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Real Estate Law
Chapter 2: Concurrent Ownership
| Term | Definition |
|---|---|
| Community property | In states following the civil law of Spain and France, rule of law that provides that real property acquired during marriage is owned equally by the husband and wife. |
| Contribution | Right of a co-owner of real property to receive reimbursement from other co-owners for their share of expenses that are common to the real property. |
| Corporation | A legal entity wherein the owners do not have personal liability for the debts or actions of the entity. |
| Curtesy | Interest in real property of the wife that the law in some states gives to the surviving husband at the time of the wife’s death. |
| Cower | Widow’s interest in real property of her husband that provides a means of support after the husband’s death. |
| Elective share | Right given to a widow in many states to elect, at her husband’s death, to receive either dower or some ownership (fee simple) share of her husband’s real property. |
| General partnership | An association of two or more persons to carry on a business for profit as co-owners. |
| Joint tenancy with the right of survivorship | Ownership of real property by two or more persons. Joint tenants with the right of survivorship own equal interest in the real property, and on the death of any owner, the deceased owner’s interest in the real property will pass to the surviving owner. |
| Limited liability company | An entity that offers the tax advantages of a partnership and the limited liability of a corporation. |
| Limited partnership | A legal entity made up of 2 classes of ownership GEN partners <D partners The general partners have full liability for the debts & obligations of the LTD partnership & the LTD partners have LTD to the extent of their investment in the partnership |
| Partition | Method by which co-owners of real property can divide the common property into separate ownerships. Partition may be by voluntary agreement of the co-owners or by court action. |
| Prenuptial (or antenuptial) agreement | Agreement entered into by a married or engaged couple that, among other things, outlines an agreement between the couple regarding the division and ownership of property in the event of separation or divorce. |
| Tenancy by the entirety | Ownership of real property by a husband and wife. The husband and wife are treated as a single owner, and neither the husband nor the wife can transfer the property without the other’s consent. |
| Tenancy in common | Co-ownership of real property by two or more persons. Each owner’s interest in the property is capable of inheritance. |
Created by:
susan.g
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