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Business Law CH14

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freehold estate

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Terms in this set (40)

freehold estate

an ownership interest lasting at least for one's life

fee simple absolute

the most complete ownership of real property

the person who is conveying (giving up) an interest in real property

fee simple determinable

A fee simple ownership that may be lost if the property is used in certain ways

A type of ownership that lasts only for the life of the owner and cannot be extended

future interest

a legal right in real property, which will or may become full ownership in the future

nonfreehold estate

a legal right to posession, but not ownership of real property, such as a lease

periodic tenancy

A tenancy lasting for a certain time

tenancy in common

Ownership of property by two or more persons. Each can sell his or her share or leave to heirs. Shares do not have to be equal.

Ownership of property by two or more persons. When one dies, his or her share is automatically distributed to the co-owners who survive. Joint tenants cannot leave their share to their heirs. Shares must be equal.

tenancy by the entireties

A type of joint tenancy for married couples

community property

A type of property ownership for marrried couples recognized in nine states.

A written document used to transfer ownership into real property

a deed that warrants that the buyer is receiving a good, clear title to the property

quickclaim deed

a deed that merely conveys what ownership the grantor has without any warranties