CT Property Ownership and Transfers - Flashcards

Concurrent estates
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Terms in this set (15)
Concurrent estates
Co-ownership such as joint tenancy, tenancy in common, life estates, or limited partnerships
Severalty
A form of single tenancy
Adverse possession
A method of acquiring property rights to someone else's land that they are not using
Easement
Gives another party access to another person's property without transferring ownership
Right-of-way easement
Allows the non-owner party to freely use a pathway on someone else's property, but it does not grant ownership over that pathway
Prescriptive easement
Allows the non-owner party to use the land for a specific purpose
Warranty deed
Transfers ownership with full protection for the buyer from other ownership claims
Special warranty deed
Transfers ownership with limited protection for the buyer from other ownership claims
Quitclaim deed
Transfers ownership with no protection for the buyer from other ownership claims
Affidavit of facts
Contains demographic information about the owner and details about the possession of the property
Equitable interestLegal title has not yet been transferred but interest has been transferred to the buyerProrationDivision of property expenses between the buyer and seller in a transactionCommon interest communitiesCondominiums, real estate cooperatives, timeshares, planned unit developments, and reciprocal easementsMarketable record titleA title of record that gets rid of any interests or claims that predate the titlePreservation and conservation easementDesignated locations that have entered in a voluntary agreement in order to restrict the uses and preserve the cultural value of a site