10 terms

Real estate law

fee simple absolute
Maximum possible estate or right of ownership of real property, continuing forever
Rights granted to use, yet not own, a specifically delineated piece of real property.
Fee simple determinable
And estate continues until the occurrence of a specified event or circumstance. Upon its occurrence, the estate will cease and terminate automatically with ownership rights reverting to the original grantors.
Fee simple subject to condition subsequent
Is another freehold estate which lays out conditions that allow the possibility of a grantor reentry, it continues even after the occurrence of the event until the grantor acts or takes steps to reclaim the estate.
Freehold estate
Free for whatever life the interest owner has, or by some other measure of time or duration.
Less than freehold estate
An estate in land that has a predetermined time span; most commonly a leasehold.
A fixture is an object permanently attached to the land or realty.
Tenants in common
Is owned and possess in equal shares an undivided interest in the whole property, which is an interest in fee simple that passes to statutory heirs in the event of intestacy.
Tenants by the entireties
Husbands and wives who jointly own real estate that is the primary residence or domicile
Joint tenants
A means of concurrent ownership where the tenants possess four unities with all other tenants right of survivorship goes to the other owners