term1 Definition1term2 Definition2term3 Definition3
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Feudal System
Landlords provide land to tenants in exchange for loyalty and service
Allodial System
The holding of land in absolute ownership, a legal right or claim of ownership undivided
Undivided Interest
An owners interest in a property in which two or more parties share ownership.
Estate
Right of possession
Encumbrance
Does not have the right to possess
Eminent Domain
Government takes private property for public use
Taxation
Charge on a piece of real estate to raise funds to meet the public needs of a government.
Escheat
When a owner dies and there is no heir to will the property to.
Revert back
Freehold estate
The owners rights cannot be determined. The rights may last a lifetime, for less that a lifetime, or for generations beyond the owners lifetime.
Leasehold estate
Distinguished by its specific duration, as specified in the lease terms. Rights are temporary
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