Abandonment involves the voluntary and intentional surrender of property or rights to property without naming a successor as owner or tenant. The property will typically revert to someone with a prior interest or, if no owner is apparent, to the state.
A method of acquiring legal title to land through actual, continuous, open occupancy of the property for a prescribed period, under claim of right, opposed to the rights of the true owner.
The allodial system is a legal framework granting full property ownership rights to individuals, forming the foundation for property rights in the United States.
A Bona Fide Purchaser (BFP) is an individual or entity that buys property in good faith and without knowledge of any existing claims or rights of others on the property. This legal concept is essential in real estate and commercial law to protect the rights of an innocent party acquiring a property.
The Bundle-of-Rights Theory in real estate law postulates that ownership of realty encompasses a collection of distinct rights that include occupancy, use and enjoyment, and the ability to sell, devise, gift, or lease these rights.
An economic system where private ownership, profit moti ve, and market competition play central roles, facilitating individual and corporate economic gain.
The possession of and holding of rights in a unit of property by two or more persons simultaneously. The term does not describe the estate, but the relationship between persons who share the property.
Community property refers to property acquired during marriage and is recognized in nine states in the U.S. whereby the law presumes the property to be the product of joint efforts.
A Condemnation Award refers to the monetary compensation or value of other property received by an entity or individual for property that has been condemned by a government authority for public use, or from the sale of property under threat of condemnation.
Conversion is the tort equivalent to the crime of theft. It involves the unauthorized taking or use of someone else's property and can result in damages being awarded to the rightful owner.
A disclaimer is a statement or assertion that denies or renounces a claim, right, or responsibility. It is commonly used in various contexts such as legal claims, property rights, insurance policies, and professional opinions.
Due process refers to the legal requirement that the government must follow fair procedures when it seeks to restrict or condemn someone's property rights, ensuring notice and an opportunity for affected parties to be heard.
An easement is a limited right to use another's land for a specific purpose, like installing utility lines. This right does not infringe upon other existing uses of the land and is considered a privilege associated with the land, not a possessory interest.
Egress refers to the right or legal ability to exit or leave a property or premises. It is a common term in real estate and property law, often used in conjunction with 'ingress,' which refers to the right to enter a property.
Encroachment is the act of gradually intruding upon the rights or property of another, which includes any infringement on the property or authority of others.
Encroachment refers to a building, part of a building, or obstruction that physically intrudes upon, overlaps, or trespasses upon the property of another; typically verified by a survey.
The Equity of Redemption is a legal right of mortgagors to reclaim their property after defaulting, by settling the entire mortgage debt including costs and interest before foreclosure occurs.
Evidence of Title refers to documents that demonstrate ownership of property, such as deeds, which should be securely stored, such as in a bank vault. It is essential for property transactions and legal clarity.
In economics, the Exclusion Principle refers to the right of an owner of private property to exclude others from using or enjoying it.
Ingress and egress refer to the rights and means of entering and leaving a property. These terms are crucial in real estate, law, and property management, as they dictate the accessibility and usability of properties.
Inure refers to something taking effect, serving to benefit someone, or vested in property rights. It indicates a situation where rights or benefits come into force or are legally binding.
Inverse condemnation is a legal procedure where property owners seek compensation for property interests that have been diminished in value or taken due to government activity.
A life tenant is an individual who has the right to use and occupy property for the duration of their life or the life of another designated person.
Market failure occurs when the equalization of supply and demand fails to produce an efficient allocation of resources from a social viewpoint. Causes for market failure include external economies, incomplete or poorly enforced property rights, and monopolistic characteristics of suppliers.
The landmark U.S. Supreme Court decision in Kelo et al. v. City of New London et al. expanded the concept of constitutionally allowable takings of private property for public use under eminent domain to include takings for commercial developments that benefit the community.
Nuisance refers to any activity or condition that interferes with the usage and enjoyment of property either causing annoyance or damage to others. It is a significant concept in tort law addressing both private and public disturbances.
Ownership refers to the exclusive right of possessing, enjoying, and disposing of a thing. It encompasses both the concepts of possession and title, making it broader in scope than either.
Partial interest refers to the ownership of a portion of the ownership rights to a parcel of real estate. This can include rights such as mineral rights, easements on another's property, or leasehold rights.
Partial taking refers to the acquisition by condemnation of only part of the property or some property rights. It requires just compensation to the property owner for the loss incurred.
In legal terms, possession refers to having, holding, or detaining property under one's control, and involves both custody and the right to exercise dominion.
Property rights refer to the legal rights to the ownership, use, and transfer of land, capital, and other goods. They are an essential element of the capitalist system and form the foundation for private ownership and profitability.
Proprietary interest refers to any right in relation to a chattel that enables a person to retain its possession indefinitely or for a period of time.
Public purpose refers to the justification that government must provide in its use of eminent domain to acquire private property for public use. This includes scenarios such as infrastructure projects, public safety, and community development.
Quiet Enjoyment refers to the right of a tenant or property owner to use and enjoy their premises without significant disruption or interference. It is usually guaranteed by a covenant whether explicitly stated in a lease or implied by law.
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.
Real property encompasses land and anything permanently attached to it, including buildings, trees, and certain rights issuing out of, annexed to, and exercisable within or about the land. It forms an essential part of property law.
Refers to perpetual rights or restrictions that affect all current and future owners of a property, as opposed to personal agreements not transferred with the deed.
The acquisition of private property for public use under the power of eminent domain and the restrictions under police power that may preclude reasonable use of the property.
A tenant is an individual or entity who leases or occupies a premises, land, or estate under various terms and rights.
The mode in which an individual holds an estate in land, impacting the legal rights and obligations associated with land use and ownership.
A title company is a firm that examines and validates ownership titles of real estate properties, ensures they are marketable, and may also issue title insurance to protect property buyers and lenders against issues or defects in the title.
Trespass refers to the unlawful entry or possession of another person's property without permission. It is a legal concept in property law covering physical intrusion on land, buildings, or personal space.
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 usufructuary right enables an individual to use or benefit from property owned by another person temporarily, without altering the ownership of the property.
A utility easement is a legal agreement that allows utility companies to use a portion of a property for the purpose of laying and maintaining infrastructure such as gas, electric, water, and sewer lines.
A vested interest refers to a right or potential benefit in property that will certainly come about, or an involvement in an outcome that could lead to personal gain. This term is used in both legal and business contexts.
