Term
Real Estate vs. Real Property |
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Definition
Real Estate - is physical, tangible and immobile. It includes the earth's surface, subsurface and the air above the surface. It also includes anything growing on the land, anything permanently attached to the land and all improvements on and to the land. The difinition of real estate includes everything provided by nature such as mineral deposits, wildlife, timber, fish, water, and soil.
Real Property - includes the physical land and improvements (real estate), together with legal rights to won or use the property. An individual's rights in property are guaranteed and protected by government. |
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Term
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Definition
| rights of an owner whose property borders on a flowing waterway such as a river or stream. The property owner would not be considered to be the owner of the water flowing over or past the property but would have a right of reasonable use of the water...fishing, swimming but would not be allowed to divert or pollute the water thus interfering with the rights of others who would have a subsequent right to use the same water. |
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Term
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Definition
A fee estate held by two or more persons. Each person has an undivided interest in the whole property. this ownership can be created by the same or different deeds, at the same or different times, with equal or unequal shares of ownership. All owners, however, have equal rights of use and possession.
The owner of interest may sell his interest during his lifetime without the consent of the other owners without affecting any other owner's rights.
The owner may leave his interest in a will. if the owner dies intestate, the interest will descend to the owner's heirs. |
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Term
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Definition
a fee estate shared by two or more persons that must have equal and undivided intersts. can only be created when the four unities of possession, interest, time and title are present. all tenants must have equal rights of use and possession, equal and undivided interests and have acquired their ownership at the same time by the same deed or conveyance. this type has RIGHT OF SURVIVORSHIP. upon the death of one of the interests, the interest of the decedent does not pass according to a will or by descent and distribution, it passes instead to the surviving remaining owners. Can sell their ownership but the purchaser will then be a tenant in common since the four unities are not present. Interest cannot be left in a will since the form of ownership dictates the succession or ownership. PITT
Possession
Interest
Time
Title |
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Term
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Definition
a non-freehold estate with the tenant in lawful possession of the property under an agreement with the landlord but with no definite time limit for the rights to terminate. Agreement can be oral or written and is referred to as a period-to-period tenancy. terminated by the sale of the property or by death or either party OR at the will of either the landlord or tenant by giving proper legal notice.
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Term
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Definition
- a non-freehold estate with the tenant in lawful possession of the property under an agreement with the landlord for a specified period of time.
- has a definite beginning and a definite end date for the rights to exist and the dates must be specified.
- must be in writing and signed by the landlord and witnessed by two persons.
- termiation occurs only by mutual agreement of the parties, by expiration of the time period or by breach of contract, which may result in a lawsuit.
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Term
4 Ways A Fee Simple Estate May Be Held |
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Definition
- Estate in severalty
- Tenancy in common
- Joint tenancy
- Tenancy by the entireties
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Term
2 Types of Freehold Estates |
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Definition
- Fee Simple - owner has a complete bundle of rights. this is the simplest and most comprehensive estate in land. most desirable and most common type of estate.
- Life Estate - an estate created when an woner of a fee simple estate conveys ownershhip to another but only for the BALANCE OF THE LIFETIME.
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