Real Property Law
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36 terms
Terms | Definitions |
|---|---|
 Real Property Law | The branch of law dealing with ownership, transfer & rental of actual land & the various structures or natural elements attached to it. |
| real property, land or real estate | Refers to the soil & everything attached to it -- including natural elements such as rocks, trees, bodies of water, & man-made structures. |
| fixtures | Real property also includes fixtures - items of personal property - furnance, air conditioner - which have become part of real property through being physically affixed to it. |
| home | A man-made structure where 1 or more people live. |
| property | Usually refers to the right to own & use real property rather than the property itself. |
| estate | Derived from old English law, refers to both the ownership share or interest in the real property, and to the property itself. |
| Two catagories of estates in real property | 1) Freehold estate (2) Leasehold estate |
| Freehold estate | Refers to an interest in land that's owned for life or forever. |
| Leasehold estate | Signifies that a piece of real property isn't actually owned but rented from the landowner for a certain period of time. |
| Lease | The time period - as well as other rights & responsibilities - is spelled out. |
| Land owner | Person woh owns interest in land. |
| Co-ownership or joint | Ownership of property by more than 1 person, in which case the owners share the same property equally, or separate, in which case each owner owns a portion of the property. |
| Condominium | Common example of separate ownership, a multi-unit dwelling in which residents own their individual apartments absolutely. Common areas,- building enterance, basements & grounds held jointly by all tenants. |
| Cooperative apartment house | A multi-unit dwelling in which each tenant has an interest in the corporation or other entity that owns the building. Tenants hold a lease entitling them to occupy a particular apartment from the corporation or owning entity. |
| tenancy | The right to enjoy, use, or occupy property by virture of owning an interest in it. |
| tenant | A person who has the right to occupy the property, either through ownership interest or under a lease. |
| joint tenancy | An ownership interest shared by 2 or more persons with equal rights to use & enjoy the property. |
| joint tenants | People holding joint tenancy. |
| right to surviorship | Joint tenancy includes this, the right of any surviving tenant to inherit the entire estate of deceased tenants. |
| tenancy in common or tenants in common | An ownership interest shared by 2 or more persons without the right to surviorship. When a tenant in common dies, the estate passes to his/hers heirs rather than to the other tenant or tenants in common. |
| tenancy by the entirety | A type of joint tenancy shared by a husband & wife simply because they're married and thus includes the right to survivorship. |
| dower | An ownership interest aquired through marriage & retained after the death of a spouse. |
| Four different kinds of estates | 1) Fee simple or fee or fee simple absolute (2) Fee tail estate (3) A determinable fee estate (4) A life estate or tenancy for life |
| Fee simple or fee or fee simple absolute | Most complete type of freeehold interest under the law. Real property held fee simple may be sold or inherited free of any condition, limitation, or restriction by any heirs to the property. |
| land, tenements or hereditaments | These, in legal documents are often applied to land held fee simple absolute estate. This implies that the landowner holds a inheirtable interest in the land & everything on or under it & all rights arising out of it. The term fee, itself, is often used to refer to an interest in real property that may be inherited. |
| Fee tail estate | An interest belonging to the owner & inheritable by direct lineal decedants only - children, grandchildren and great-grandchildren. In the absense of direct descendants, the estate is returned to the direct heirs of the bloodline of the original owner - known as the donor. |
| Determinable fee estate or fee simple determinable estate | Is an interest in real property that may be terminated automatically as a result of some particular event. If the specified event occurs, the estate is determined or terminated. If the event doesn't occur, the estate is held absolute. Ex: Land given to a church under the condition that the land is used for church purposes. If the land ceases to be used for church purposes. If the land ceases to be used for church purpses it REVERTS to the original owner. |
| Revert | In real property law revert refers to an interest in real property that returns to the former owner or the owner's heirs at some future time. |
| Possibility of reverter interest | The original landowner - together with his/hers heirs- is said to have a possibility of reverter interest in the property, in reference to the continual possibility that an event may cause the property to revert. |
| A life estate or tenancy for life | Is ownership interest that contimues as long as the person holding the interest lives. |
| life tenant | The owner of a life estate. Life tenants have the right to use and enjoy any income or profit derived from the property. They must pay all applicable taxes, & are usually held liable for WASTE. |
| Waste | The destruction, misuse, alteration, or neglect of property owned by another. |
| future interest | A life estate ownership interest that passes in a specific manner to specific heirs after the death of a life tenant. |
| Two catagories of future interest | 1 Remainder interest 2 Reversionary interest |
| Remainder interest | If the original landowner names a 3rd party to inherit the property after the death of the life tenant, the 3rd party is said to have remainder interest. |
| Revisionary interest | If the original landowner chooses to have the property revert after the death of the life tenant, the original owner has reversionary interest. |
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