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Business Law Legal Terminology - Property
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Introduction to Property
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Interests in Real Property
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Transfer and Control of Real Property
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Trusts and Wills
Introduction to Property
Abandoned property - Intentionally disposed of property.Accession - An addition to one's property by increase of the original property or by production from such property.
Confusion - The mingling of like goods of more than two owners so that the property of each can no longer be identified except as part of the total.
Donee - The recipient of a gift.
Donor - The maker of a gift.
Fixture - Personal property so firmly attached to real property that an interest in it arises under real property law.
Gift - The transfer of property not involving consideration.
Intangible property - Protected interests that are not physical and cannot be seen.
Lost property - Property unintentionally left by the owner.
Mislaid property - Property which is intentionally placed by the owner but unintentionally left.
Real property - Land and interests in land.
Sale - The transfer of ownership of property for consideration.
Tangible property - Physical goods.
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Interests in Real Property
Appurtenant - Rights and duties created are related to the land itself and not to the particular individuals who may have created them.Community property - Rights by spouses to property earned by the other during marriage.
Constructive eviction - A failure by the landlord to perform duties under the lease which causes a substantial and lasting injury to the tenant's enjoyment of the property.
Contingent remainder - Remainder interest, conditional upon the happening of an additional event.
Curtsey - A husband's estate in the property of his wife.
Dower - A wife's estate in the property of her husband.
Easement - A limited right to use another person's land in a specific manner.
Easements in gross - Easements personal to the particular individual who received the right.
Evict - To remove tenants from the premises.
Fee Simple Absolute - An estate that is unlimited as to duration, disposition, and descendibility.
Fee Simple Conditional - Type of transfer in which the grantor conveys a fee simple on condition that something be done or not be done.
Fee Simple Defeasable - Type of fee grant that may be defeated on the happening of a specified event.
Fee Simple Determinable - A type of fee which contains a provision for automatic expiration of an estate on the occurrence of a stated event.
Freehold estate - Ownership of real property for an indefinite time or for the life of a person.
Implied warranty of habitability - Fit for ordinary residential purpose.
Inchoate - Contingent.
Joint tenancy - Co-ownership with the presence of the four unities and the right of survivorship.
Landlord - Owner of land who grants a leasehold interest to another.
Leasehold estate - The right to possess real property that one does not own.
Life estate - An interest in land for the life of a designated person.
Periodic tenancy - A definite term that is to be continued.
Possibility of reverter - A conditional reversionary interest in real estate.
Profit a prendre - The right to remove produce from the land of another owner.
Qualified fee - Ownership subject to its being taken away upon the happening of an event.
Remainder - Ownership after a prior estate.
Reversion - The grantor's right to his property upon termination of another estate.
Sublease - The transfer of less than all of a tenant's interest in a leasehold.
Tenancy at sufferance - A tenant without a valid lease.
Tenancy at will - The possession of real property is terminable at any time.
Tenancy by the entireties - Co-ownership by spouses of property.
Tenancy in common - Co-ownership in which each person holds an individual interest in jointly owned property.
Tenant - The possessor of a leasehold interest.
Vested remainder - An unconditional remainder.
Waste - Any act or omission that does permanent injury to real property or unreasonably changes its characteristics or value.
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Transfer and Control of Real Property
Adverse possession - Acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.Deed - A formal document transferring an interest in land.
Eminent domain - Power to take (buy) private property for public use.
Escrow - A third party holds the funds until all the conditions in the contract are fulfilled.
Foreclosure - The sale of a mortgaged property upon default, to satisfy the debt.
Mortgage - A loan which creates an interest in land until the underlying debt is repaid.
Mortgage assumption - A new owner takes over the mortgagor's debt owed to the mortgagee.
Mortgagee - The party making a mortgage loan.
Mortgagor - The party which takes out a loan on real property.
Nonconforming use - Preexisting use which is not in accordance with the zoning ordinance.
Quitclaim deed - The seller transfers whatever interest she has in the property but makes no warranties.
Restrictive covenant - A private restriction on use of real property, contained in a conveyance.
Right of redemption - The right to free property from the encumbrance of a foreclosure or other judicial sale, by paying what is due, with interest and costs.
Special warranty deed - The seller warrants that he personally has not impaired the title but makes no warranty as to previous holders of title to the property.
Variance - A use differing from that allowed by a zoning ordinance, permitted in order to avoid undue hardship.
Warranty deed - The seller of real property warrants good title--that neither he nor previous owners have impaired the title.
Zoning - Public control over private land use.
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Trusts and Wills
Abatement - A proportionate reduction of bequests because of insufficient funds.Ad emption - The removal of a bequest because property is no longer in the estate.
Administrator - A person appointed by the court to manage the assets and liabilities of an intestate.
Beneficiary - A person who has any present or future interest in property, which may be either vested or contingent.
Bequest - A gift by will of personal property of any kind.
Charitable trust - A trust to benefit humankind and not a specific party.
Codicil - An addition to, or revision of, a will, generally by a separate instrument.
Creator - The party creating a trust.
Demonstrative legacy - A bequest of a certain sum of money, with a direction that it shall be paid out of a particular fund.
Devise - A testamentary disposition of land or realty.
Executor - A person appointed by a testator to carry out the directions and requests in his will after his death.
General legacy - A legacy, payable out of the general assets of a testator.
Holographic will - A will written entirely in the handwriting of the testator.
Inter vivos trust - A trust established during the settlor's lifetime.
Intestate - Dying without a valid will.
Joint will - The same instrument is made the will of two or more persons and is signed by them jointly.
Legacy - A bequest of a sum of money.
Mutual or reciprocal wills - Separate instruments with reciprocal terms made by two or more persons.
Nuncupative will - An orally published will.
Per capita - An equal share is given to each of a number of persons, all of whom stand in equal degree to the decedent, without reference to the right of representation.
Per stirpes - A class or group of persons take the share which their deceased would have been entitled to, thus taking by their right of representation.
Residuary legacy - A bequest of all the testator's monetary interests not otherwise distributed by his will.
Residuary bequest - A gift of all the remainder of the testator's personal property after specific bequests have been distributed.
Specific bequest - The gift of the testator of a certain class or kind of personal property.
Specific legacy - The gift of the testator of a specific amount of money.
Testator - A person who creates a will.
Will - A formal document providing instructions on the disposition of property after death.