Chapter 39 Property and Joint Ownership

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Chapter 39 Property and Joint Ownership Powered By Docstoc
					Chapter 39 Property and Joint Ownership

Key Terms

Adverse possession: occurs when an individual tries to take title and possession of
real estate from the owner
Bailee: the one who has possession of (but not title to) the property
Bailment: arises when a person delivers custody of personal property to someone
Bailor: the owner of the property or is in rightful possession of it
Color of title: means that the holder thought that he or she had a legal right to
take possession of the real property and had title to it
Community property: a form of co-ownership that can occur only between
husband and wife. It is based on the concept that financially the marriage is a
partnership. One-half of most of the property that is acquired or accumulated during
marriage belongs to each spouse.
Constructive eviction: eviction occurs when the owner does not protect this
interest of the tenant and allows a material interference with the tenant’s enjoyment
of the premises.
Easement: the rights to the access and use of the real estate by someone other
than the owner.
Easement by prescription: A person starts to use the servient parcel openly and,
after the state’s statutory period, he or she will be entitled to continue the use
Eminent domain: Under this doctrine, the government must have a legitimate
public use for the land and must pay the owner a reasonable amount for it.
Generally the “reasonable amount” is called the fair market value
Escheat: revert
Fixture: is property that was personal in nature before it was permanently attached
to a building
Gift causa mortis: The requirements for this type of gift are that (1) the donor
must intend to make the gift, (2) the gift must be made in contemplation of death,
(3) the gift property must be actually or constructively delivered, and (4) the donor
must die from the contemplated cause.
Grant deed: deed that includes only a covenant that the grantor has not conveyed this
property interest to anyone else. The grantor also promises that all the encumbrances are
listed on the deed.
Inter vivos gift: gifts are made while the transferor is still alive; they are lifetime
Intestate succession statute: a statute which determines who will inherit assets if
a decedent does not have a valid will disposing of them.
Joint tenants with rights of survivorship: occurs when two or more people own
property together. Joint tenancies differ from tenancies in common in that when
one tenant dies, his or her interest passes to the remaining cotenants. The
survivors continue to hold an undivided interest in the whole property.
Original occupancy: occurs when the government allows the private ownership
of land that was previously owned by the government. In the United States, title
may have been acquired by grant from either the U.S. government or other
countries that colonized here. Original occupancy may be accomplished under an
outright grant to specific people or families, or it may have occurred under
homestead entry laws.
Original possession: occurs when the owner is the first person to possess the
property. In other words, the owner created the property rather than receiving it by
transfer from another person.
Personal property: everything that is not real property
Quitclaim deed: deed where the grantor makes no promises about his or her
interest in the property. The grantor simply releases to the grantee any interest in
the property that he or she may possess.
Real property: land and things that are growing on the land, attached to the land,
or erected on the land.
Tenants in common: occurs when two or more people own the same property.
Each tenant has an undivided right to use the whole property.
Warranty deed: deed that contains a number of implied covenants (or promises)
made by the grantor to the effect that a good and marketable title is being
Will: the legal document that allows a person to make decisions on how his or
her estate will be managed and distributed after death

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