Term
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Definition
Unrestricted rights of the owner.
Most common type of ownership. |
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Term
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Definition
Ownership under certain conditions.
Example, cannot hold property title unless married before age 35. |
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Term
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Definition
Holding property until death.
Must pay taxes.
Cannot be place into will. |
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Term
| Freehold Estates (Types) 5 |
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Definition
Fee Simple (Absolute)
Fee Simple (Qualified)
Life Estate
Estate in Remainder
Estate in Reversion |
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Term
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Definition
| Person who receives a property after the owner of a life estate dies. |
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Term
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Definition
When a property returns to the person
(or heirs) who originally handed over
a life estate property. |
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Term
Leasehold Estates (also called
less than freehold or lease) |
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Definition
Estate for years
Estate from period to period
Estate at will
Estate at sufferance
Refers to Tenants |
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Term
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Definition
1.Freehold Estates - refers to owners
2.Leasehold Estates - tenants |
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Term
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Definition
Tenant has lease for set period of time.
Rent remains the same until lease expires. |
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Term
| Estate from period to period |
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Definition
Tenant with a lease month to month.
Automatically renewed at end of each month.
Tenant has to give 30 days notice. |
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Term
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Definition
| No lease exists between tenant and landlord. |
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