

estates in land

ownership interests in real property which indlude fee simple estates, life estates, and leasehold estates

adverse possession

the acquisition of title to real property through open occupation, without the consent of the owner, for a period of time specified by a state statute; the occupation must be actual, exclusive, open, continuous, and in opposition to all others, including the owner

condemnation proceedings

the judicial procedure by which the government exercises its power of eminent domain; it generally involves two phases of taking and determination of fair value

what are the duties of the landlord and tenant?

the possession, use, maintenance of the leased property, and rent

eminent domain

the power of a government to take land from private citizens for public use on the payment of just compensation

taking

the taking of private property by the government for public use through the power of eminent domain

assignment

the tenant's transfer of his or her entire interest in the leased property to a third person

conveyance

the transfer of title to real property from one person to another by deed or other document

waste

the use of real property in a manner that damages or destroys its value