Flashcards in Estates Deck (43):
Commercial Easement in Gross
An Easement in gross that is of a business or nature ; example: utility line.
A type of easement where each of two abutters have the right to cross over the property of the other to gain access to there property ( usually a garage ).
Ownership by two or more persons at the same time. Example Joint tenancy , by the entirety, tenancy in common.
The right of the husband to share of the wife's estate at the time of her death. ( in Massachusetts, cutesy rights are one third of the wife's estate at the time of her death )
An estate that derives benefit from another estate ( Servient Estate ) as in an easement.
The right of a wif to share of her husbands estate at the time of his death. ( In Massachusetts dower rights are one- third of the husbands estate at the time of death.
An interest that one party ( Dominant Estate ) has to use the property of another ( Servient Estate) as in a Right of Way
The right one property owner ( Dominant Estate ) has in the property of another ( Servient Estate ). Passes forward with the land. Ex. A common driveway or the right of Lot A property owner to cross Lot B to access a lake.
Easement by Necessity
Easement created by the courts and required by need. Must have common grantor for dominant and Servient estates. Example; Right of way to road when property is land -locked.
Easement by Prescription
Easement created by open notorious and continuous use ( 20 years in Massachusetts similar to acquiring title by adverse possession.
Easement of Gross
An easement that does not pass with the land and has no dominant estate. Example; Utility easement
When the property of one party intrudes on the property of another, that is ; a roof or deck overhanging the lot line.
Anything that lessens the value of a parcel of property; including liens and any encroachment
The legal interest and rights that a party has in real property.
The highest form of estate -the holder possesses all of the rights possible-limited only by government rights and the rights of others. Also known as Fee or Fee Simple.
Fee Simple Defeasible
A fee simple estate subject to a specific condition. There are two types , Fee Simple Determinable and Fee Upon Condition.
Fee Simple Determinable
An estate in which the holders a Fee Simple title that ends upon the happening of a specific condition that can be determined from the deed and automatically ends when that specific condition takes place.
Fee Simple on Condition Subsequent
An estate in which the holder has a Fee Simple title that ends upon the occurrence of a certain condition. The original grantor must take action to regain title- not automatic.
An estate for an indefinite period of time ( as compared to a Non-Freehold or lease.
Land that is owned and used as the family home. Many states allow protection from creditors for a homestead.
A type of concurrent estate ( two or more persons ) with co-owners having equal rights. Upon the death of one party interest passes to the surviving party. ( Right of Survivorship ).
A use of property permitted by an owner for a specific purpose. Revocable at any time. May be verbal. Also a certification by the state to sell Real Estate. Ex: fishing , hunting and camping
A right or interest that one party has in the property of another as security for a debt. ( A financial encumbrance; a mortgage
An interest in real or personal property that is limited to the life of the owner or some other specified individual.
Rights of land owners abutting oceans of standing bodies of water ( Riparian Rights deal with rivers and streams - flowing bodies of water ).
An estate for a definite period of time ; a lease ( As compared to a Freehold Estate as in a deeded transfer of title )
Personal Easement in Gross
An easement in gross that is of a personal nature and not commercial Ex. Charlie has the right to cross Mary's property for access.
A type of estate held as a future interest by the one who will receive title at the end of a life estate ( upon death of holder of a life estate, the remainder estate becomes a Fee Simple estate ).
The party holding a future interest as the third party to a life estate.
A private restriction in a deed that limits future use and rights. Not tied to zoning. Example; lot size, type of architecture; runs with the land.
The estate left with the grantor when the estate being transferred is less than the estate previously received
Rights of Servivership
The right in Joint Tenancy( and Tenancy by the Entirety ) for title to pass to the surviving joint tenant(s) upon the death of one of the owners.
The rights associated with property that abuts a flowing body of water such as a river or stream. Similar rights associated with the ocean, lake or other standing body of water are called Littoral Rights.
Property over which another piece of property ( Dominant Estate ) has a right of way.
When title to property is held by one individual
Tenancy by the Entirety
A type of Joint Tenancy restricted to husband and wives. Provides for right of survivorship
Tenancy in Common
A type of concurrent estate ( two or more persons ) where co-owners each have an undivided interest in the property. No right of survivorship
Tenancy in partnership
Ownership by a partnership as an entirety and subject to the terms of the partnership , regards rights of the partners. Ui
The rights a property owner has in regards to water within or abutting property owned. Includes Sub-Surface Water and Surface Water Rights in flowing bodies of water are Riparian while rights to standing bodies of waters are littoral.
Types of Freehold estates are;
1. Fee Simple
2. Fee Simple Determinable
3. Fee Simple on condition Subsequent
4. Life Estate.
Types of Concurrent Estates
1. Tenancy by the Entirety
2. Joint Tenancy
3. Tenancy in Common
Three forms of business ownership
1. Single Proprietor