conveyance. The transfer of real property from the grantor to the grantee by means of a deed is referred to as a conveyance. grantee. The person the owner is transferring the property to is called the grantee.
What are the two primary types of interests in real property?
- Legal ownership (LO): The right to legal interest in property, i.e., the person or entity with legal title.
- Beneficial ownership (BO): The rights of the person or entity who receives the economic and financial benefits of a property.
What are interests in real property?
An interest describes any right, claim, or privilege an individual has toward land or real property. The law recognizes various types of interests in real property. A nonpossessory interest in land is the right of one person to use or to restrict the use of land that belongs to another person.
What is a personal property interest?
Everything that is the subject of ownership that does not come under the denomination of real property; any right or interest that an individual has in movable things.
What is the greatest type of interest in property?
In most instances fee simple means absolute. Today all estates are classified as freehold or nonfreehold (less than freehold). Freehold estates are divided into fee simple, fee tail, and life estates. A fee simple estate is the highest and greatest estate in land that one can obtain.
What do we call all property other than that which is an interest in real property quizlet?
Any property other than an interest in real property, is/are: personal property.
What are the different types of interest in land?
- registrable interests or dispositions;
- third party rights and interests;
- unregistered or ‘overriding’ interests.
- Registrable interests.
What are interests in land?
‘Interest in land’ means any estate, interest or charge in or over land2. The following have been held to fall within the provision requiring writing: an agreement to assign a lease, even an informal lease, such as a yearly tenancy3; an agreement to create an.
What is a possessory interest?
A taxable possessory interest is defined as a possession, a right to the possession, or a claim to a right of the possession of publicly owned real property that is independent, durable, and exclusive of rights held by others, and that provides a private benefit to the possessor.
What is another word for personal property?
What’s chattel real?
chattel real. noun [ C or U ] LAW, PROPERTY. property such as land or a building that is held for a limited amount of time, as on a lease (= an agreement to use property for a fixed period of time)
Which term refers to personal property?
Personal property is also known as movable property, movables, and chattels. Because it is viewed as an asset, it may be taken into consideration by a lender when someone applies for a mortgage or other loan.
What is a reversionary estate?
Reversionary interest in the context of real property or wills and estates means a reservation created in a real property conveyance that the property will revert back to the original owner upon the happening of a certain event.
What are the three most common types of non-possessory interest?
- The first is an easement. This type of interest means that one party has the limited right to use another party’s land.
- The second is a profit.
- The third is a license.
What type of interest involves the property ownership going back to the original owner at the end of the life estate quizlet?
If no remainder estate is established, the estate reverts to the original owner or the owner’s heirs. In this situation, the original owner retains a reversionary interest or estate. The two types of life estates are: conventional and the legal life estate.
What is a recognizance quizlet?
a person who is legally liable for the conduct of another; someone who guarantees the accused person’s appearance in court. release on recognizance. The pretrial release of a criminal defendant on his or her written promise to appear in court as required.
Which of the following contracts is governed by Article 2 of the UCC?
Article 2 applies to contracts for the sale of goods.  Goods are things that can be identified when the contract is formed and can be moved.  Pens, boats, computers, cars and animals are all “goods.” In contrast, real estate, services, and intangibles (such as intellectual property) are not “goods.”
What is the difference between an estate and interest?
The amount and type of interest that an individual has in real property is called an “estate in land.” While an estate in land grants the right to possess the property, an interest, such as an easement, bestows only a right to use the land.
What is a proprietary interest in land?
Proprietary rights (i.e. rights in rem or proprietary interests): These are rights that are capable of affecting third parties; not just the people who originally agreed to it.
Is a tenancy a legal interest in land?
A tenancy is a legal interest in land where an occupier has the exclusive possession of premises for a period of time and pays rent.
Is rent an interest in land?
For a rent charge to be a legal interest in land, it must last for the same period as one of the two legal estates, ie. in perpetuity or for a fixed period.