Law Dictionary - Alternative Legal Definition. In such situations, the property owner/occupier would . Sole Ownership. There can be no property without ownership and ownership without property. Tenancy in Common. Either spouse can withdraw the funds from an account without the knowledge or permission of the other spouse. One of the main advantages of this type of ownership is that it offers rights of survivorship. property, an object of legal rights, which embraces possessions or wealth collectively, frequently with strong connotations of individual ownership. Real Estate Institute of . 3.2 Ownership is transferred when goods are put in a deliverable state; 3.3 Ownership is transferred when goods in the deliverable state put to weighted or measured to ascertained price; 4 Transfer of Property in Uascertained Goods. Fee simple. Property Law Law and Legal Definition | USLegal, Inc. Property Law Law and Legal Definition Property law is the law that in the common law legal system governs the various forms of ownership in real property and in personal property. Under the terms of the Contract for Deed, the buyer . An LE after the name of the owner on the deed refers to the life estate clause on the deed. Tenancy by the Entirety. Distinct corporeal and incorporeal property rights in relation to the one object may exist concurrently and be held by different parties. 2007. quitclaim deed: Deed for real property which does not guarantee full ownership. 1. continuance - Decision by a judge to postpone trial until a later date. A person that holds legal title (owns the property) may or may not have a right of possession. What is title? Even if you still owe money on your mortgage, as long as you have the right to sell the house, leave it to your heirs, and make alterations, your ownership is fee simple. Easement The right of the owner of one piece of land (the dominant tenement) to a benefit from other land (the servient tenement ). ); see 5 Powell, Real Property (1981) ¶ 719; 5A Thompson, Real Property (1970 Sup.) Ownership may be divorced from possession. A deed-in-lieu of foreclosure is a document transferring the title of a property from a homeowner to the bank that holds the mortgage. A warning sign is only effective if it puts the person entering the property on notice of a certain dangers. In order to transfer ownership of real estate, the deed must contain a unique legal description of the property that identifies it. Forms of Property Ownership. Advantages The advantage of this method is that no legal action needs to. In Scotland historically until the abolition of the feudal system there were two distinct legal estates, superiority and feu. It is outright ownership. 2. n. anything that is owned by a person or entity. The estate of superior was unfettered, and therefore absolute. First Edition. The legal definition of personal property is "anything besides land that may be subject to ownership". In many states, the terms "husband" and "wife . Transcribed image text: In a legal sense, the term property refers to a resource over which an individual or business holds a legal title, that is, a resource that it owns. Ownership in severalty means one person owns the property. When it comes to property ownership, states are broadly divided into two types: community property states and common law property states. A tenant has a right to possess an apartment but doesn't own it. Property that is attached or fixed to real estate is known as real . The ownership and transfer of immovable property is regulated by the Deeds Registries Act and the Sectional Titles Act, while the movable property will be dealt with in terms of our common law. conviction - A judgment of guilt against a criminal defendant. A grantee may receive total ownership of a property from the grantor or just partial interest, depending on what the grantor has the right to give. Default A homeowner might submit a deed-in-lieu of foreclosure if the bank has denied them a loan modification or short sale. In tenants in common circumstances, each person holds an individual, undivided ownership interest, which gives them an equal right to use the property or transfer their ownership . The legal owner of the property (trustee) has the right to possession, the privilege of use, and the power to convey those rights and privileges. The ownership of an equitable mortgage is different from the equitable ownership of a legal mortgage. Under the Indian Trusts Act, a trustee is the legal owner of the trust property and the beneficiary has no direct interest in the trust property itself. Definition. contract - An agreement between two or more persons that creates an obligation to do or not to do a particular thing. Property Law 1 (Land Law) Land law has and always will be of great importance to people, for a start; we all need somewhere to live. There are two basic types of personal property: tangible and intangible. Persons may be excluded from entry onto private property by the owner. means "and others." It comes from the Latin words et ("and") + alii ("others"). Call 1-800-453-3320 to apply. The owner pays the property manager to handle day-to-day management tasks. Property can be exchanged through contract law, and if property is violated, one could sue under tort law to protect it. Here are the community property states: . Two or more people can decide to buy a house jointly, either as joint tenants (all tenants are equally entitled to the whole property) or as tenants in common (each tenant is entitled to a specific share of the property). Single Ownership If the person is the sole owner of the . When the buyer completes the required payments, the seller is obliged to deliver a deed to the buyer. Start here to find resources to learn how to find an attorney, legal . We update our site regularly, and all content is reviewed by experts. Property is anything that is owned by a person or entity. There is no distinction between legal and equitable estates in India. Property and debts acquired prior to or during the marriage are shared equally in undivided . Hi. The issue of whose . This is the main difference between real property and personal property. Should the owner find any dangerous conditions, they must either repair those conditions or adequately warn the visitors of potential danger. Bankruptcy petition The term "owner" would, by strict grammatical interpretation, mean an individual; however, in most instances more than one individual share in the ownership of property. Tenancy by the entirety is a type of joint ownership with rights of survivorship that is recognized in some states and can only exist between a husband and wife. If the owner of the property is aware of a dangerous condition, but fails to do anything, the owner may be held . Dower Under common law, a widow was entitled to a life interest in one-third of all land owned by her husband during their marriage, a right referred to as dower. Unity of time, title, interest, and possession is vested in each joint tenant (four unities). Title is a legal term meaning registered owner of real property. Here are some common ways to own real estate. Ownership. Similarly, to have a valid mortgage on a property, the mortgage also must contain this legal description. To "quiet title" is to declare that a certain person is the legal owner of the real property in dispute. In the simplest of terms this means the owner bares the obligation to inspect the property. 1. The formal ownership of property held within a strata plan where property is defined within . A writt. If you're not sure about the exact address, you can also search by neighborhood and zip code and browse the result list for your target address. Posted on Nov 1, 2013. A party is prevented by its own act from claiming a right which is detrimental to another party who was entitled to rely on such conduct and acted thereon. 3. 2) agreeing verbally or in writing to the terms of a contract, which is one of the requirements to show there was a contract (an offer and an acceptance of that offer). An abbreviation of et alii, meaning "and others . Definitions. "Common property" is ownership by more than one person of the same possession. §§ 2560-2564." It means . MARRIAGE IN COMMUNITY OF PROPERTY: there is one estate between the spouses. 2. is actually an abbreviation. 4 min read. Real Estate Terms That Start With P Partition On the PropertyShark homepage, type in the address of the property for which you want to obtain the owner's name and contact details. including the description of the property, the registered proprietor (legal owner) and easements and covenants affecting the title. Definition of Property: According to Salmond: A tenancy by the entirety is a form of joint tenancy arising between a Husband and Wife, whereby each spouse owns the undivided whole of the property, with the right of survivorship. Dock To curtail or diminish; the legal process in which a court changes or "docks" an entail to land held in fee simple . FindLaw is your starting place for help understanding the law. 4. The question of the ownership of the body is a very complex one, both in ethical and legal terms. A sign that is too small, that is placed in a non-prominent location, or is unreadable would not be adequate because it would probably not put the visitor on notice of the danger. Private Road Maintenance Agreement - An agreement between all property owners that abut a private road to maintain that road. Tenancy by the entirety is a type of joint ownership with rights of survivorship that is recognized in some states and can only exist between a husband and wife. Only a fee simple may be absolute. The purchase price is paid in installments over the period of the contract, with the balance due at maturity. If the owner passes away, his or her interest in the property or the asset is included in . Let's take a detailed look at seven of the most common types of property ownership: Sole Ownership. The grantee is the person receiving receiving property ownership interest on a deed. This means that although the owner has transferred the ownership to someone else through the deed, he/she still retains the right to stay in the property till his/her death. Explore the property's full report to identify the registered . Different types of ownership may be preferential for commercial property owners in different locales due to varying laws and other factors. The Law Society provides information about legal aid. Tenancy by the entirety refers to a property ownership in which a wife and husband own equal shares of a real estate asset and any income generated by it. There may also be potential limitations upon ownership rights to real property.5 . Also known as a "just title," "good title," or a "free and clear title" -- a clear title doesn't have any kind of lien or levy from creditors. It will also be used for a title search, and appear on the title . The Law Dictionary is your free online legal dictionary featuring Black's Law Dictionary, the trusted source of law definitions and terms for over 100 years. chéquier - cheque book. Here are some common ways to own real estate. Like a Blue Book for homes, the chain of title is the documentation of all past ownership of a property. Property rights are among the most basic rights in a free society. Lenders require this agreement if the private road is the only access to . Equitable interest That is why, even though land law has its roots deep in ancient . Ownership Law and Legal Definition Ownership is the legal right to the possession of a thing. Property rights are the legal rights that entities have on a thing or creature they own. Intellectual property refers to property that is the product of intellectual activity. Legal Aid or Legal Services: Free legal representatives in civil cases for income eligible persons. It may sound simple, but there cannot be any . Estoppel. R. rap: Slang for legal responsibility for a criminal act. If the deed was prepared properly (and there are frequently mistakes in preparing this type of co-ownership), it means that when one of the owners dies, the interest of that owner passes automatically to the remaining owner (s) without .