Term
|
Definition
| a property owner's right to transfer interests owned in a property during his or her lifetime. |
|
|
Term
|
Definition
| a property owner's right to transfer interests owned in a property to legal heirs should the owner die without a valid will. |
|
|
Term
|
Definition
| a property owner's right to transfer interests owned in a property via a will. |
|
|
Term
|
Definition
| an estate that can be lost should some event or stated condition come to pass |
|
|
Term
|
Definition
| property in land and buildings |
|
|
Term
|
Definition
| the legal interests associated with ownership of the physical real estate. |
|
|
Term
| test of intent of parties |
|
Definition
| the most crucial test used ot determine whether something is a fixture or personal property. |
|
|
Term
|
Definition
| Owner whose land joins a navigatable boyd of water, such as an ocean, a sea, or certain rivers, usually owns the land to the high water mark |
|
|
Term
| Riparian rights docterine |
|
Definition
| The dominant docterine theory in the Eastern US, sates all owners whose land underlies or borders the nonnavigable water have equal rights to the water |
|
|
Term
| Prior Appropriation docterine |
|
Definition
| Dominant theory west of the Mississippi River, the fist person to use a body of water for some beneficial economic purpose has a right to use all teh water needed, even if the landowners who later find a use for the water may be precluded from using it. |
|
|
Term
| fee simple absolute estate |
|
Definition
| the fullest and most complete set of ownership rights one can possess in real property. Also known as a fee estate or fee simple estate, this estate is the one most commonly associated with "owning real estate" and is the type of estate acquired in a typical transaction. |
|
|
