Term
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Definition
| When two or more legal entities have an ownership interest in the same property at the same time |
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Term
| partnership or general partnership |
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Definition
| the voluntary association of two or more individuals or legagl entities for carrying on a business as co-owners |
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Term
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Definition
| a special form of partnership, created by statute. Unlike general partnerships, they are considered legal entities distinct from their individuals |
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Term
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Definition
| a legal entity, sometimes referred to as an artifical person, created by statue |
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Term
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Definition
| an unincorporated association created by the co-owners of a business venture, usually to carry out a particular venture |
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Term
| Real Estate Investment Trust (REIT) |
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Definition
| a company that buys, develops, manages, and sells real estate assets |
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Term
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Definition
| two or more parties that have an ownership interest in the same property at the same time |
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Term
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Definition
| the ownership or title interst are received at the same time, upon the creation of the ownership freehold |
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Term
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Definition
| the ownership or title interest are received at the same time, upon the creation of the ownership freehold |
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Term
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Definition
| An equal right to possess the whole property for possessory purposes only |
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Term
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Definition
| Concurrent ownership by husband and wife |
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Term
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Definition
| a form of concurrent ownership that may, but is not required to, have all five unities |
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Term
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Definition
| the legal right of cotenants to enforce the obligation of each of the other contenants to enforce the obligation of each of the other cotenants to pay his or her fair share of expenses |
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Term
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Definition
| a cause of action to resolve the disputes concerning ownership, use, and possessory interests that the cotenants are unable to resolve |
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Term
| joint tenants with rights of survivorship |
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Definition
| concurrent ownership in which surviving contenants automatically succeed to the ownership interst of a decease cotenant |
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Term
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Definition
| a form of concurrent ownership, like joint tenancy with a right of survivorship, but limited to married individuals |
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Term
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Definition
| a statutory provision that defines assets that are the property of a marital unit |
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Term
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Definition
| a creation of statute that allows legal entities to own individual unites in a building with common elements in fee simple and a percentage of common elements as tenants in common with other unit owners |
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Term
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Definition
| Each of the cotentant or owners acquired the title from the same source |
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Term
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Definition
| Each cotenant has the same or equal ownership interst; for exampl each is an owner in fee as opposed to one owner in fee and the other being a tenant of a leashold interest. |
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