 | Term | Definition |
| |
Community Property |
System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage |
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Co-Ownership |
Title ownership held by two or more persons who must agree on how the property is used |
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Corporation |
An artificial entity created by operation of law whose rights in business are similar to those of an individual. Continuous existence until it is legally dissolved |
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4 Unities of Joint Tenancy |
PITT: Possession, Interest, Time and Title. All four must exist simultaneously for joint tenancy to exist |
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Joint Tenancy |
Co-ownership of real estate; when one of the owners dies, that interest goes to the remaining owners (right of survivorship) |
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Partition |
Court procedure dividing up cotenants' interest in real property when the parties do not all voluntarily agree to terminate the co-ownership |
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Partnership |
Under law, a group of individuals who carry on a continuing business for profit as co-owners; regarded as a single entity |
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Right of Survivorship |
When a joint tenant dies, his or her interest passes to the remaining owners of the property; becomes an issue only at death of one of the owners |
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Severalty |
Ownership of real estate by one person only; although a corporation (single entity) can own in severalty |
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Tenancy in Common |
Form of co-ownership in which each owner holds an undivided interest as if he or where were sole owners; individual owners have right to partition, right of inheritance |
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Time Sharing |
Form of ownership that allows use of the property for a fixed or variable time frame, often used in resor |
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Trust |
Fiduciary arrangement whereby the owner (trustor) conveys property to a third party, (trustee), to be held and administered on behalf of another person (beneficiary) |
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