Definitions Flashcards
Estate in land
the degree, nature, or extent of interest that a person has in land.
Lessor
the land lord, the owner holding a fee simple estate with a leased fee interest.
Lessee
(the tenant) party with the leasehold interest.
Remainder interest
a future possessory interest in property that is given to a third party and matures upon the termination of a limited or determinable fee. (remainderman)
Easement
the right to use another’s land for a stated purpose (physical encumbrance)
Easement appurtenant
an easement that is attached to, benefits, and passes with the transfer of title of the dominant estate.
Easement in gross
(right of way easement) an easement that benefits a legal person or entity. (government entity).
Encroachment
trespassing on the domain of another.
Deed restriction
a provision written in to a deed that limited the use of land. (will not sell to XXX people) usually transfers on.
Reservation
a clause found in legal instruments and conveyances that creates a new right or interest on behalf of the grantor. (mineral rights, rental income, easements)
License
no encumbrances. Can’t be sold or assigned.
Fee simple absolute
the most complete form of ownership with unlimited duration and subject only to governmental powers.
Fee simple defeasible
conditioned reverter clause (special limitation)
Leased fee interest
granted possession for certain time
o Life estate
rights of use, occupancy limited to the life time of a designated party aka life tenant.
