Term
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Definition
| Individuals may co-own property as tenants in common or joint tenants. |
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Term
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Definition
| Each tenant holds an undivided interest in the property. The co-owners have unity in possession even though each holds only a fractional ownership interest. |
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Term
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Definition
| Each owner is entitled to possession and use of the entire property. (tenancy in common) |
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Term
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Definition
| Upon death of a joint tenant the deceased's interest transfers directly to the surviving joint tenant or tenants. |
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Term
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Definition
| Property owner by two or more people whether married or unmarried. Includes right of survivorship. |
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Term
| PITT - to create a joint tenancy four elements are needed. |
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Definition
* unity of possession
* unity of interest
* unity of time
* unity of title |
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Term
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Definition
| A legal way to dissolve the relationship between co-owners of real estate when parties do not voluntarily agree to its termination. |
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Definition
| Special form of co-ownership used in some states that allows a spouse to inherit the other spouse's ownership interest upon death. |
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Definition
| Laws are based on the idea that spouses, rather than merging into one entity are equal partners in the marriage. |
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Term
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Definition
| Real or personal property that was owned solely by either spouse before marriage, acquired by gift or inheritance by on spouse during the marriage, or purchased with separate funds during the marriage. |
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Term
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Definition
| Real or personal property acquired by either spouse during the marriage. |
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Definition
| A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party. |
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Term
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Definition
| Real Estate Investment Trust |
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Term
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Definition
| Trust created by agreement during the property owner's lifetime. |
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Term
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Definition
| Trust established by will after the owner's death. |
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Term
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Definition
| The only asset is real estate. |
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Term
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Definition
| An association of two or more persons who carry on a business for profit as co-owners. |
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Term
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Definition
| All the partners participate in the operation and management of the business and share full liability for business losses and obligations. |
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Term
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Definition
| One or more general partners, as well as, limited partners. The business is run by the general partners and limited partners are not active and are only liable for losses to the amount they've invested. |
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Term
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Definition
| Legal entity created under the authority of the laws of the state from which it receives its charter. Managed and operated by its board of directors who are selected by its owners, the shareholders. |
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Term
| Limited Liability Company |
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Definition
| Combines features of limited partnerships and corporations. Members enjoy limited liability offered by a corporate form of ownership. |
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Term
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Definition
| Form of ownership, the owner of each unit holds a fee simple title to the unit and a specified share of the undivided interest in the remainder of the building and land. |
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Term
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Definition
| remainder of building and land in a condominium property (ie. pool, lobby, etc.) |
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Term
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Definition
| A corporation holds title to the land and the building. Offers shares of stock to tenants. |
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Term
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Definition
| Permits multiple purchasers to buy relatively small interests in real estate, typically resort properties. |
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