Real Estate / Real Property Land, and generally whatever is erected upon or affixed thereto. Bundle of Rights The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing. Fee Simple Estate Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees. Partition The division which is made of real property between those who own it in undivided shares. Trustee Any person who holds property, authority, or a position of trust and responsibility for the benefit of another. Trustor A person who conveys title to a trustee. Act of Waste Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property. Air Rights Rights in real property to use the space above the surface of the land. Beneficiary The person who receives or is to receive the benefits resulting from certain acts. Bundle of Rights The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing. Escheat The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent. Estate for Years A leasehold estate for any specific period of time. An estate for years is not automatically renewed. Fixture / Trade Fixture Personal property so attached to the land or improvements as to become part of the real property. Curtesy A husband's interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate. Dower The part of or interest in real estate of a deceased husband given by law to his widow during her life. Joint Tenancy Ownership of real property by two or more persons, each of whom has an undivided interest with the "right of survivorship". Joint Venture A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. Life Estate The conveyance of title property for the duration of the life of the grantee. Partition The division which is made of real property between those who own it in undivided shares. Personal Property Any property which is not real property. Reversionary Interest The interest which a grantor has in lands or other property upon the termination of the preceding estate. Right of Survivorship Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety. Riparian Rights The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means "riverbank". Tenancy in Common An ownership of real property by two or more persons, each of whom has an undivided interest, without the "right of survivorship". Trustee Any person who holds property, authority, or a position of trust and responsibility for the benefit of another. Trustor A person who conveys title to a trustee Undivided Interest The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property. Air Rights The right for a property owner to use space above the surface of their land. Subsurface Rights A property owner's rights to the water and other substances below the surface of the land. Chattel Personal property, or anything not considered real property. Riparian Rights The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Fixture Personal property so attached to the land or improvements as to become part of the real property. Tenancy in Common An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship." Estate in Severalty An estate which the tenant holds his own right, without being joined in interest with any other person. Tenancy by the Entirety Ownership of real property by a married couple in which interests cannot be transferred without the consent of the other spouse. Joint Tenancy Ownership of realty by two or more persons, each of whom has an undivided interest with the "right of survivorship."
