Unit 6 Estates and Interest

Construction Lien

Claim placed against property by a worker who has not been paid.

Convey

To transfer ownership by sale or gift

Curtesy

A life estate, usually a fractional interest, given by some states to surviving husband in real estate owned by his deceased wife. Most states have recognized other martial property rights and abolished curtesy.

Dominant Estate

A property that includes in its ownership the right to use an easement over another person’s property for a specific purpose

Dower

The legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquire during their marriage. During the husband’s lifetime, the right is only a possibility of an interest; upon his death, it can become an interest in land

Easement

A right to use the land of another for a specific purpose, as for a right of way or utilities; an on corporeal interest in land

Easement appurtenant

An easement that passes with the land when conveyed

Easement by Necessity

An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; For Example, a right of ingress and egress over a grantor’s land

Easement by Prescription

An easement acquired by continuous, open, uninterrupted, exclusive, and adverse use of the property for the period of time prescribed by state law

Easement in Gross

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner

Encroachment

The extension of an improvement beyond the land of the owner, illegally intruding on land of an adjoining owner

Encumbrance

Any claim by another — such as a mortgage, tax or judgement lien, an easement, encroachment, or a deed restriction on the use the land— that may diminish the value of a property

Estate in land

The degree, quantity, nature, and extent of interest a person has in real property

Fee Determinable

An estate and land in which the ownership depends upon a condition or conditions

Fee Simple

The maximum possible estate or right of ownership of real property, continuing forever. Sometimes called a FEE or FEE SIMPLE ABSOLUTE

Freehold Estate

An estate in land in which ownership is an indeterminate length of time

General Lien

Financial claim placed against all property owned by the debtor

Involuntary Lien

A lien imposed against property without consent of the owners; example: taxes, special assessments.

Judgement

The formal decision of a court regarding the respective claims of the parties to an action. After a judgement has been recorded, it usually becomes a general lien on the property of the de

Leasehold Estate

A tenant’s right to occupy real estate during the term of a lease; generally considered to be personal property

License

1. A privilege or right granted to a person by a state to operate as a real estate broker or salesperson.

2. The revocable permission for a temporary use of land

Lien

A right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor, usually by means of a court sale

Life Estate

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person

Lis Pendens

A recorded a legal document giving constructive notice that court action affecting a particular property is pending

Mortgage Lien

Lender’s claim against specific parcel of real estate pledged as security for a debt

Party Wall

A building wall that is located on or at a boundary line between 2 adjoining parcels of land and is used by the owners of both properties

Priority

The order of position and time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens

Remainderman

The person who is to receive the property after the death of a life tenant

Reversionary Interest

An owner’s right to regain possession of leased property upon termination of the lease agreement

Servient Estate

Land on which an easement exists in favor of an adjacent property (called a dominant estate); also called servient tenement

Tacking

Adding or combining successive periods of continuous occupation of real property by several different adverse possessors

Voluntary Lien

Financial claim placed against property by the owner