Forms of Real Estate Ownership Flashcards Preview

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Flashcards in Forms of Real Estate Ownership Deck (9)
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1

severalty

title is held by one individual

2

co-ownership

title ownership held by two or more individuals

3

trust

where a third individual hold title for the benefit of another

4

joint tenancy

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent's interest passes to the surviving joint tenant or tenants by the right of survivorship.

5

tenancy by the entirety

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse the survivor becomes the owner of the property.

6

community property

Any property acquired during a marriage is considered to be obtained by mutual effort. Separate property is real or personal property that was owned solely by either spouse before the marriage. It also includes property acquired by gift or inheritance during the marriage, as well as any property purchased with separate funds during the marriage

7

living trust

created by agreement during the property owner's lifetime

8

testamentary trust

established by will after the owner's death

9

proprietary lease

The purchaser of a cooperative becomes a shareholder in the corporation by virtue of stock ownership and receives a proprietary lease to the apartment for the life of the corporation.