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Property A bundle of rights, in relation to others, to possess, use, and dispose of a tangible or intangible object. real property Land and everything permanently attached to it. fixture An item that is initially a piece of personal property but is later attached permanently to the realty and is treated as part of the realty. water rights The legal ability to use water flowing across or underneath one's property mineral rights The legal ability to dig or mine the minerals from the earth below the surface of one's land fee simple absolute The right to own and possess the land against all others, without conditions conditional estate The right to own and possess the land, subject to a condition whose happening (or nonhappening) will terminate the estate deed Instrument of conveyance of property life estate The right to own and possess the land until one dies. future interest the present right to possess and own the land in the future leasehold The right to possess property for an agreed-upon period of time stated in a lease lease The contract that transfers possessory interest in a property from the owner (lessor) to the tenant (lessee) easement An irrevocable right to use some portion of another's land for a specific purpose license A temporary, revocable right to be on someone else's property. co-ownership ownership of land by miltiple persons or business organizations; all tenants have an equal right to occupy all of the property. tenancy in common Form of co-ownership of real property in which owners may have equal or unequal shares of the property, may sell their shares without the consent of the other owners, and may have their interest attached by creditors. joint tenancy Form of co-ownership of real property in which all owners have equal shares in the property, may sell their shares without the consent of the other owners, and may have their interest attached by creditors. tenancy by the entirety Form of co-ownership of real property, allowed only to married couples, in which one owner cannot sell without the consent of the other, and the creditors of only one owner cannot attache the property. execution, delivery, acceptance, recording Steps to Voluntary Transfer of Real Property general warranty deed A deed that promises that the grantor owns the land and has the right to convey it and that the land has no encumbrances other than those stated in the deed. quitclaim deed A deed that simply transfers to the grantee the interest that the grantor owns in the property. adverse possession Acquiring ownership of realty by openly treating it as one's own, with neither protest nor permission from the real owner, for a statutorily established period of time. condemnation The process whereby the government acquires the ownership of private property for a public use over the protest of the owner. eminent domain The constitutional right of the government to take privately owned real property for a public purpose in exchange for a just compensation to the owner. restrictive convenants Promises by the owner, generally included in the deed, to use or not to use the land in particular ways. zoning Government restrictions on the use of private property in order to ensure the orderly growth and development of a community and to protect the health, safety, and welfare of citizens. variance Permission given to a landowner to use a piece of his or her land in a manner prohibited by the zoning laws; generally granted to prevent undue hardship. personal property All property that is not real property; may be tangible or intangible. tangible property Personal property that is material and movable (e.g., furniture). intangible property Personal property that does not have a physical form and is usually evidenced in writings (e.g., an insurance policy). title Ownership of property donative intent Intent to transfer ownership to another at the time the donor makes actual or constructive delivery of the gift to the donee. bailment A relationship in which one person (the bailor) transfers possession of personal property to another (the bailee) to be used in an agreed-on manner for an agreed-on period of time. trademark A distinctive mark, word, design, picture, or arrangement used by the producer of a product that tends to cause consumers to identify the product with the producer trade dress The overall appearance and image of a product that has acquired secondary meaning trade secret A process, product, method of operation, or compilation of information used in a business that is not known to the public and that may bestow a competitive advantage on the business. patent Grants the holder the exclusive right to produce, sell, and use a product, process, invention, machine, or asexually reproduced plant for 20 years. tying arrangement A restraint of trade wherein the seller permits a buyer to purchase one product or service only if the buyer agrees to purchase a second product or service. For example, a patent holder issues a license to use a patented object on condition that the licensee agrees to also buy nonpatented products from the patent holder. cross-licensing An illegal practice in which two patent holders license each other to use their patented objects only on condition that neither will license anyone else to use those patented objects without the other's consent. copyright The exclusive legal right to reproduce, publish, and sell the fixed form of an expression of an original creative idea. fair use doctrine A legal doctrine providing that a portion of a copyrighted work may be reproduced for purposes of "criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarships, and research."