Ownership Flashcards
fee simple absolute
greatest form of ownership; possession/quiet enjoyment/gift/sale/control use
fee simple subject with conditional subsequent
defines use of the property and what it cannot be; if it is used for such purposes, it will revert back to grantor/heirs
fee simple determinable
defines use of what the land needs to be used for; if it is used for something else, it reverts back to grantor/heirs
estate in remainder
l
estate for years
FIXED TIME; defined. Terminates automatically
Estate from year-to-year
PERIODIC; automatically renew unless one party gives notice to the other during the prescribed time at the end of the estate
Estate at will
duration is unknown, may be terminated at any time by either party
Estate at sufferance
occupation of a property previously in lawful possession and now is not
sole ownership
held by one person
concurrent ownership
2+ people
Tenancy in common
2+ people holding title; no right of survivorship; upon death the deceased’s share will pass to the person’s heirs; can sell share without destroying the tenancy relationship
Joint tenancy
unity of time, title, interest, possession. Same interest in property; receive title at same time (same source), same degree of undivided ownership and right to possession. Right of survivorship: one joint tenant dies, shares divided among remaining joint tenants. If one sells their interest, the new person becomes a tenant in common while others are still joint tenants.
Joint tenancy
unity of time, title, interest, possession. Same interest in property; receive title at same time (same source), same degree of undivided ownership and right to possession. Right of survivorship: one joint tenant dies, shares divided among remaining joint tenants. If one sells their interest, the new person becomes a tenant in common while others are still joint tenants.
Maine Condo Act
1983 - condos created must include a declaration and bylaws
condo declaration
name, legal description, plat, plan, description of common elements and limited common elements, allocated % interest, restrictions
Consumer Protection Requirements: Condos (First Time)
current balance sheet & projected budget expenses that will become common special fees paid at closing liens, defects, encumbrances public offering statement description of insurance coverage provided for unit owners
Sole proprietorship
business owned by 1 individual
Partnerships
business owned by 2+ partners; do not have to have the same degree of interest
Corporation
artificial being only existing in contemplation of law; created by charter granted by its state of incorporation
syndication
organization of investors in real estate
joint venture
organization of 2+ parties for the purpose of investing in real estate
trust
arrangement where property is transferred by its owner to a trustee; trustee holds title and manages property for the benefit of 1+ beneficiaries
air rights
ownership of land and the rights to the area above the surface of the earth
mineral rights
right of the owner to take minerals from the earth
riparian rights
rights of an owner of property bordering a body of water; affords access to and use of the water
riparian rights
rights of an owner of property bordering a body of water; affords access to and use of the water
eminent domain
government power to take private property for public use; owner must be paid FAIR MARKET value
police power
power of govn’t to fulfull responsibility to provide for the health, safety, and welfare of the public
power of taxation
taxes imposed based on property value
power of escheat
owner dies without will/no qualified heirs - property escheats to the state (state takes title)
encumberance
anything that diminishes bundle of rights of real property
encroachment
a trespass on the land of another by something that was built
easement
right to use/have access to land that they do not own
dominant vs servient tenement
dominant - land that is benefited by the easement (receiving access)
servient - land encumbered by easement (giving access)
appurtenance
additions that “run with the land” or stay with title when it is sold
easements in gross
railways, powerlines (commercial can be conveyed)
affirmative vs negative easement
affirmation - requires servient property to permit activity on servient estate by dominate owner
negative - one that prohibits servient owner from doing something on their land because it will negatively impact dominant land
affirmative vs negative easement
affirmation - requires servient property to permit activity on servient estate by dominate owner
negative - one that prohibits servient owner from doing something on their land because it will negatively impact dominant land
Types of Easements
express: using appropriate language in deed
implied: actions of the party
operation of law: prescription; using land for x amount of time and proving in court. Also eminent domain.
Termination of easements
Release by dominant owner
Combining dominant/servient lands into one tract
Abandonment of easement by dominant owner
Purpose for easement ceases to exist
Expiration of specified time
lien
claim/charge against the property of another
mortgage lien
pledge property in security for debt owned
mechanic’s/materialman’s lien
Persons providing material/labor for construction can file lienagainst property for which they provided materials/labor
Property Tax/Assessment Lien
real property tax liens have priority over all liens, liens levied by government for repayment of tax or installation of items such as sewer lines, water lines, sidewalks.
Vendor Lien
when seller does not receive the full purchase price at the time of title conveyance
Vendor Lien
when seller does not receive the full purchase price at the time of title conveyance
lis pendens
notice that a lawsuit is pending and that a resulting judgement may create a lien against the property
judgement lien
judgement made where one person is indebted to another
income tax lien
lien created for past due/unpaid taxes
estate & inheritance tax lien
estate tax - inheritance tax for a property
federal estate tax - tax paid by heirs of a dead person; paid from the assets of the estate
specific performance
instruction of a court to fulfill obligations under a contract for sale
leasehold
nonfreehold estate. one of limited duration that provides the right of possession and control but not title.
escheat
power of government to take title to property left by a person who died without a will and valid heirs
pur autre vie
“for the life of another”; a life estate measured by the life of someone other than the life tenant
estate in remainder
title conveyed to person 1 and then to person 2 after the death of person 1
estate in reversion
if will does not name the remainderman, title reverts to the original grantor or grantor’s heirs
cooporative ownership
form of ownership where stockholders in a corporation occupy property owned by the corporation under a lease
2 primary classifications of leases
gross lease - owner pays any expenses of the property
net lease - tenant pays all of the expenses
ground lease
rental of land alone, which may be improved by the tenant
termination of leases (4)
breach of condition
expiration of rental term
mutual agreement
condemnation of the property
Actual eviction
aka ejectment
occurs when lessee fails to adhere to conditions of the lease
Constructive eviction
results from action or inaction of lessor that renders the premises uninhabitable
Importance of Recording a Deed
protects grantee’s title against creditors of the grantor and subsequent conveyances by the grantor
