Lease and real estate legal terms

Question 1

“Appurtenant”

Answer 1

• pertaining to something that attaches
• in real property law, it describes any right or restriction which goes with that property, such as an easement to gain access across the neighbor’s parcel or a covenant (agreement) against blocking the neighbors view (thus there are references to appurtenant easement or appurtenant covenant)

Question 2

Fee interest

Answer 2

• title (ownership) of the property, which includes the land and any improvements to the land in perpetuity
• no others having joint interests, future interests, or possessory interests that could supplant the buyer’s interest in the real property

Question 3

Leasehold interest

Answer 3

• when a fee simple land-owner (Lessor) enters into an agreement or contract called a ground lease with a person or entity (Lessee)
• the buyer of leasehold real estate does not own the land; they only have a right to use the land for a pre-determined amount of time
• if leasehold real estate is transfered to a new owner, use of the land is limited to the remaining years covered by the original lease. At the end of the pre-determined period, the land reverts back to the Lessor,
• the use, maintenance, and alteration of the leased premises are subject to any restrictions contained in the lease

Question 4

reversion

Answer 4

• The act of giving back the property to the lessor
• In a leasehold interest, if leasehold real estate is transfered to a new owner, use of the land is limited to the remaining years covered by the original lease. At the end of the pre-determined period, the land reverts back to the Lessor

Question 5

surrender

Answer 5

The terms of the reversion of the property back to the lessor in a leasehold interest