Real Property Interest (20

Front 1

Condominium

Back 1

A combined fee simple ownership of a unit in a multi-unit building and a shared ownership in the common areas as tenants in common with the other unit owners. may be a residential condo or office condo. ERgulated by the Horizontal Property Act.

Front 2

Master Deed (Declaration)

Back 2

contains a legal description of the entrie complex, the CC&R's (Covenants, Conditions & Restrictions) for the common areas, and provisions for a "Condominium Association" elected by the condo owners.

Front 3

Unit Deed

Back 3

Each condo unit has a "Unit Deed" that conveys title to that particular unit. The unit is non-partitionable from the shared ownership of the common areas.

Front 4

Condo Owner's Responsiblities

Back 4

Each condo owner is responsible for the mortgage and taxes on the their

Front 5

Condominium Assocation responsiblities

Back 5

The condo association is responsible for the management and maintenance of the common areas and the hazard insurance on the buildings.

Front 6

Timesharing

Back 6

The right to occupy a unit in a resort for a recurring period of time. Called a vacation plan or floating time plan.

Front 7

Cooperative

Back 7

Ownership of a share of stock that gives the shareholder a "proprietary lease" for a specific unit in a multi-unit building owned by the cooperative corporation.
The proprietary lease gives the shareholder the right to occupy a unit in the cooperative and use the common areas.
The cooperative corporation pays all the mortgage, taxes and common area maintenance and charges each shareholder their prorated share of these expenses.
The shareholder pays for the maintenance of their unit.

Front 8

Corporations

Back 8

Corporations may own and convey real property in the corporate name. Corporate ownership of real estate is in severalty. Corporate ownership of real estate for investment is not considered desirable because of expenses and taxes.

Front 9

Partnerships

Back 9

An unincorporated business of two or more persons. not a taxable entity, all tax obligations and benefits flow through to the partners.

Front 10

General Partner

Back 10

A fully liable partner that manages the day to day operations of the partnership.

Front 11

Limited partner

Back 11

A limited liable partner that takes no part in the partnership management.

Front 12

General Partnership

Back 12

A partnership with only general partners. There are no limited partners.

Front 13

Limited partnership

Back 13

A partnership with at least one general partner and many limited partners.

Front 14

Easement definition

Back 14

The legal right to use part of another's property

Front 15

Servient Tenement

Back 15

The property across which the easements runs. The servient tenant is the owner of the property

Front 16

Dominat Tenement

Back 16

The peropty that benefits from the easement. The dominant tenant is the owner of the easement.

Front 17

Appurtenant Easement

Back 17

As easmenet that belongs to and runs with teh dominant estate when the dominant estate is sold or otherwise conveyed.

Front 18

Easement in Gross

Back 18

An easement that belongs to an infividual or artificial person and does not run with or atttach to a dominant estate

Front 19

Easement by Grant

Back 19

A voluntary easement granted by the land owner and conveyed by a quit claim deed

Front 20

Easement by reservation

Back 20

A voluntary easement across land being conveyed.

Front 21

Easement by prescription

Back 21

an involuntary easement by open, notorious, and continuous use of another's land for the period prescribed by law. Called hostile use.

Front 22

Easement by necessity

Back 22

an involunatry easement created by law for access to a landlocked parcel of land.

Front 23

Easement by implied grant

Back 23

an involuntary easement created by law for a shared driveway or party (common)wall.

Front 24

Easement by condemnation

Back 24

an involuntary easement for government use of a privately owned land. Best example is a Public Utility easment.

Front 25

Termination of an Easement

Back 25

1. By merger of servient and dominant estates through ownership of both estates by one person.
2. Release by the dominant estate owner by quit claim deed. (Not the servient)
3. Abandonment. nonuse is not abandonment, it must be a clear act of abandonment.
4. when the purpose of the easemtn no longer exists.
5. Improper use of the easement by the dominant tenant.
6. By action of the government or change of law.

Front 26

Homestead

Back 26

A state law that protects against the forced sale of a home to statisfy unsecured debts.

Front 27

License

Back 27

A permission for temporary use of land for a specific purpose that is not an interest or estate in land. May be terminiated by either party at any time.