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27 Cards in this Set

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  • Back
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.
Master Deed (Declaration)
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.
Unit Deed
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.
Condo Owner's Responsiblities
Each condo owner is responsible for the mortgage and taxes on the their
Condominium Assocation responsiblities
The condo association is responsible for the management and maintenance of the common areas and the hazard insurance on the buildings.
The right to occupy a unit in a resort for a recurring period of time. Called a vacation plan or floating time plan.
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.
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.
An unincorporated business of two or more persons. not a taxable entity, all tax obligations and benefits flow through to the partners.
General Partner
A fully liable partner that manages the day to day operations of the partnership.
Limited partner
A limited liable partner that takes no part in the partnership management.
General Partnership
A partnership with only general partners. There are no limited partners.
Limited partnership
A partnership with at least one general partner and many limited partners.
Easement definition
The legal right to use part of another's property
Servient Tenement
The property across which the easements runs. The servient tenant is the owner of the property
Dominat Tenement
The peropty that benefits from the easement. The dominant tenant is the owner of the easement.
Appurtenant Easement
As easmenet that belongs to and runs with teh dominant estate when the dominant estate is sold or otherwise conveyed.
Easement in Gross
An easement that belongs to an infividual or artificial person and does not run with or atttach to a dominant estate
Easement by Grant
A voluntary easement granted by the land owner and conveyed by a quit claim deed
Easement by reservation
A voluntary easement across land being conveyed.
Easement by prescription
an involuntary easement by open, notorious, and continuous use of another's land for the period prescribed by law. Called hostile use.
Easement by necessity
an involunatry easement created by law for access to a landlocked parcel of land.
Easement by implied grant
an involuntary easement created by law for a shared driveway or party (common)wall.
Easement by condemnation
an involuntary easement for government use of a privately owned land. Best example is a Public Utility easment.
Termination of an Easement
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.
A state law that protects against the forced sale of a home to statisfy unsecured debts.
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.