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Real Estate - Property Law

Terms in this set (32)

freehold
If you have the freehold of a building or piece of land, it is yours for life and there are no conditions regarding your ownership.
reversion
the act or process of returning to a former state or condition
heir
a person who inherits another's belongings
to grant
(v) to allow; to authorize; to allocate
lease
a contract granting use or occupation of property during a specified time for a specified payment
tenement
a room or a set of rooms forming a separate residence within a house or block of apartments.
hereditament
any property, whether real or personal, which is capable of being inherited.
fee simple
absolute ownership of real property with unrestricted rights of disposition
fee tail
a freehold interest in land restricted to a particular line of heirs
life estate
a freehold interest in land restricted to a particular line of heirs
pur autre vie
Person's life interest will last for the life of another person instead of their own.
inheritance
An inheritance is money or property which you receive from someone who has died.
escheat
the reverting of property to the lord of the manor (in feudal law), to the crown (in England), or to the government (in the U.S.) when there are no legal heirs
grantee
grantee
tenant
A tenant is someone who pays rent for the place they live in, or for land or buildings that they use.
leasehold
If a building or land is described as leasehold, it is allowed to be used in return for payment according to the terms of a lease.
statute of frauds
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract.
easement
the right enjoyed by landowners of making limited use of their neighbour's land, as by crossing it to reach their own property
usufruct
the right to use and derive profit from a piece of property belonging to another, provided the property itself remains undiminished and uninjured in any way
mortgage
If you mortgage your house or land, you use it as a guarantee to a company in order to borrow money from them.
decedent
a deceased person
landlord
the person who owns the property that you rent
driveway
a road leading up to a private house
landlocked
Surrounded by land
get down to business
start to talk about business
fee
amount of money paid for something, particularly professional services
power of attorney
a legal document authorizing someone to act on your behalf
draw up
to prepare a written document, such as a list or contract
set forth
establish and outline
timeframe
the period during which something is projected to take place
arrange
organize
undertake
to agree to do
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