The Bundle of Rights Theory posits that property ownership entails a collection of distinct rights, including the rights of occupancy, use, and enjoyment, as well as the ability to sell, bequeath, give, or lease these rights.
Curtesy is a legal term referring to the right of a husband to all or part of his deceased wife's real estate, regardless of the provisions in her will. This right traditionally exists to ensure the husband's financial stability after his wife's death.
An Estate for Life is a property interest that terminates upon the death of a specified individual. This estate type grants usage rights to the beneficiary during their lifetime, while ensuring the property will revert to another designated party upon the beneficiary's death.
Estovers refer to the legally supported right to take necessities such as wood for fuel or repair from property. This is particularly relevant in cases where a life tenant requires resources from the land to maintain their daily living needs.
Freehold refers to an interest in real estate without a predetermined time span, giving the holder indefinite ownership and rights to the property.
A property right or estate that is anticipated to be enjoyed at a later time.
A Life Estate is a type of freehold interest in real property that lasts for the lifetime of an individual. Upon their death, the property either reverts to the original owner or passes to a remainderman.
A life tenant is an individual who holds the right to use, occupy, and control a property for the duration of their own life or the lifetime of another specified individual.
Pur Autre Vie refers to a life estate in property held by one person (the grantee), but measured by the life of another person (the cestui que vie). This property interest is often used in specific legal, financial, and estate planning contexts.
Real Property encompasses a variety of rights associated with the use and ownership of land and structures. It can include a full ownership interest, the use of a property under a lease, or partial interests like easements.
In real estate, a remainder refers to the portion of an estate that takes effect after the termination of a prior estate, such as a life estate. It can also denote the part of a property retained by the owner after a partial acquisition by the government through eminent domain.
Seisin refers to the legal possession of a freehold estate in real property. It indicates ownership rights to realty by an individual holding a fee simple estate, life estate, or other sellable interests.
Tenancy for life, often referred to as a life estate, is a form of property ownership where one person (the life tenant) has the right to use and benefit from a property for the duration of their lifetime. Upon the death of the life tenant, the property passes to another party known as the remainderman or reversionary interest holder.
WASTE refers to property abuse, destruction, or damage caused by a possessor that goes beyond normal wear and tear, affecting the rights and interests of other stakeholders in the property. This is often addressed in mortgage or lease contracts, as well as in life estates.
