Legal Terms Chapter 33 - Multiple Ownership of Real Property Flashcards
(28 cards)
Common areas
The part of a condominium or apartment building that is owned, as tenants in common, by all the unit owners.
Concurrent ownership
Ownership by more than one person; also called co-ownership.
Condominium
A parcel of real property, portions of which are owned separately in a fee simple by individual owners and the remainder of which is owned as tenants in common by all the unit owners.
Condominium association
A group of people consisting of condominium unit owners that manages and maintains a condominium.
Cooperative apartment
A dwelling building in which the occupants lease individual units, and, at the same time, own shares of stock in the corporation that owns the building.
Co-tenants
Two or more owners of real property.
Covenants, condition, and restrictions
Rules made part of the deeds to individual properties.
Creditors
People or businesses to whom money is owed.
Equity
Ownership interest.
Estate in severalty
A form of title to real estate where there is only one tenant/owner without any other joint interest.
Homeowner’s association
When a buyer purchases a property which is part of a multi-ownership development, the buyer becomes a member and is subject to it’s covenants, conditions, and restrictions.
Interval ownership
A fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval, such as a week or two each year; also called time-sharing.
Joint tenancy
The estate owned by joint tenants; also called joint tenancy with the right of survivorship.
Joint tenants
Two or more persons holding one and the same interest, accruing by one and the same conveyance, commencing at one and the same time, and held by one and the same undivided possession.
Levy on execution
To collect a sum of money by putting into effect the judgment of a court.
Master deed
A deed to a condominium that describes the entire property that is owned by the condominium association.
Moiety
A part, portion, or fraction.
Partition
The division of land, held by joint tenants or tenants in common, into distinct portions so that they may hold them separately.
Proprietary lease
A lease to an owner of the property.
Tenancy by the entirety
A type of joint tenancy held by the spouses that offers protection against attachment and that cannot be terminated by one spouse alone.
Tenancy in partnership
Ownership in which each person has an interest in partnership property that is a co-owner of such property.
Tenants in common
Two or more persons holding an undivided interest in property, with each owner’s interest going to his or her heirs on death rather than to the surviving co-owners.
Unit deed
A deed to an individual condominium unit being transferred.
Units
The individual portions of a condominium that are owned separately in a fee simple by individual owners.
