Lesson 3A - Legal Issues - Estates & Interest

Joint Venture

A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity

Estate for Years

A leasehold estate for any specific period of time. An estate for years is not automatically renewerd

Trustor

A person who conveys title to a trustee

Fee Simple Estate

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees

Estate in Severalty

An estate which the tenant holds his own right, without being joined in interest with any other person

Tenancy in Common

An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship"

Tenancy in Common

An ownership of realty by two or more persons, each of whom has an undivided interests, without the "right of survivorship"

Trustee

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another

Personal Propery

Any property which is not real property

Act of Waste

Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property

Real Estate / Real Property

Land, and generally whatever is erected upon or affixed thereto

Estate at Will

No set amount of time. Goes until the parties agree to terminate.

Leasehold Estate

One year lease, two year lease...Lease for Years

Tenancy by the Entirety

Ownership of real property by a married couple. Interests cannot be transferred without the consent of the other spouse

Joint Tenancy

Ownership of realty by two or more persons, each of whom has an undivided interest with the "right of survivorship"

Fixture/Trade Fixture

Personal property so attached to the land or improvements as to become part of the real property

Trade Fixture

Personal property that can't easily be removed. Once you leave it no longer belongs to you it belongs to the property

Chattel

Personal property, such as household goods.

Special Purpose Real Estate

Property that is appropriate for one type of use or limited use. This type of property has a unique design or layout, uses special construction materials, or other features that limit the property's utility for purposes other than the one for which it was built. For example, a church, theater, or school.

Right of Survivorship

Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety

Air Rights

Rights in real property to use the space above the surface of the land

Illiquidity

The concept that property is an illiquid asset because it cannot be easily sold or exchanged for cash

Life Estate

The conveyance of title property for the duration of the life of the grantee

Partition

The division which is made of real property between those who own it in undivided shares

Undivided Interest

The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property

Reversionary Interest

The interest which a grantor has in lands or other property upon the termination of the preceding estate

Remainder Interests/ Remainderman

The person who is to receive the property after the termination of the prior estate.

Beneficiary

The person who receives or is to receive the benefits resulting from certain acts

Bundle of Rights

The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.

Bundle of Rights

The premise that the ownership or real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath the right to do none of the foregoing

Escheat

The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property ma pass by lawful descent

Littoral Rights

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on

Riparian Rights

The right of a property owner whose land orders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means "riverbank"

Tenancy by Entirety

When one spouse dies the full bundle of sticks goes to the other spouse directly.

tenancies of severance

landlord wants you out and takes you to court. you stay anyway. sometimes takes 3 months for the judge to come to a ruling

Periodic Estate

properly law refers to it as periodic tenancy. month to month residency. landlord gives 30 days notice