Real Property Law Terms - 2 Accretion: "Accretion is defined as '[a]ddition of portions of soil, by gradual deposition through the operation of natural causes, to that already in possession of the owner.' Black's Law Dictionary (5th Ed. If the owner of the property is aware of a dangerous condition, but fails to do anything, the owner may be held . To "quiet title" is to declare that a certain person is the legal owner of the real property in dispute.
Definitions. Clear title. The legal definition of personal property is "anything besides land that may be subject to ownership". Definition and meaning. Property and debts acquired prior to or during the marriage are shared equally in undivided . A writt. 1.
Under the terms of the Contract for Deed, the buyer .
Bar - (1) Historically, the partition separating the general public from the space occupied by the judges, lawyers, and other participants in a trial.
counsel - Legal advice; a term used to refer to lawyers in a case. "Common property" is ownership by more than one person of the same possession. The term real property refers to land, and any buildings, structures, and equipment permanently attached or fixed to the land. Dower Under common law, a widow was entitled to a life interest in one-third of all land owned by her husband during their marriage, a right referred to as dower. Also known as a "just title," "good title," or a "free and clear title" -- a clear title doesn't have any kind of lien or levy from creditors.
Tenancy by the entirety refers to a property ownership in which a wife and husband own equal shares of a real estate asset and any income generated by it. Title is a legal term meaning registered owner of real property. 1. Call 1-800-453-3320 to apply. Examples of property, which may be tangible or. What is title? In such situations, the property owner/occupier would . In many states, the terms "husband" and "wife . Absolute interests in land. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties. Property law is the area of law that governs the various forms of ownership in real property (land) and personal property.Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. Explore the property's full report to identify the registered . All interests of the debtor in property at the time of the bankruptcy filing.
Even if you still owe money on your mortgage, as long as you have the right to sell the house, leave it to your heirs, and make alterations, your ownership is fee simple. Tangible property is personal property that can be . Property is a term describing anything that a person or a business has legal title over, affording owners certain enforceable rights over said items. Under the Indian Trusts Act, a trustee is the legal owner of the trust property and the beneficiary has no direct interest in the trust property itself.
The things may be tangible, such as land or goods, or intangible, such as stocks and . 2. An example of equitable interest is the beneficiary's interest in a trust or a silent partner's interest in a partnership. Property that is not made available for public use. A tenancy by the entirety is a form of joint tenancy arising between a Husband and Wife, whereby each spouse owns the undivided whole of the property, with the right of survivorship. 3. A landlord is a person who owns property, be it apartments, houses, land or real estate that is leased or rented to other parties, commonly referred to as tenants. clause pnale - penalty clause governing performance of an agreement. quitclaim deed: Deed for real property which does not guarantee full ownership. This is the main difference between real property and personal property. Similarly, while a landlord owns the . conviction - A judgment of guilt against a criminal defendant.
For example, the deed may list Mary near the top . Single Ownership If the person is the sole owner of the . Land owned by a private person or party and not by the government or not for public usage. Under this definition, the defining characteristic of personal property is that it is movable. It is distinguishable from a joint tenancy in that neither party can voluntarily dispose of his interest in the property. Ownership is conveyed from one person to another through transfer documents, or by the laws of intestate succession.
The sharing of ownership may be the result of a number of different situations, as will be discussed below. Similarly, to have a valid mortgage on a property, the mortgage also must contain this legal description. Here are the community property states: . The word 'property' is derived from the Latin term 'properietate' and the French equivalent 'proprius' which means a thing owned.
First Edition. Default In tenants in common circumstances, each person holds an individual, undivided ownership interest, which gives them an equal right to use the property or transfer their ownership . Property is used in the law in various senses to describe a range of legal and equitable estates and interests, corporeal and incorporeal. This is the most common type of interest.
When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it. The person in whom is vested the ownership, dominion, or title of property; proprietor. On the PropertyShark homepage, type in the address of the property for which you want to obtain the owner's name and contact details. The act, state, or right of possessing an object, in our case property. The owner pays the property manager to handle day-to-day management tasks. Property is divided into two types: "real property" which is any interest in land, real estate, growing plants or the improvements on it, and "personal property" (sometimes called "personalty") which is everything else. R. rap: Slang for legal responsibility for a criminal act.
Estoppel. The concept of property and ownership are very closely related to each other. Tenancy in Common. He who has dominion of a thing, real or personal, corporeal or incorporeal, which he has a right to enjoy and do with as he pleases, even to spoil or destroy it, as far as the law permits, unless he be .
Should the owner find any dangerous conditions, they must either repair those conditions or adequately warn the visitors of potential danger. Meanwhile, in a real estate transaction, the seller holds legal interest; the buyer, equitable interest. When the buyer completes the required payments, the seller is obliged to deliver a deed to the buyer. Legal disciplinary practice (LDP) - a type of law firm where solicitors work alongside other types of lawyer, such as licensed conveyancers, and a restricted number of non-lawyers. The legal term for a party that allows or gives an option. In many states, the terms "husband" and "wife . Tenancy by the Entirety. FindLaw is your starting place for help understanding the law. There can be no property without ownership and ownership without property. It is outright ownership. The purchase price is paid in installments over the period of the contract, with the balance due at maturity. Call 1-800-453-3320 to apply. Possessory - Relating to ownership. 4. Two or more people can decide to buy a house jointly, either as joint tenants (all tenants are equally entitled to the whole property) or as tenants in common (each tenant is entitled to a specific share of the property).
We update our site regularly, and all content is reviewed by experts. water, electricity) clause particulire - special condition. Real Estate Terms That Start With P Partition Posted on Nov 1, 2013. Translated into English, et al. One of the main advantages of this type of ownership is that it offers rights of survivorship. In today's Western democracies, property rights are taken for granted. By contrast, an individual with an equitable interest in a property holds no title to the asset yet enjoys the privileges of its ownership. This means that although the owner has transferred the ownership to someone else through the deed, he/she still retains the right to stay in the property till his/her death. Tenancy by the entirety is a type of joint ownership with rights of survivorship that is recognized in some states and can only exist between a husband and wife. An agreement between the seller and the buyer for the purchase of real property. For example: "He took the rap for his partner in crime." Property not held by a government or public entity but by a private citizen or entity. If you're not sure about the exact address, you can also search by neighborhood and zip code and browse the result list for your target address. Its function is to spare writers and readers from laboring over long and potentially inconsequential lists. The issue of whose .
Law Dictionary - Alternative Legal Definition. Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Property is anything that is owned by a person or entity. It will also be used for a title search, and appear on the title . Ownership of real property also addresses ownership of whatever is growing on, or lies beneath the land. Distinct corporeal and incorporeal property rights in relation to the one object may exist concurrently and be held by different parties. Fee simple. A person that holds legal title (owns the property) may or may not have a right of possession. Joint Tenancy. PRIVATE Not general, as a private act of the . Whether it is freehold property or a leasehold property, we need to know our rights, our boundaries and the regulations and laws that govern us. including the description of the property, the registered proprietor (legal owner) and easements and covenants affecting the title. Property rights are among the most basic rights in a free society. Either spouse can withdraw the funds from an account without the knowledge or permission of the other spouse. When the property is held jointly. clause suspensive - a conditional clause in a contract that must be met in order for the sale to reach completion.
Adverse possession is a complicated loophole in the law, which allows a trespasser or nonproperty owner to gain ownership of a property if certain criteria have been met.
When it comes to property ownership, states are broadly divided into two types: community property states and common law property states. Here are some common ways to own real estate. The Law Society provides information about legal aid. Tenants in Common. Often referred to as "real estate," real property is one of the most important, and most lucrative, items bought, sold, and traded in the United States. This method conveys ownership to them as one person, with title transferred to the other in entirety if one of them dies. There are two basic types of personal property: tangible and intangible. A sign that is too small, that is placed in a non-prominent location, or is unreadable would not be adequate because it would probably not put the visitor on notice of the danger. Lien - an interest in property granted by the owner of that property, to another party (the lienholder), until the property owner fulfills a legal duty to the lienholder, such as the repayment of a loan or the payment of lawful charges for work done on the property. A grantee is usually shown on a deed underneath the grantor. In Scotland historically until the abolition of the feudal system there were two distinct legal estates, superiority and feu. On the other hand, an owner is a person who has full control and rights over an object, property, land or intellectual property. Either spouse can withdraw the funds from an account without the knowledge or permission of the other spouse. A deed-in-lieu of foreclosure is a document transferring the title of a property from a homeowner to the bank that holds the mortgage.
In property law: Trusts.
In the simplest of terms this means the owner bares the obligation to inspect the property. Only a fee simple may be absolute. Ownership may be divorced from possession. It may sound simple, but there cannot be any .
2) Divorce: An absolute divorce is a final judgment of divorce that dissolves the marriage and. Different types of ownership may be preferential for commercial property owners in different locales due to varying laws and other factors.
What It Means in Latin and English. Amendments This is the most common type of interest. The Latin phrase et al. contract - An agreement between two or more persons that creates an obligation to do or not to do a particular thing. A party is prevented by its own act from claiming a right which is detrimental to another party who was entitled to rely on such conduct and acted thereon.
chquier - cheque book. If the deed was prepared properly (and there are frequently mistakes in preparing this type of co-ownership), it means that when one of the owners dies, the interest of that owner passes automatically to the remaining owner (s) without . Although there is now nearly worldwide recognition that no person can own another person, as this would constitute slavery and violate Article 4 of the Universal Declaration of Human Rights, 28 this fundamental right is not always guaranteed in .
Sole Ownership. Property rights are the legal rights that entities have on a thing or creature they own. In Scotland, the nearest equivalent to an English "official copy" is an "office copy" which consists of an official Registers of Scotland print of the title sheet. Each joint tenant has an undivided . Tenancy by the entirety is a type of joint ownership with rights of survivorship that is recognized in some states and can only exist between a husband and wife. charges - maintenance charges on a property (e.g.
absolute. Bankruptcy judge A judicial officer of the United States district court who is the court official with decision-making power over federal bankruptcy cases. The estate of superior was unfettered, and therefore absolute. Hi. To figure it out, you need to know a little about the laws in your state. 2. Ownership in severalty means one person owns the property. It runs from the present owner to the very first owner of the property. You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses. Glossary of Property Terms. Advantages The advantage of this method is that no legal action needs to. Ownership Law and Legal Definition Ownership is the legal right to the possession of a thing. The trustee thus appears by all counts to be the owner of the. The legal description is an essential component of a deed that describes and defines the property that's bought or sold. This Property Rights and Real Estate Law glossary will help you understand the legal terms and phrases which are relevant to buying a home, landlord issues, and other areas of Property Rights and Real Estate Law. Here are some common ways to own real estate. Last Updated on 2 years by Admin LB Ownership: Definition, Concept and Kinds | Overview Meaning & Definition Essentials of Ownership Subject Matter of Ownership Modes of Acquisition Kinds of Ownership Meaning & Definition Ownership refers to the relation that a person has with an object that he owns. n. anything that is owned by a person or entity. 2560-2564." Et Al.
Moveable property is transferred by contract laws and other common laws, whereas, immovable property ownership is transferred or exchanged by property laws. It is outright ownership. Transcribed image text: In a legal sense, the term property refers to a resource over which an individual or business holds a legal title, that is, a resource that it owns.
Real property is a legal concept distinct from real estate, which is a physical asset. Glossary of terms: FAMILY ADVOCATE: an institution that assists with family matters, such as divorces, and makes recommendations in respect of the children's best interests. The object of ownership can be tangible such as personal property and land or it can be intangible such as intellectual property rights over musical, literary or scientific creations of the mind. Dock To curtail or diminish; the legal process in which a court changes or "docks" an entail to land held in fee simple . A homeowner might submit a deed-in-lieu of foreclosure if the bank has denied them a loan modification or short sale. An abbreviation of et alii, meaning "and others . Common forms of property ownership include the following: Joint Tenancy: Property is owned by two or more persons at the same time in equal shares. Property Law Law and Legal Definition | USLegal, Inc. Property Law Law and Legal Definition Property law is the law that in the common law legal system governs the various forms of ownership in real property and in personal property. 2007. The estate technically becomes the temporary legal owner of all of the debtor's property. Persons may be excluded from entry onto private property by the owner. A tenant has a right to possess an apartment but doesn't own it. Alienation is the act of transferring title, ownership, an estate, or an interest in real estate from one party to another. The owners (entities) may be people, companies, charities, governments, trusts, etc. Unity of time, title, interest, and possession is vested in each joint tenant (four unities). property, an object of legal rights, which embraces possessions or wealth collectively, frequently with strong connotations of individual ownership. Bankruptcy petition Sole ownership occurs when a single person owns a complete interest in a property or asset. Total Reply : 12.
The term "owner" would, by strict grammatical interpretation, mean an individual; however, in most instances more than one individual share in the ownership of property. 4 min read. Fee simple. Read More. The Law Dictionary is your free online legal dictionary featuring Black's Law Dictionary, the trusted source of law definitions and terms for over 100 years. Property Law 1 (Land Law) Land law has and always will be of great importance to people, for a start; we all need somewhere to live. A creation or transfer of an estate or interest in land . However, the bank can deny the request for a deed-in-lieu (and often do). The 2nd edition has over 15,000 legal terms for your business and research use. An LE after the name of the owner on the deed refers to the life estate clause on the deed.
Original (Part) and counterpart Property managers are commonly used to manage a variety of real properties, such as apartments, homes, and commercial buildings. In law the term refers to the complex of jural relationships between and among persons with respect to things. Alienation clause The provision in a mortgage or deed of trust signed with the lender that states that the borrower must pay the mortgage in full before the borrower can transfer the property. The legal term for this type of property is "quasi-community property." Wisconsin calls it . Property management is a manager's oversight of a property, on behalf of the property's owner. Even if you still owe money on your mortgage, as long as you have the right to sell the house, leave it to your heirs, and make alterations, your ownership is fee simple. It means . 2) agreeing verbally or in writing to the terms of a contract, which is one of the requirements to show there was a contract (an offer and an acceptance of that offer). In order to transfer ownership of real estate, the deed must contain a unique legal description of the property that identifies it. The ownership of an equitable mortgage is different from the equitable ownership of a legal mortgage. n. 1) receiving something from another with the intent to keep it, and showing that this was based on a previous agreement. Property that is attached or fixed to real estate is known as real . The legal dictionary defines it as a "formal, detailed, and sufficient property/asset description that definitively identifies and locates a specific property.".
This means that a person has unfettered ownership of property, the equivalent of a freehold in English land law. Property can be exchanged through contract law, and if property is violated, one could sue under tort law to protect it. Thus, the main characteristic of personal property is that it is movable, unlike real property or real estate. The legal owner of the property (trustee) has the right to possession, the privilege of use, and the power to convey those rights and privileges. Tenancy by the Entirety. That is why, even though land law has its roots deep in ancient . This also implies that the grantee (s) cannot ask the . The formal ownership of property held within a strata plan where property is defined within . Optionor. Legal executive - a lawyer regulated by ILEX Professional Standards (IPS). If the owner passes away, his or her interest in the property or the asset is included in . The legal term for an individual that acquires and holds an option. Like a Blue Book for homes, the chain of title is the documentation of all past ownership of a property. continuance - Decision by a judge to postpone trial until a later date. is actually an abbreviation. Legal Custody: Relationship with a child created by court order which gives a person legal responsibility for the physical possession of a minor and the duty to protect, care for and .
Personal property is legally defined as "anything other than land that may be subject to ownership.".
This is called co-ownership of property, and both individuals' names will be registered at the Land Registry, as legal owners.
A warning sign is only effective if it puts the person entering the property on notice of a certain dangers. Definition of Property: According to Salmond: The legal term "tenants in common" refers to a form of ownership in which two or more people own separate shares of the same real property. MARRIAGE IN COMMUNITY OF PROPERTY: there is one estate between the spouses. 1) Property: Used in property law to describe an estate that is free from any limitations at all. The ownership and transfer of immovable property is regulated by the Deeds Registries Act and the Sectional Titles Act, while the movable property will be dealt with in terms of our common law. (2) More commonly, the body of lawyers within a jurisdiction. As Attorney Lampert says, "JTRS" means joint tenants with the right of survivorship. Let's take a detailed look at seven of the most common types of property ownership: Sole Ownership. Intellectual property refers to property that is the product of intellectual activity. means "and others." It comes from the Latin words et ("and") + alii ("others").
Ownership in severalty. 1. Lenders require this agreement if the private road is the only access to . Easement The right of the owner of one piece of land (the dominant tenement) to a benefit from other land (the servient tenement ). There is no distinction between legal and equitable estates in India. 3.2 Ownership is transferred when goods are put in a deliverable state; 3.3 Ownership is transferred when goods in the deliverable state put to weighted or measured to ascertained price; 4 Transfer of Property in Uascertained Goods. Private Road Maintenance Agreement - An agreement between all property owners that abut a private road to maintain that road. 4.1 Appropriation; 5 Transfer of Property in Sale on approval; 6 Transfer of Property When Right of Disposal is .
Forms of Property Ownership. There may also be potential limitations upon ownership rights to real property.5 . Legal Aid or Legal Services: Free legal representatives in civil cases for income eligible persons. Ownership. Real Estate Institute of . Laws governing property management vary by . Definition. The question of the ownership of the body is a very complex one, both in ethical and legal terms. The grantee is the person receiving receiving property ownership interest on a deed. parcel. A person giving or bequeathing land, or real property, in a will. Start here to find resources to learn how to find an attorney, legal . The basic distinction between legal and equitable ownership is quite simple. A grantee may receive total ownership of a property from the grantor or just partial interest, depending on what the grantor has the right to give. A collective term meaning all property owned by a person, including real and personal property, and other legal rights. It is an aggregate of all the rights that. ); see 5 Powell, Real Property (1981) 719; 5A Thompson, Real Property (1970 Sup.) Premises - A somewhat fluid term meaning land and its appurtenances, or land and its buildings and structures.