Property Ownership and Interests Flashcards
Bundle of Rights
Sell any rights to, interests in, and title to real property that affects the value of the real property.
Deed
Conveys real property only and cannot convey personal property
Bill of sale
Ownership of personal property is transferred and evidenced by a document called
Chattel
Personal property
Fixture
An improvement both on and to the land
Emblements
Crops such as corn, wheat and other garden vegetables that are planted annually by labor and industry
Estate in real property
An interest in property sufficient to give the holder of the estate the right to possession of the property,
Freehold Estate
Ownership for an undetermined length of time
Fee Simple Absolute
The most complete form of ownership and bundle of rights available in real property.
Convey
Pass to another, a life estate in reversion or in remainder
Defeasible
Destructible or defeatable
Life Estate
Ownership, possession, and control for the life of someone
Pur Autre Vie
A life estate may also be based on the lifetime of a person other than the life tenant
Dower
Automatic life estate owned by a surviving spouse in inheritable real property owned by the deceased spouse alone during the marriage
Leasehold Estate or
nonleasehold estate
Limited duration.
Estate of years
Exists only for a fixed period of time
Estate from Year to Year
Automatically renew itself for another term at the end of each period unless one party gives notice to the other
Estate at Will
May be terminated by either party at will by simply giving notice to the other party.
Estate at Sufferance
A tenant who originally was in lawful
Ownership in Severalty
Title to real property is held in the name of only one person or entity
Concurrent Ownership
Simultaneous ownership of real property by two or more people (co-ownership)
Right of Survivorship
If one (or more) of the co-owners dies, the surviving co-owners automatically receive the interest of the deceased co-owner.
Right of Inheritance
Co-owners share of the real estate will pass at his/her death to his/her heirs or in accordance with his/her last will and testament
Unites of Ownership
Time, Title, Interest, and Possession
Tenancy in Common
By two or more persons holding title to a property at the same time
ex) Business partners
Joint Tenancy
Co-ownership requires all four unities of time, title, interest and possessions
Tenancy by the Entirety
Limited to husband and wife
must be married
MI Condo Act
A prospective purchaser of new construction condo must be provided detailed information concerning construction & proposes operating procedures
Cooperative
The buildings, land, all real property rights, and interests are owned by a corporation in severalty.
No Deed
Timesharing
Combines the ownership of a condominium (or other separate unit) in fee with the sharing of use of the unit by many owners
- You have your time with the place
