Property Ownership

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Tenancy in Common

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Each of the co-owners' interest may be conveyed separately;is when you share a specified proportion of ownership rights in real property, but not an exact area, and upon the death of a tenant in common, that share is transferred to the estate of the deceased tenant.

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The fee simple estate (aka fee simple absolute

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The most interest that one can hold in land;estate of inheritance) is absolute ownership of the property and entitles the owner to all rights of the property

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Remainder

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is the future interest conveyed to the remainderman in the deed.

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encumbrance

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A claim against;limitation on or liability against real estate.; burdens the property; something pertaining to a property that might diminish its value

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Appurtenances

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Run with the Land" and they require no separate conveyance.

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Easements, Stock in a Mutual Water Company, Covenants, and Minerals. They are considered real property

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Tax SHELTER

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Income tax

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Down zoning

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refers to zoning changes that convert commercially zoned properties into ones zoned for residential use

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Title Vesting

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the method or mode of holding title or rights to real property.

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Negative Declaration

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is a positive government response to an Environmental Impact Statement, not a statement filed by a neighboring property owner

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statutory lien

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is one that arises out of specific law (otherwise known as statutes)

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Tenancy at will

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It exists without a contract or lease and usually does not specify length of a tenant's duration or the exchange of payment.

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Specific Liens

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only burdens a specific parcel of the owner's property

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Estate at Sufferance

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A tenant who continues to occupy the property after his rights have expired

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homeowner's insurance

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A higher periodic rate charged for a shorter term than that originally contracted

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Short rate

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Net lease

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refers to a contractual agreement where a lessee pays a portion or all of the taxes, insurance fees and maintenance costs for a property in addition to rent. Commerical real estate

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Joint tenancy (t.t.i.p)

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is a form of ownership in which the tenants own a property equally. If one dies, the other automatically inherits the entire property. That’s the right of survivorship. a joint tenant CANNOT will his/her interests.

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Time, Title, Interest, and Possession

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Accretion

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is an addition to land from natural causes (for example, from the gradual action of the ocean or river waters).

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attachment

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is the process by which real or personal property of a defendant in a lawsuit is seized and retained in the custody of the law for satisfaction of the judgment

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Acquisition

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to acquire or receive something

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easement

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is a right that a property owner has over a part of the property of another owner (usually the neighbor) for a certain purpose. Also a encumbrance.

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License

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gives the holder "the personal, revocable, and non-assignable authority to do a specific act or acts on the land of another;May be revoked

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Developer's Responsibilities

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is to make sure the streets, curbs, sidewalks, utilities, and gutters are completed and functional.

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owner of a leasehold estate called?

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Lessee

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Impounds

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are monies set aside (reserves) to cover future payments of recurring costs such as taxes and insurance.

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Topography

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is a graphic representation of the surface features or contour of a place or region on a map, indicating their relative positions and elevations.

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Cooperative ownership

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In a cooperative ownership, the buyer receives shares of stock in the building corporation and a lease (or assignment of the seller's lease) of the apartment being sold.

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sale-leaseback

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usually for the purpose of creating cash flow, transfers ownership to another party while the original owner continues to occupy and/or use the land.

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ingress and egress

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are associated with the word access. To ingress means to go upon the land and to egress means to exit or leave the land it’s a easement

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equitable title

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refers to a person's right to obtain full ownership of a property or property interest

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Freehold estate

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is an estate in which ownership is for an indeterminate length of time, that would be "fee estate"

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less than freehold estates

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An estate at will; A leasehold estate. An estate from period to period

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appurtenant easement

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is a type of easement that still applies to a property even if the owners change

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reversion

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is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he has (such as the owner of a fee simple granting a life estate or a leasehold estate).

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mortgage lien

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is a form of conditional ownership of your property claimed by your home loan provider. Since your lender has a claim on your home, you need to keep up with your payment obligations or risk losing your property to foreclosure.

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judgment lien

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is a decision directed by the courts and can apply to whatever assets it deems appropriate.

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pur autre vie

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is a duration of a property interest. While it is similar to a life estate, it differs in that a person's life interest will last for thelife of another person instead of their own

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The cost approach

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is most appropiate for new buildings, not old

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Graduated lease

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refers to an agreement under which a tenant and landlord agree to a periodic adjustment of monthly payments.

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Petition for Variance

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which a landowner can try to show that unique circumstances exist and that his land should be allowed an exception to present zoning laws. Variance is done lot by lot.

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Sublease

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Whether to the original tenant or subleased to another, leasing is the most common form of transferring property without transferring ownership

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Mechanics Liens

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take priority as of the first day of construction, and may even take priority earlier than their date of recording.is statutory law contained in the California Civil Code

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An estate for years

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An estate for years can be for any fixed period of time

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Condemnation

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is the power of local, state or federal government agencies to take private property for public use provided the owner is paid just compensation

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Eminent domain

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is the right of a government or its agent to expropriate private property for public use, with payment of compensation.

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Exclusive Agency listing

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is a contract where the seller agrees to pay the listing agent a commission if the property in question sells through the agent. However if the owner sells it themselves the agent gets no commission.

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subdivision

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Divided for purposes of sale, lease or financing into five or more parcels

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A lien

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is a charge against a property--a financial encumbrance

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Community Property:

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IT IS ASSUMED that when the deed designates the co-owners of the property as "husband and wife" that Community Property applies. In other words, each spouse owns fifty percent (50%) of the property.

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Possession and recording

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function the same way, they both give constructive notice. therefore the person who possess and/or records first gains title.

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the doctrine of prior appropriation

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This allocation of water rights;Those rights are then assigned a priority based on when the right was first used or applied for. In periods of peak demand, they give those whose claim is the oldest the right to get their water first.

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Partition suits

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typically pursued when a co-owner of a property wants to sell his or her share and the other owners are opposed.

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Writ of Execution

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is a court order to sell property to satisfy a judgment.

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easement in gross

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grants a company or individual limited rights to access another\'s property for a specific purpose--in this case, installing, maintaining and repairing telephone lines.

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zoning ordinance

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specify whether zones can be used for residential or commercial purposes, and may also regulate lot size, placement, bulk (or density) and the height of structures

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alienation

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is to transfer