Real property ownership, leases, and easements as they apply to running a business, from an intro business law course.
29 cards · basic cards · AI-written, checked twice. Edit anything.
- Fee simple
- Absolute ownership of real property with the power to transfer or devise it indefinitely
- Life estate
- Ownership of property for the duration of someone's life, after which it reverts to another party
- Joint tenancy
- Co-ownership with right of survivorship, meaning the survivor inherits the deceased co-owner's share
- Tenancy in common
- Co-ownership where each owner holds an equal or specified share that can be transferred independently
- Tenancy by the entirety
- Co-ownership available only to married couples with right of survivorship and equal, undivided interests
- Bundle of rights
- The collection of legal rights that come with property ownership: use, exclusion, transfer, and enjoyment
- Deed
- A written document that transfers ownership of real property from one party to another
- Recording statute
- State law that establishes the legal effect of recording a deed and protects subsequent purchasers who buy without notice
- Adverse possession
- Acquiring property ownership by openly occupying land for a statutory period (typically 7-21 years) without the owner's permission
- Marketable title
- Clear ownership of property free from defects that would make it difficult or impossible to sell
- Lease
- A contract in which the property owner (lessor) grants the tenant (lessee) the right to occupy property for a set period in exchange for rent
- Term of years tenancy
- A lease for a fixed period with a definite beginning and ending date
- Periodic tenancy
- A lease that renews automatically at the end of each period (month to month, year to year) unless terminated by proper notice
- Tenancy at will
- A lease with no fixed duration that either party can terminate at any time, typically with short notice
- Tenancy at sufferance
- An occupancy that arises when a tenant wrongfully remains in possession after the lease ends and the landlord has not evicted them
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