Chapter 44 Vocabulary

Fee Simple Absolute

Fee Simple Absolute

An ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power. Ownership in this is assigned forever to a person and her/his heirs without limitation.

Life Estate

An interest in land that exists only for the duration of the life of some person, usually the holder of the estate.

Conveyance

The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.

Fixture

An item that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.

Nonpossessory Interest

In the context of real property, an interest in land that does not include any right to possess the property.

Easement

A nonpossessory right to use another's property in a manner established by either express or implied agreement.

Profit

In real property law, the right to enter onto and remove something of value from the property of another (for example, the right to enter onto another's land and remove sand and gravel).

License

A revocable right or privilege of a person to come onto another person's land.

Deed

A document by which title to property (usually real property) is passed.

Warranty Deed

A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed, that there are no encumbrances on the property other than what the grantor has represented, and that the grantee will enjoy quiet possession of the property; a deed that provides the greatest amount of protection for the grantee.

Special Warranty Deed

A deed in which the grantor warrants only that the grantor or seller held good title during his/her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners

Implied Warranty of Habitability

An implied promise by a seller of a new house that the house is fit for human habitation-that is, in a condition that is safe and suitable for people to live there. Also, the implied promise by a landlord that rented residential premises are habitable.

Quitclaim Deed

A deed intended to pass any title, interest, or claim that the grantor may have in the property without warranting that such title is valid. This offers the least amount of protection against defects of title.

Recording Statutes

Statutes that allow deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.

Adverse Possession

The acquisition of title to real property by occupying it openly, without the consent of the owner, for a period of time specified by a state statute. The occupation must be actual, open, continuous, exclusive, and in opposition to all others, including the owner.

Eminent Domain

The power of a government to take land from private citizens for public use on the payment of just compensation.

Condemnation

The process of taking private property for public use through the government's power of eminent domain.

Taking

The taking of private property by the government for public use. The government may not take private property for public use without “just compensation”.

Leasehold Estate

An interest in real property that is held by a tenant for only a limited time under a lease. In this, the tenant has a qualified right to possess and/or use the land.

Fixed-Term Tenancy

A type of tenancy under which property is leased for a specified period of time, such as a month, or a year, or a period of years; also called a tenancy for years.

Periodic Tenancy

A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year.

Tenancy at Will

A type of tenancy that either party can terminate without notice; can arise when a landowner allows a person to live on the premises without paying rent.

Tenancy at Sufferance

A type of tenancy under which a tenant who, after rightfully being in possession of leased premises, continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only because the Person entitled to evict the tenant has not done so.

Eviction

A landlord's act of depriving a tenant of possession of the leased premises.

Constructive Eviction

A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease, thereby making the tenant's further use and enjoyment of the property exceedingly difficult or impossible.

Sublease

A lease executed by the lessee Of real estate to a third person, conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.