Key Terms

Allodial System

a form of absolute land ownership, where an individual owns property free from any lord, superior, or government claims, meaning no rent, services, or fealty are owed for the land itself, representing the highest form of private ownership, though still subject to government powers like taxation or eminent domain

Taxation

The process by which a government raises funds to pay for its operation

Leasehold Estates

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

Encumbrance

legal claims or restrictions affecting property use or value, with common examples including liens (mortgages), easements (utility access), restrictive covenants (HOA rules), encroachments (fences crossing property lines), and leases

Encroachment

A building or some portion of it (a wall or fence) that extends beyond the land of the owner and illegally intrudes onto some land of an adjoining owner

Police Power

The government’s right to impose laws, statutes and ordinances (including zoning ordinances and building codes) to control the way land is used in order to protect the public's health, safety and welfare

Escheat

The reversion of property to the state or county, as provided by state law, in the event the property is abandoned or the owner dies without leaving a will and has no heirs to whom the property may pass

Statutory Estates

created by law. Examples include community property and homestead protection

Covenants, Conditions, & Restrictions

Private restrictions that have been placed in the public records that control the use of property.

Water Rights

The right of a landowner to use water that borders a property.

Eminent Domain

The right of a government to acquire private property for public use through a court action called a Condemnation (where the court decides that the property is a need for public use and determines the price or compensation to be paid to the owner)

Freehold Estates

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. 

Equitable Estates

A right or interest in land that is less than ownership or possession; a contract, lien, or easement can create this estate for a buyer

Appurtenance

Those rights, privileges and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the property, such as rights-of-way, easements, water rights and property improvements