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12 terms

Chapter 8: Forms of Real Estate Ownership

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Community Property
System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage
Co-Ownership
Title ownership held by two or more persons who must agree on how the property is used
Corporation
An artificial entity created by operation of law whose rights in business are similar to those of an individual. Continuous existence until it is legally dissolved
4 Unities of Joint Tenancy
PITT: Possession, Interest, Time and Title. All four must exist simultaneously
Joint Tenancy
Co-ownership of real estate; when one of the owners dies, that interest goes to the remaining owners (right of survivorship)
Partition
Court procedure dividing up cotenants' interest in real property when the parties do not all voluntarily agree to terminate the co-ownership
Partnership
Under law, a group of individuals who carry on a continuing business for profit as co-owners; regarded as a single entity
Right of Survivorship
When a joint tenant dies, his or her interest passes to the remaining owners of the property; becomes an issue only at death of one of the owners
Severalty
Ownership of real estate by one person only; although a corporation (single entity) can own in
Tenancy in Common
Form of co-ownership in which each owner holds an undivided interest as if he or where were sole owners; individual owners have right to partition, right of inheritance
Time Sharing
Form of ownership that allows use of the property for a fixed or variable time frame, often used in resorts
Trust
Fiduciary arrangement whereby the owner conveys property to a third party, to be held and administered on behalf of another person (beneficiary)