My notes

• Joint Tenants


  PITT (possession, interest, time, title)
• Tenants in Severalty


  Onc (1 mother-4)
• Fee remainder estate


  Life estate
• Fee Simple defeasible


  Strings attached (not completely yours/change later)
• Determinable


  Fee Simple defeasible with strings attached
• Deed in Lieu of foreclosure

  Borrower defaults on loan and gives it back to bank
• Fee Simple absolute


  Highest form of ownership (no restrictions)
• Tenancy at will


  Hotel (example) check in or out wherever or whenever
• Encroachment


  Illegal trespass
• Chattel Real


  Personal property
• Leasehold Estate


  Tenant has right to move in and possess property
• Estate at will


  Like living in a hotel
• Life Estate


  Only good for someone's life
• Estate At Sufferance


  Someone suffers; dead beat tenant
• Life Estate Pur Autre Vie


  Someone else's life (life of another)
• Sale-leaseback


  Sold property to new owner who leases it back to previous owner
• Partition Action


  Court judge has to decide what to do with a property
• Writ of execution


  Court order to get someone to pay or enforcement of that judgement
• Defeasance clause


  Get title when payment conditions are met (get free/clear title)
• Timeshare


  Use property for a fee during certain times
• CERCLA


  Hazardous materials (toxic)
• Brownfields


  Contamination (industrial sites)
• Wetlands


  Buffer, water and vegetation
• EPA


  Clean water laws
• Ad valorem tax


  Assessed value of property
• Special assessment tax


  Only the properties that benefit from the project (not the whole city/town, etc)