Property Rights: Estates & Tenancies, Condos, Cooperatives & Time Sharing Flashcards
Riparian Rights
Associated with land abutting the banks of a river or stream
Littoral Rights
Associated with land abutting ocean or lake
Fee Simple Estate
Absolute and complete ownership, subject to government restrictions
Life Estate
The ownership of immovable property for the duration of a person’s life
Tenancy at will
Agreement can be terminated at any time by either the tenant or the owner/landlord. It exists without a contract or lease and usually does not specify the duration of a tenant’s rental or the exchange of payment
Tenancy at sufferance
Agreement in which a property renter is legally permitted to live on a property after a lease term has expired but before the landlord demands the tenant vacate the property
Tenants in common
Agreement where two or more people share ownership rights in a property or parcel of land. The property may be commercial or residential
Joint Tenancy
Property jointly by two or more parties, the share of each passing to the other or others on death “Right of Survivorship”
Tenancy by the entireties
Joint Tenancy between husband and wife
Non-Marital Assets
Separate property owner by either wife or husband owned prior to marriage
How long does a buyer of a new condominium have to cancel contract?
15 calendar days
How how does buyer of resale condominium have to cancel contract?
3 business days
How long does buyer of timeshare have to cancel contact?
10 calendar days
Interval ownership
Ownership of property but is entitled to exclusive possession only for a particular time period each year “Timeshare”
Right-to-use
grants right with the right-to-use forms of time-sharing that temporary in a nature. “lease’
