Real Estate

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Common Areas:

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That part of a condominium property owned jointly by all participants.

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The forms of co-ownership are

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tenancy in common, joint tenancy, tenancy by the entirety, community property, and certain aspects of condominiums and cooperatives.

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Homestead

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Real estate occupied by the owner which is given certain exemptions by law.

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Interval Ownership

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Tenancy in a condominium created for a specified period of time giving ownership to the property and exclusive right of its use during that time

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Homestead Exemption

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Often called "homestead" or "homestead right;" a right given by statute to the head of a family, by which property occupied as a home is exempt from execution by creditors. The term may also refer to the exemption from ad valorem taxes to the extent of $1,000 from assessed value.

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Joint Tenancy

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A form of co-ownership of which the most widely recognized feature is the right of survivorship.

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The allodial system

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real property in the United States provides for private ownership of real estate.

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Partition Action

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Court proceedings by which co-owners seek to sever their joint ownership. A legal procedure by which an estate held by tenants in common or co-tenants is divided and title in severalty to a designated portion passes to each of the previous tenants in common.

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Life Estate

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An interest in real or personal property that lasts only during the lifetime of one or more persons.

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Ownership in Severalty

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Owned by one person only. Sole ownership, severed from all others.

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co-ownership or concurrent ownership.

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When title is held concurrently by two or more persons or organizations it is called

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Tenancy by the Entireties

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An estate held by husband and wife which cannot be terminated without the consent of both parties.

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Pour Autre Vie

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For the life of another. A life estate pour autre vie is a life estate measured by the life of a person other than the grantee.

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ownership in severalty.

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Title held in the name of one person only is called

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Time-sharing

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A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interest in real property. Purchasers buy specific or floating time periods for use of specific property within a project, or of the project itself.

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Tenancy in Common

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Two or more persons own undivided interests in one parcel of land, without right of survivorship.

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fee simple absolute

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The greatest form of ownership in real property is

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Townhouse

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One of a row of houses usually of the same or similar design with common walls or with a very narrow space between adjacent side walls

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Joint tenancy and tenancy by the entirety include the right of

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survivorship and require the unites of time, title, interest and possession. Tenants by the entirety is limited to husband and wife and requires a fifth unity, marriage (or unity of person).

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Community Property

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Property acquired by husband and/or wife during a marriage when not acquired as the separate property of each spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property. (Oklahoma is not a Community Property State.)

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Condominium Ownership

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The individual outright ownership of a single unit in a multi-unit property, together with an interest in the common elements of the property

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Concurrent Ownership

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More than one person having legal title to the same parcel of land at the same time (co-ownership).

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Grand Incident of Joint Tenancy

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Right of survivorship in joint tenancy and tenancy by the entirety whereby the remaining co-owners acquire the deceased's undivided interest.

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Cooperative Apartment

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A form of apartment ownership. Ownership of shares in a cooperative venture which entitles the owner to use, rent, or sell a specific apartment unit. The corporation usually reserves the right to prove certain actions such as a sale or improvement.

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Defeasible Estates

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Sometimes called base fee estates or qualified fee estates; fee simple interest in land that are capable of being defeated or terminated upon the happening of specified events.

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Freehold Estate

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A possessory estate of indeterminate length in real property, held by one who owns title.

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Fee Simple Absolute

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The greatest and most complete ownership in land