Real Property / Ownership
Terms in this set (24)
promise between two or more parties in which they agree to perform, or not perform, specified acts on the property. Restrictive convenants can set standards for all the parcels within a defined subdivision.
based on calendar time.
to exist for an uncertain duration because no one really knows ow long there person is going to own the property.
corporation owns title to the property,
tenants do not own real estate and will pay a maintenance fee to cover a prorated share of the mortgage payment.
has the tax benefits that arise from the owners share of the mortgage interest and property taxes paid on the property
The buyer of a time share estate receives a deed for the property that allows possession for an allowed time each year.
The buyer of a time share use has the right to occupy the pretty, and use of the facilities is limited to certain numbers of years. The developer retains ownership to the property, and when the specified time has expired, all interest reverts to the owner.
processing of changing one form of ownership to another, such as converting an apartment building to a condominium.
Conditional use Permit
Estate at Will
a lease that fives the tenant the right to possess the property with the consent of the landlord for an uncertain time period. The lease can be terminated at any time by the landlord or the tenets giving proper notice to the other party.
DEATH= Terminates lease.
Estate at Sufferance or Tenancy at Sufferance
A tenancy created when a tenant remains in possession of the property without the consent of the landlord after the lease expires.
If the landlord gives permission to a tenant to remain on the property after the expiration of a lease, the tenant may be treated as a holdover, and a tenancy at will or periodic tenancy may be created.
Estate for Years or Tenancy for Years
A lease with a definite time period or specified beginning and ending dates. This terminology is deceptive in that a lease may last substantially less than a year.
No notice is needed to terminate the estate.
A tenant who remains in poession after expiration is considered a holdover.
when a tenant transfers less than all the leasehold interest by subleasing them to a new tenant.
tenant agrees to pay a fixed base rental fee plus a percentage of the gross income in excess of a predetermined minimum amount of sales. The percentage lease also can be computed from the first dollar of sales.
the tenant has the option to purchase the property at a specified price within a certain time. A portion of the monthly rental payment may be credited toward the purchase price. `
tenant agrees to purchase the property at a specified price within a certain period of time, which is usually at the end of the lease
Tenancy by entirety
Estate in Land
the degree, quantity, nature, and extent of a persons interest in land or there property , An interest must be possessory or may become possessory in the future,