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Real Property Owners
Terms in this set (51)
A requirement for joint tenancy. Joint tenancy requires unity of possession, interest time and title.
The right of the owner of the property to become entitled to all which the property produces and to all that is added to it, either naturally or artificially. For example, the owner of an office building would acquire the abandoned trade fixtures of a tenant as real property.
Bundle Of Legal Rights
Real property ownership, under the allodial system, includes rights regarding the ownership of land, improvements to land, and the use of land. These rights generally include: the right of quiet enjoyment, possession, disposal, exclusion, control, and the right to encumber.
Bill Of Sale
A legal document used to transfer the ownership of personal property.
Fee Simple Defeasible
An estate of inheritance that may be nullified by an occurrence or non-occurrence of an action or event.
All real property in a condominium development that is not described as a unit.
A judicial or administrative proceeding to exercise the power of eminent domain.
Fee simple unit ownership of real property. Residents own their unit plus a share of common elements.
The part of the condominium development that is intended for individual use.
The right to use a property within the boundaries of the law.
A multi-unit building which is owned by a corporation. Residents living in the building own stock in the corporation and have a proprietary lease.
The right held by a property owner to lease, sell, or will the property away.
Grants the government the right to take private land for public use.
Any claim against a property that may diminish its value.
The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and there are no heirs.
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