The Law Dictionary for Everyone
Joint tenancy is a situation wherein two people hold equal ownership in a single piece of real property. Both names are on the deed, and each person has a 50 percent ownership stake in that particular piece of property. If one of the two people dies, then the other person automatically takes complete ownership of the property. To explore this […]
Read moreThe phrase squatters’ rights pertains to a notion that someone who takes possession of, or who fails to leave, a property owned by someone else, can eventually claim that property as his own. The concept follows the arrival of homeless people moving into abandoned buildings and setting up shop. If the property owner shows up years later wishing to put […]
Read moreThe legal term “tenants in common” refers to a form of ownership in which two or more people own separate shares of the same real property. 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 interest. Any of these actions must be […]
Read moreThere are two distinctly different definitions of the term land trust: the first refers to a non-profit organization’s stewardship over a piece of land for the purpose of preserving it, or to assist in its conservation. The second type of land trust is an agreement in which an individual (the “trustee”) agrees to hold title or ownership of a piece […]
Read moreAdverse possession is a principle of real estate law that allows a person who possesses land belonging to another person for an extended period of time, to claim legal ownership of the land. Each state has different statues and time elements required for adverse possession. When adverse possession is in place, it only pertains to the property that the person […]
Read moreAn easement is a legal right to occupy or use another person’s land for specific purposes. The use of the land is limited, and the original owner retains legal title of the land. A legally binding easement must be made in writing, the exact location stipulated in the property’s deed. Easements most commonly grant utility companies access for the purpose […]
Read moreThe Fifth Amendment to the U.S. Constitution forbids the taking of private property for public use without “just compensation.” The authority of Federal, state, and local governments to take private property for public use, providing just compensation to the owner, is called “eminent domain.” Real estate, or land, is not the only property subject to eminent domain law, but water […]
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