Real Estate Agent

Paramount title

is a right to real property that prevails over any other person's claim of title.

less-than-freehold estate

is an estate owned by a tenant who rents real property. The tenant has temporary and limited right of use in a real property estate. The rights are set forth in a lease, which is personal property. The less-than-freehold estate is a real property estate of a tenant, and is known as a leasehold estate.

life estate

is one that is limited in duration to the life of its owner or the life of another designated person. The term used to describe a life estate created on the life of a designated person is pur autre vie, meaning for another's life.

Title

is the evidence that the owner of land is in lawful possession

fee simple estate

is the most complete form of ownership. It is known as an estate of inheritance or a perpetual estate because the owner of an estate in fee may dispose of it in his or her lifetime or after death by will. This is the most common type of estate that is transferred in a normal real estate transaction.

estate

is the ownership interest or claim a person has in real property. There are two types that may be owned: freehold and less-than- freehold.

concurrent ownership

ownership by two or more persons at the same time

estate from period to period

the most common for residential use; also known as periodic tenancy. This month-to-month tenancy requires 30-days notice to quit. It automatically renews itself unless terminated by landlord or tenant.

fee simple estate condition subsequent

there is something that the owner must not do. If the owner breaks the condition, the property will go back to the former owner.

partition action

A legal action by which co-owners seek to sever their joint ownership. The physical division of property between co-owners, usually through court action

fee simple defeasible

A property owner may impose qualifications, conditions, or restrictions when transferring title to property. Property restrictions are created by deed or written agreement. If a seller imposes qualifications or conditions that the buyer must do or not do

Reserving a life estate

An elderly couple sells their property to a developer reserving the right to live on the property until their death when the developer will be able to take possession of the property.

estate at will

An occupation of space, for an indefinite period, which can be terminated by either the lessor or lessee at any time. Also referred to as tenancy at will.

joint tenancy

Co-ownership of real estate; when one of the owners dies, that interest goes to the remaining owners (right of survivorship)

Estate in remainder

Grantor gives a life estate to a grantee. Upon the death of the grantee the property goes to a third party.

fee simple absolute

If the property is transferred or sold with no conditions or limitations on its use

a tenancy in common

Joint ownership of real property by two or more persons, each of whom has an undivided interest (not necessarily equal) without right of survivorship

estate for years

Leasehold interest for specific period of time; definite beginning, definite ending; not terminated by death of either party, nor sale of property; no notice required

community property

System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage

estate at sufferance

Tenant remains on the property, without the landlord's permission, after the lease has expired

freehold estate

an estate of indefinite duration and can be sold or inherited. The freehold estate is a real property estate of an owner, whose hold on the estate is free of anyone else's restrictions.