Types of Real Estate Ownership

____ means ownership or interest in a property

Home ownership for an undetermined length of time.

The right of possession without ownership

Leasehold estate is also known as

Types of Freehold Estates

This estate is an inheritable freehold estate. refers to a form of ownership, not tenancy, so the owner of a fee simple estate can will the property and/or successor can inherit the property.

This estate provides the most complete form of ownership and includes the bundle of rights.

Rights of ownership are conditional

The grantor (seller) has placed a limitation on the deed.

Conveyed to heirs by will

Ownership conveyed by deed

Fee simple defeasible is also known as

A type of fee simple defeasible estate, and an inheritable freehold estate, where the title remains with the new owner as long as the conditions of ownership are being met. “So as long”

The estate is another type of fee simple defeasible estate that is also an inheritable, defeasible freehold estate, but it is recognized by the words “but if” in the deed. The estate continues unless a specific even occurs, in which case ownership may revert to the owner or the owner’s successors. termination and recovery of ownership must be achieved through a court order.

An estate that includes ownership, possession, and control for someone’s lifetime.

Abuse of a property by a person who holds interest through a life estate

A life estate with remainder interests refers to a situation in which a ______ named by the owner when forming the estate receives title to the property upon the death of the life tenant.

refers to the remainderman’s right to fee simple title upon the death of the life tenant.

a life estate in which property title reverts to the owner upon the death of the life tenant.

life estate is created by a property owner who grants an estate to someone for the duration of another individual’s life.

an estate for a specified period of time; e.g., a one-year lease or a six-month lease.

one that renews itself automatically at the end of each lease period unless one of the parties to the lease terminates it. This type of lease often results when an estate for years ends. If the landlord and tenant agree that the tenant may remain but no new estate for years is established, an estate from period to period may result. A month-to-month lease is a periodic estate.

Tenancy for an unknown period of time. Either party can terminate the lease by giving notice to the other party.

Estate at will is also known as

a form of legal life estate and refers to a wife’s interest in the real estate owned by her deceased husband. Dower isn’t recognized in all states.

a form of legal life estate and refers to a husband’s interest in the real estate owned by his deceased wife. Curtesy isn’t recognized in all states.

The state’s power to claim property when an owner dies without a will and without heirs or creditors.

A type of estate that gives the owner special protections in property used as a family home. Not all states recognize the homestead concept.

Refusing to leave the property when the lease terminates

One person owns the property, and all other interests are severed.

Property with ownership by more than one person, also called concurrent ownership.

Types of co-ownership

Each person is entitled to possession of the whole. If one dies, that person’s ownership is inheritable, and doesn’t necessarily pass to the other owner(s)

equal ownership with undivided rights of possession and requires unity of four separate conditions: All owners must have the same type of interest in the property, all must receive their title at the same time from the same source, all must have the same percentage of ownership, and all must have the right to undivided possession in the property. Joint tenancy includes the right of survivorship, meaning when one joint tenant dies, that person’s share automatically goes to the other surviving joint tenant(s).

as the right of survivorship. Only available to married couples, this form of ownership also includes unity of time, title, interest, possession, and marriage. Key to this form of ownership is that creditors of one spouse can’t attach liens to or sell the interest of the debtor spouse. Only creditors with claims against the couple may attach and sell the interest of the property owned in this manner. Also, one spouse can’t transfer interest in the property without the consent of the other spouse. Tenancy by the entirety can’t be reduced to tenancy in common or joint tenancy. Such a change of ownership would require divorce, an annulment, or for the couple to amend the title.

Types of ownership termination are:

Joint tenants may sell their personal share of ownership; however, the buyer of that share does not become a joint tenant, because the required four unities do not exist. The new buyer didn’t receive a title at the same time as the other tenants, so the unity of time is destroyed. Therefore, the new owner is a tenant in common. The remaining tenants continue as joint tenants, with the right of survivorship shared between them. The new buyer, as a tenant in common, has an inheritable share.

Remember that in a tenancy in common, each person is entitled to possession of the whole. But what if you hate your co-tenant(s)? In that case, you may want to bring legal action to have the property partitioned, which would allow each tenant to have a specific, divided portion (partition) of the property exclusively. In the case of an equitably divided piece of land, each tenant would receive title to a separate tract according to that person’s share of interest. In cases where it’s impossible to do an equitable split, a court may order the sale of the property and determine the appropriate share of proceeds to be distributed to the tenants in common.

when two or more people who aren't married to one another buy a property through a deed and don't state an ownership type

May be created by a will; otherwise deed must identify each owner as a joint tenant

Possession only co-ownership

Time, Title, Interest, Possession Co-Ownership

Time, Title, Interest, Possession Co-Ownership, Person

All property acquired by either spouse during their marriage (with the exceptions of property that was gifted, inherited, and in some cases the result of personal injury recovery, which are all considered “separate property”) is considered community property regardless of which spouse’s name is on the title.

Nine states have community property rights: