Chp 8 Forms of Real Estate Ownership

Parts of a property that are necessary or
convenient to the existence, maintenance, and safety of a condominium or are
normally in common use by all of the condominium residents. Each condominium
owner has an undivided ownership interest in the common elements.

A system of property ownership based on the
theory that each spouse has an equal interest in the property acquired by the
efforts of either spouse during marriage. A holdover of Spanish law found
predominantly in the western U.S. states; the system was unknown under English
common law.

The absolute ownership of a unit in a multiunit
building based on a legal description of the airspace the unit actually
occupies, plus an undivided interest in the ownership of the common elements,
which are owned jointly with the other condominium unit owners.

A residential multiunit building whose title is
held by a trust or corporation that is owned by and operated for the benefit of
people living within the building who are the beneficial owners of the trust or
shareholders of the corporation, each possessing a proprietary lease.

Title ownership held by two or more persons.

An entity or organization, created by operation
of law, whose rights of doing business are essentially the same as those of an
individual. The entity has continuous existence until it is dissolved according
to legal procedures.

See partnership.

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.

A form of business organization that combines
the most attractive features organization that combines the most attractive
features of limited partnerships and corporations.

See partnership.

The division of cotenants’ interest in real
property when the parties do not all voluntarily agree to terminate the
co-ownership; takes place through court procedures.

Joint tenancy, where tenants enjoy the four
unities: possession, interest, time, and title.

See joint tenancy.

Under community property law, property owned
solely by either spouse before the marriage, acquired by gift or inheritance
after the marriage, or purchased with separate funds after the marriage.

Ownership of real property by one person only;
also called sole ownership.

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

A form of co-ownership by which each owner holds
an undivided interest in real property as if each were sole owner. Each
individual owner has the right to partition. Unlike joint tenants, tenants in
common have right of inheritance.

A form of ownership interest that may include an
estate interest in property and that allows use of the property for a fixed or
variable time period

The principal unit of the rectangular
(government) survey system. A township is a square with 6-mile sides and an
area of 36square miles.

A fiduciary arrangement whereby property is
conveyed to a person or institution, called a trustee, to be held and
administered on behalf of another person, called a beneficiary. The one who
conveys the trust is called the trustor.