Virginia PL, Level 2 - Real Property Ownership

community property

a system of property co-ownership, most commonly applied to married couples, which describes what is joint property and what is individual property

joint tenancy

co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance

partition suit

legal action brought with the purpose of terminating the ownership interest of a co-owner to real property

right of survivorship

the statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners

severalty

undivided ownership of an estate, with an interest that is exclusive from other owners; often referred to as ownership in severalty or tenancy in severalty

tenancy in common

co-ownership with individual, undivided interest in the property; includes rights of inheritance rather than survivorship

general partnership

a business entity in which all co-owners actively share power, responsibilities, and profit

joint venture

a business arrangement that a partnership uses when joining forces for a single business objective achieved through one or a series of related projects; this arrangement will not be of an ongoing nature

limited partnership

a business entity composed of both general and limited partners. the general partners manage the business and limited partners are passive investors.

real estate investment trust (REIT)

a trust that invests in, owns, or acquires real property and is owned by investors who share the trust's profits according to shares.

sole proprietorship

ownership of a business by a lone individual

syndication

a style of investing in which investors combine their capital and employ an expert to use that capital to obtain, manage, and sell an investment property for profit.

ex: 20 investors each put in money to buy a big apartment building, and one professional manages it for them.

common elements

portions of a shared ownership property not controlled by any one owner or tenant. examples include parking lots, lobbies, fitness centers, elevators, etc.

condominium

property where each owner has a separate interest in their own unit and undivided interest in the common areas

planned unit development

a subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by pud lot owners as tenants in common

timeshare estate

The right to occupy a specific unit, or one of several units—during five or more separated periods of time over a period of at least five years—which includes renewal options, as well as a freehold estate or an estate for years in a time-share project

living trust

a trust established by a living trustor in order to convey legal title of property to a trustee for the benefit of a named beneficiary

trust

a legal entity where control of some asset or property is transferred by a grantor (trustor) to a third party (trustee) to be held for the benefit of another (beneficiary)

beneficiary

the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy

timeshare use

The right to occupy a specific unit, or one of several units—during five or more separated periods of time over a period of at least five years—which includes renewal options, but does not include a freehold estate or an estate for years in a time-share project

right of rescission

The purchaser's right to cancel a contract on certain purchases, including timeshares and condos, within an allotted time frame, and receive a full refund of monies paid

public offering statement

A required document that provides a full and accurate disclosure of a time-share project (or condo), any material circumstances affecting it, and the characteristics of the project

condominium act

The law that governs how Virginia condos are created, registered, governed, and sold, as well as the requirements for condo declarations, public offering statements, and resales

common interest community

Real estate that is subject to a declaration containing lots (at least some of which must be residential or occupied for recreational purposes) and common areas

common interest communities law

A law that was designed to create a policy board and regulations to administer the Virginia Property Owners' Association Act, Cooperative Act, Condominium Act, and Timeshare Act

landlord and tenant act (VRLTA)

A law designed, in part, to simplify the governing the rental of dwelling units, and to clarify the rights, obligations, and remedies of landlords and tenants in Virginia

Virginia real estate time-share act

A law stating that before a timeshare program is created for a timeshare estate project, the developer must first prepare the instrument that meets specific legal requirements, and file the instrument with the Common Interest Community Board