Ownership Flashcards
Air rights
Ownership or lease of air space above real estate. i.e. Billboards
Accretion
Gradual deposit of soil
Annexation
Personal property that becomes permanently attached
Appurtenance
A right that accompanies a property. Example- a right of way through a neighbors property
Bill of sale
Transfers personal property from one party to another
Bundle of rights
Rights that the owner receives when they purchase real estate
By-laws
Rules put in place by organizations such as condo associations to establish guidelines and policies adhered to hb association members
Chattel
Personal property
Common elements
Common or shared areas in a condo building
Condo documents
A master deed known as the enabling declaration and by laws, rules that govern the condo association. These documents are recorded at the registry of deeds
Conversion
When a property is changed to a different use or type of ownership
Cooperative
A corporation that acquires a building for purpose of providing housing. Buyers receive stock certificates for the co-op and a proprietary lease
Curtesy rights
Upon the death of a wife who owned property in her own name only, the surviving spouse is entitled to one third life interest in the deceased spouse property
Emblements
Annual or semi annual plantings such as corn crops are considered Emblements and personal property
Fee simple
Highest form of ownership one can have in real estate. No limitations. Indefeasible estate. Least limited form of ownership
Fixture
An item that is permanently attached to real estate
Freehold estate
An estate that runs for an indefinite time period. Known as fee, fee simple or fee simple absolute. Highest form of ownership one could hold
Intangible property
Property that does not have any physical being, property rights
Joint tenancy
Ownership of realty by two or more people, each of whom has an undivided interest with the right of survivorship. Typically used by related people. If one joint tenant dies, their share of the property goes to the surviving joint tenant
Life estate
An estate or interest that someone has during their lifetime or the lifetime of another person. These are not inheritable estates and are the lowest form of freehold estates.
Littoral rights
The rights of a property owner who borders a lake, pond, or seashore
Master deed
Legal doc that creates a condominium. It describes the individual units and the common areas. Reviewed by the lender when providing a loan. This document is recorded at the county registry of deeds. Units are conveyed in few simple.
Mineral rights
The rights one has within the enrichments offered in their soil. Gas, oil, etc.
Non freehold
Procession of a property via a leasehold
Personalty
Personal property, items that are movable.
Real property
Land and anything associated with the land. Buildings, trees, and property rights are a part of real property
REIT
Real estate investment trust. Ownership held in a trust for the beneficiaries by a trustee. In the event of bankruptcy, an investor only loses the money they invested. The organizing force is responsible for additional debts.
Remainderman
The person named to reive an interest in a property in the future
Reversionary interest
Future interest one has in a property. Could be through life estate or the right to gain control of a leased property
Right of survivorship
The right one party has to claim the interests of another property owner if that owner died. Joint tenants have this right
Riparian rights
Right of a property owner who has land that borders a waterway
Rod
A unit of measurement. One rod is 16.5 feet. Used when measuring watermarks
Tangible property
Property that has physical existence, buildings, trees. Another form of corporeal property.
Tenancy by the entirety
Form of ownership reserved for husbands and wifes
Tenancy in common
Ownership of one property by different people with each person having equal rights. It is inheritable
Tenancy in severalty
Property owned by one person
Trade fixtures
Personal property that is used in ordinary course of business. Although attached, they are removable and considered personal property
Unit deed
Document given to a condo owner. It’s their proof of ownership and outlines the interest they hold in it.
Physical characteristics of real property
Immobility. Indestructibility. Uniqueness
Economic characteristics of real property
Scarcity. Improvements. Permanence. Location
Corporeal property
Visible or tangible property
Test methods to determine if something is a fixture
- Intention
- Method of attachment/annexation
- Adaptability/custom
- Agreement
MGL 183A
MA legislation governs the formation and management of condos.
Fee, fee simple, fee simple absolute
Highest form of ownership. Yours to do with what you please
Creation of life estate
- By a will
- By grant
- By a reservation
Life estate
An interest one has in a property that only lasts for their lifetime.
Remainderman
Third party who takes control of a property after the person who held the life estate no longer controls the property.
Pur Autre Vie
An estate someone has based on the life of another person
Dower rights
Rights a spouse would have to real estate if their spouse passed away without leaving a will and owned the property in their name only.
Tenancy in severalty
Sole ownership. Property is owned by one person or business entity
Co-ownership or concurrent ownership
The ownership of real property by two or more people.
Conditions required to create a joint tenancy
Four unities:
- Possession-all tenants have equal rights of possession
- Interest- all joint tenants have equal shares
- Time- title must be acquired at the same time
- Title- all names on one deed
Joint tenancy
Two or more people with rights of survivorship.
Tenancy in common
Two or more people own a property together and they can leave the property to a loved one.
Tenancy by the entirety
Reserved for spouses. Upon the death of one owner, the other is the sole owner. Divorce would change this to tenancy in common
Conversion requirements
Opportunity to purchase
Time to move. One year given
Moving expenses 750$ up to 1000 for elderly or disabled
