Property Law

Real Property

Land and anything permanently attached to it.

Fixture

Personal property affixed to land, becoming real property.

Home

A man-made structure where one or more people reside.

Land/Real Estate

Often used interchangeably with real property.

Property

Typically refers to the right to own/use real property, not the land itself.

Estate

Refers to the ownership share/interest in real property and can also refer to the property itself.

Freehold Estate

Ownership interest in land of uncertain duration (life or inheritable).

Leasehold Estate

Right to possess and use land for a fixed term via lease.

Landowner

Person holding an ownership interest in real property.

Co-Ownership

Title held by two or more persons simultaneously.

Joint Ownership

Equal shares with identical rights among co-owners.

Separate Ownership

Ownership of distinct, dividable portions by each owner.

Condominium

Individual ownership of a unit plus shared ownership of common areas.

Cooperative (Co-op)

Residents own stock in a corporation that owns the building and lease their units.

Tenancy

Right to occupy or use real property.

Tenant

A person occupying property through ownership or lease.

Joint Tenancy

Co-ownership with equal shares.

Right of Survivorship

Surviving joint tenant inherits deceased’s share.

Tenancy in Common

Co-ownership without survivorship; shares pass to heirs.

Tenancy by the Entirety

Joint tenancy between spouses with survivorship.

Dower

Spouse’s legal interest in deceased partner’s real property.

Fee Simple Absolute

Largest, most complete ownership interest in land.

Fee

Used to refer to an interest in real property that may be inherited.

Fee Tail

Estate limiting inheritance to direct descendants only.

Determinable Fee

Fee simple that ends automatically on occurrence of a condition.

Possibility of Reverter

Future interest held by grantor when a determinable fee is created.

Life Estate

Ownership measured by a person’s lifetime.

Future Interest

Ownership interest that passes in a specific manner to specific heirs after the death of a life tenant.

Remainder Interest

Future interest passing to a third party after a life estate ends.

Reversionary Interest

Future interest returning property to the grantor after a life estate.

Title

Legal ownership of real property.

Convey

To legally transfer title from one person to another.

Conveyance / Conveyancing

The act of transferring title.

Deed

Legal document conveying title to real property.

Grant

The property being transferred.

Grantor

Person transferring real property in a deed.

Grantee

Person receiving real property in a deed.

Legal Description

Precise written description of real property boundaries.

Metes and Bounds

System describing land by distances, angles, and natural markers.

Survey Method

System uses measurments against grid lines.

Plat Map

Recorded map showing subdivision of land into lots.

Tract

A large piece of land

Lot

A smaller parcel from the tract, referred to as a plat, plat map, or plot.

Registry of Deeds

Government office where property records are filed.

Recording Acts

State laws regulating public registration of real estate documents.

Listing Agreement

Contract authorizing a real estate broker to sell property.

Land Contract / Contract for the Sale of Land

Agreement for sale of land where title passes after final payment.

Fair Market Value

The actual cash value of the property that could be gotten by selling it on the open market.

Abstract of Title

Summary of recorded documents affecting ownership of real property.

Chain of Title

Chronological record of ownership transfers.

Color of Title

Apparent but defective claim to real property.

Title Search

Examination of records (grantee-grantor and grantor-grantee indexes).

Deed of Gift

Transfer of property without consideration.

Deed in Trust

Title held by a third party as security.

Partition Deed

Deed dividing co-owned real property among owners.

Demise

Transfer of property via will or inheritance.

Covenant

Promise or restriction contained in a deed.

Restrictive Covenant

Deed clause limiting property use.

Deed of Covenant / Warranty Deed

Documents containing covenants.

Covenant for Quiet Enjoyment

Grantor’s promise of undisturbed possession to grantee.

Covenant Appurtenant

Covenant that runs with the land, binding future owners.

Adverse Possession

Acquiring title by continuous, open, hostile occupancy for statutory period.

Tacking

Adding successive periods of adverse possession to meet statutory time.

Eminent Domain

Government power to take private property for public use with compensation.

Mortgage

A pledge of real property to secure a loan.

Mortgagor

Borrower who pledges property as security.

Mortgagee

Lender holding the mortgage lien.

Mortgage Loan

A loan secured by a mortgage.

Mortgage Note

The legal document proving a loan secured by real property.

Mortgagor Insurance

Pays off the loan if borrower dies or becomes disabled.

Mortgagee Insurance

Protects the lender from borrower’s default.

FHA (Federal Housing Administration)

Insures mortgage loans for qualified borrowers to promote mortgage market stability.

Fixed-Rate Mortgage

Loan with unchanging interest rate for its term.

Variable-Rate Mortgage

Loan with interest rate that adjusts periodically.

Claims to Property

Asserts ownership or property rights.

Lien

Legal claim against property for unpaid debt.

Mortgage Lien

A claim tied to mortgage debt.

Mechanic’s Lien

Lien securing payment for labor or materials improving real property.

Foreclosure

Process by which a lender forces sale of mortgaged property after default.

Foreclosure Decree

Court order requiring sale of mortgaged property.

Foreclosure Sale

Sale of property to satisfy mortgage debt.

Covenanted Rights

Rights guaranteed by agreement (ex: right of quiet enjoyment)

Air Rights

Ownership of the space above a parcel of land.

Riparian Rights

Rights of landowners adjoining watercourses to reasonable water use.

Easement

Non-possessory right to use another’s land for a specific purpose.

Dominant Tenement

Property that benefits from an easement.

Servient Tenement

Property burdened by an easement.

Easement of Access

Right to reach a property from a public road.

Easement in Gross

Personal or utility company right to use another’s land (no dominant estate).

Easement of Light and Air

Right to unobstructed light and air from adjacent land.

Land Use Regulations (Zoning)

Defines allowable land uses, structure types/sizes, and activities.

Zones

Land is divided into areas (Ex: residential, commercial, industrial)

Zoning Board

Oversees zoning and enforces regulations.

Variance

Administrative permission to deviate from zoning rules.

Lease

Contract granting tenant possession and use of property for rent.

Lessor

Landlord who grants a lease.

Lessee

Tenant who receives rights under a lease.

Tenancy for Years

Lease for a set term (e.g., 1 year or more).

Tenancy from Month to Month

Periodic tenancy renewing monthly until proper notice is given.

Tenancy from Year to Year

Periodic tenancy renewing yearly without definite term.