Real Property Rights, Estates, and Co-Ownership Types

Real property

Rights in land and its permanent structures.

Personal property

Rights to any other object or to intellectual matters.

Bundle of rights

Includes rights of exclusive possession, use, and disposition.

Police power

Government's ability to reduce the bundle of rights in real property.

Taking

When police power goes too far, requiring just compensation.

Estates

Bundles of real property that include the right of exclusive possession.

Freehold

Titled interests in real property that are indefinite in length.

Leasehold

Untitled interests in real property that have a definite ending.

Fee simple absolute

The most complete estate, representing common ownership.

Restrictive covenants

Impose restrictions on land use, created in a deed or subdivision declarations.

Easement

The right to use land for a specific, limited purpose.

Easement appurtenant

Involves the relationship between a dominant parcel and a servient parcel.

Easement in gross

Involves a right-of-way and does not require a dominant parcel.

Lien

An interest in property as security for an obligation, usually for debt or taxes.

Co-ownership

Simultaneous ownership of essentially the same set of rights by multiple persons.

Tenancy in common

Flexible co-ownership with rights of disposition similar to individual ownership.

Joint tenancy

Gives no rights of inheritance to any but the last surviving co-owner.

Tenancy by the entirety

A marital form of joint tenancy.

Condominium

Combines individual ownership of a unit with tenancy in common of common facilities.

Cooperative

A corporation giving each shareholder a proprietary lease to one unit.

Community property

Property acquired during marriage, typically shared equally.

Timeshare interests

Property conveyed to multiple owners, ranging from true ownership to a license.

Assessment lien

A lien related to property assessments.

Property tax lien

A lien for unpaid property taxes.