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CARE Prin Ch. 6:2-D

Part II: Estate/Estate Freehold

TermDefinition
Estate The degree, quantity, nature and extent on interest person has in property
Freehold Estate(Estate Ownership) One's interest as an owner of real property.
Fee Simple estate or Fee simple absolute The owner holds without any qualifications or limitations, such as private deed restrictions.
Fee Simple Qualified(defeasible) The owner holds subject to special conditions, limitations or private deed restriction that limit the use of the property.
Life Estate Created by deed or will for the life of one or more designated human beings.
Estate in Remainder When the person granting the life estate designates that the title to go to some other person upon the death of the life estate holder, that person is the estate in remainder.
Estate in Reversion When property is returned to the person who gave the life estate the heirs.
Community Property Property accumulated through joint efforts of a married couple or registered domestic partners.
Joint Tenancy Joint ownership by 2 or more person with right of survivorship; each have equal interest and rights in the property.
Less-than-freehold estate An interest held by tenants who rent or lease property.
Living trust Created during a person's lifetime to avoid probate proceedings.
Ownership in severalty Owned by one person only; sole ownership.
Right of survivorship The right to acquire the interest of a deceased joint owner; a distinguishing feature of a joint tenancy.
Separate Property Property owned by a husband or wife or registered domestic partners that is not community property.
Tenancy in common Ownership by 2 or more persons who hold undivided interest, without right of ownership, interest need not be equal.
Tenancy in Partnership Two or more persons, as partner, pool theirs, assets, and efforts in a business venture, with each to share in the profits or the losses.
Equity Sharing When an owner occupant and a non owner investor pool their money to by a home.
Limited Partnership A partnership composed of some partners whose contribution and liability are limited.
Limited liability Means that if all legal requirements have been met, the limited partners can lose only their investments.
Created by: cobiagwu
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