Ownership Rights and Interests

Specific/special lien

A claim against a specific property (not all of a person's property).

Timeshare

A form of property ownership where a company sells a small segment of time (usually one week) to a customer.

Judgment lien

A general lien due to a court decree resulting from a lawsuit.

Proprietary lease

A lease given to a shareholder by the corporation that owns a cooperative building for the shareholder's right as a tenant to occupy an individual apartment.

Lis pendens

A legal notice stating a lawsuit is pending that affects the title of a property.

General lien

A lien against all of a person's property (e.g., judgment).

Voluntary lien

A lien created by the property owner or with the property owner's consent (e.g., a mortgage).

Involuntary lien

A lien created without the property owner's consent (e.g., a mechanic's lien).

Property tax lien

A lien placed against a property for unpaid property taxes.

Mechanic's lien

A lien placed on a property by a contractor or supplier of contractor goods when the homeowner does not pay for the work (or supplies).

Mortgage lien

A lien placed on a property used as collateral for a loan.

Dower

A life estate in a property held by a widow.

Curtesy

A life estate in a property held by a widower.

Cooperative

A membership-based housing development similar to condominiums, but instead of owning individual units, members own shares in the corporation that owns the building and hold propriety leases on their units.

Appurtenant easement

A permanent right to use another's land for the benefit of a neighboring parcel.

Easement by prescription

A permanent right to use another's property because you've been doing so for a statutory period of time.

Prospectus

A printed document that advertises or describes a development in order to attract or inform clients, members, buyers, or investors.

Declaration

A public record created by the developer that describes the property, units, governance, fees, and repair and maintenance responsibilities.

Fee on condition

A type of defeasible estate recognized by the words "but if". The estate continues unless a specific event occurs, in which case the lease terminates.

Homestead

A type of estate that gives the owner special rights in property used as a family home (not valid in all states).

Leasehold estates

An estate for a limited time (e.g., renting, leasing).

Estate for years

An estate for a specified time (e.g., days, months, years).

Estate at will

An estate for an unknown period of time; either party may terminate the lease by giving notice to the other.

Periodic estate

An estate that renews itself automatically at the end of each lease period.

Condominium

An individually owned housing unit in a building with several such units; owners own the airspace between the walls and a share in the common elements.

Fee simple

An inheritable estate

Qualified fee

An inheritable freehold estate that is defeasible (the grantor can terminate the title). For example, a parent could transfer property to a child as long as the child remained unmarried.

Fixture

An item attached to real property that must remain with the property when it's sold, barring any agreement to the contrary.

Homeowners association

An organization in a subdivision, planned community, or condominium building that makes and enforces rules for the owners of units within the development.

Nonpossessory

Easements fall into this category of rights.

Remainder interests

Fee simple present interest in conjunction with receipt of title upon the death of the life tenant.

Estate at sufferance (a.k.a. tenancy of sufferance)

Non-lawful possession after the expiration of a lease.

License

Not classified as an encumbrance, this is a temporary right to enter the land or use property belonging to another for a specific purpose.

Freehold estates

Ownership for an undetermined length of time (e.g., home ownership).

Life estates

Ownership, possession, and control for someone's lifetime

Riparian right

Property owners' rights to use a flowing body of water—such as a river or a creek—that borders their property.

Fee absolute

Provides the most complete form of ownership and bundle of rights in real property.

Reversionary interest

Right of property repossession by the owner after the end of the life estate.

Littoral right

Rights of the owners of a bordering property to the use of a stationary body of water, such as a lake or sea.

Remainderman

The person receiving the title upon the death of the life tenant.

Escheat

The power of the state to claim property when the owner dies without a will and without locatable heirs or creditors.

Possessory

These are rights to occupy the property.

Easement by necessity

This type of easement is terminated when the reason for the easement no longer exists, such as when a new road is built that reaches a previously landlocked parcel.

Easement in gross

This type of easement is the right to use someone else's land and does not involve any adjoining estate. Utility companies often make use of these easements.

Encroachment

When a building, shrub, fence, etc. illegally crosses over into another person's property. This can lead to a claim of adverse possession or an easement by prescription.