Term used by Marxist economists to denote the social class that owns property and financial assets and thus derives income from investments. Also may be used to refer to the middle and upper classes and the prevailing social values of mainstream society.
Rights protected by the U.S. Constitution, enforceable by court action, encompassing rights such as property ownership, court utilization, marriage, contract, and other legal benefits, including those outlined in federal statutes.
A clear title signifies that a property is free from any encumbrance, obstruction, burden, or limitation that questions its legal validity or ownership.
A co-mortgagor is an individual who signs a mortgage contract with another party and is jointly obligated to repay the loan. This person typically helps in meeting the loan requirements and gains a share of ownership in the property.
A legal arrangement by which property is owned by more than one person. Co-ownership can take several forms, including tenancy in common, joint tenancy, community property, partnership, and limited liability company (LLC).
A form of real estate ownership where individual residents hold a deed and title to their houses or apartments and share maintenance costs for common areas managed by a dedicated company.
The process of changing the ownership structure of a building from a single owner to multiple owners, each owning individual units, typically through a legal and regulatory framework.
Conveyancing is the legal process of transferring property ownership from one person to another. It involves a series of administrative and legal checks to ensure the transaction is legitimate and secure.
A deed restriction is a clause in a deed that limits the use or the disposition of real estate property. These restrictions can dictate various uses and modifications of land or property ownership transfers and are legally binding.
An equitable owner is the beneficiary of property held in trust, enjoying the benefits of ownership without holding legal title.
Equitable title represents the interest held by a prospective buyer who has agreed to purchase a property but has not yet completed the transaction.
An Estate For Life, also known as a Life Estate, is a type of property ownership typically used in estate planning to allow someone to use and live in a property for the duration of their life.
Examination of Title is a crucial step in the process of buying and selling real estate. It involves investigating the ownership history and any encumbrances related to a specific property to ensure clear and marketable title.
A type of estate in land where ownership is held in fee simple, giving the owner complete and indefinite ownership of the property.
A frozen account refers to a bank account from which funds may not be withdrawn until a lien is satisfied or a court order is received freeing the balance. This situation can occur due to legal issues such as disputes over the ownership of property.
An Installment Land Sales Contract, also known as a land contract, is a type of seller financing where the buyer agrees to pay the purchase price in installments over time while taking possession of the property.
An insurable title is a title to real estate that a title insurance company agrees to insure, signifying it is free from significant defects that could result in financial losses to the owner or lender.
The landlord's ownership interest in a property that is under lease. The value of a leased fee interest is based on the anticipated income from rent and the reversionary property value upon lease expiration.
A collection of rights of ownership that are defined or recognized by law or that could be successfully defended in a court of law.
A marketable title, also known as a merchantable title, is a property title that is free from significant defects, claims, or liens and is acceptable for purchase.
Muniments of title are documents, such as deeds or contracts, used to indicate ownership of property. These legal instruments play a crucial role in securing rights and proving ownership.
An owner is an individual or entity that holds legal title to property, encompassing ownership, dominion, or vested title of said property.
The term 'Owner of Record' refers to the person(s) or entity that is officially recognized as the owner of a property based on public records.
A principal private residence (PPR) refers to an individual's main private dwelling house where they typically reside the majority of the time. Gains arising from the sale of a PPR are usually exempt from capital gains tax (CGT).
A property line represents the officially recorded boundary of a plot of land, which legally defines the perimeter of an individual's or entity's ownership.
A quiet title suit is a legal action designed to resolve disputes over ownership of a piece of property. It helps to officially establish who owns a property and eliminate any false claims to the title.
In the USA, immovable property, especially land and buildings.
The Registry of Deeds is an officially maintained book that provides a place and mechanism for registering evidences of conveyances of interests in real property, so that constructive notice may be available to all third parties that there has been a change in the ownership of property effected by a conveyance of that property.
Separate property refers to assets acquired by either spouse before marriage or through gift or inheritance after marriage in community property states.
Survivorship refers to the legal right of a joint tenant or tenants to obtain ownership rights following the death of another joint tenant. It prevents heirs of the deceased from making ownership claims against the property.
An encumbrance placed upon property as a claim for payment of a tax liability.
Tenancy by the entirety is a form of joint property ownership available only to married couples, featuring equal rights of possession and enjoyment along with the right of survivorship, meaning the property automatically passes to the surviving spouse upon the death of the other.
Tenancy in Common (TIC) is a form of ownership arrangement in which two or more individuals hold an undivided interest in property. TICs can also facilitate tax-free exchanges under Section 1031, although some investors feel the value received may not always be adequate.
Tenancy in severalty refers to the ownership of property by a single person or a single legal entity. It is a form of ownership where the owner has exclusive rights and control over the property.
Time-Sharing is a method employed in both computing and real estate contexts to optimize resource utilization by allowing multiple users or owners to access the same resource within designated intervals. In computing, it refers to the execution of multiple programs simultaneously, while in real estate, it pertains to multiple owners sharing possession of a property during specified time intervals.
A title abstract, often referred to as an abstract of title, is a brief history of the ownership of a particular piece of real estate. It includes a summary of legal actions, claims, and other notations that might affect the property's ownership.
A title defect is an unresolved claim or issue against the ownership of property that prevents the presentation of a marketable title. Such claims may arise from various issues including failure of the owner's spouse or former part owner to sign a deed, current liens against the property, or interruptions in the title records of a property.
Title guaranty, often associated with title insurance, is a legal arrangement that ensures real estate titles are free from defects and claims. This protects property buyers and lenders from potential disputes over property ownership.
Real estate with free and clear title; property owned in fee simple, meaning there are no liens or encumbrances affecting its ownership or title.
An unrecorded deed is an instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of change in ownership. Recording a deed is essential to protect one’s interest in real estate.
A warranty deed is a legal document used in real estate transactions to convey property ownership with guarantees regarding the status of the title.
