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Real Estate Property Rights
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Fee Simple Absolute
The most complete ownership in property, giving the holder full possessory rights and powers to use or dispose of the property without any limitations.
Easement
A non-possessory right to use a portion of another's property for a specific purpose, such as a driveway or utility line.
Life Estate
A limited property interest that lasts for the lifetime of the individual holding it, after which the property reverts to the grantor or a named remainderman.
Zoning
A set of laws regulating the use of land and structures built upon it, affecting building types, sizes, and uses permitted in certain areas.
Mineral Rights
The rights to extract minerals (such as oil, gas, and metals) from the land, which can be sold or leased separately from the land itself.
Riparian Rights
Rights of property owners whose land borders natural watercourses, relating to the use of the water and the land beneath the water.
Adverse Possession
The process by which someone may acquire legal ownership of a property by possessing it openly and continuously for a statutory period, without the consent of the original owner.
Eminent Domain
The power of the government to take private property for public use, with compensation provided to the owner.
Air Rights
The right to control, occupy, or use the vertical space above a property, which can be important in dense urban environments.
Restrictive Covenants
Private agreements that restrict the use or occupancy of real property, which are enforceable against subsequent property owners.
Homestead
A legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse.
Joint Tenancy
A form of property co-ownership where each party owns an undivided interest with the right of survivorship, so upon one owner's death, their share passes to the other co-owners.
Tenancy by the Entirety
Similar to joint tenancy, but available only to married couples, offering protection from creditors provided one spouse is not complicit in fraud or criminal activity.
Tenancy in Common
A form of co-ownership where parties own individual shares that can be sold or bequeathed independently.
Quiet Title Action
A lawsuit filed to establish ownership or to remove a cloud on the title of the property, affirming or quieting any challenges or claims to the title.
Condemnation
The process of taking private property for public use through the power of eminent domain, often involving compensation assessments and legal challenges.
Encroachment
An intrusion or illegal extension of a building or other improvements onto the property of another, often leading to disputes and the need for removal or rectification.
Escheat
The reversion of property to the state when an individual dies without heirs or a will, ensuring that property is not left in 'limbo'.
Tax Lien
A legal claim by a government entity against a property when the owner fails to pay property taxes, potentially leading to a tax lien sale or foreclosure.
Lis Pendens
A written notice that a lawsuit involving a claim on a property has been filed, which may affect the ability to sell or finance the property.
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