NCA Property Law key terms

The largest estate in land, lasting indefinitely and freely inheritable, with no conditions attached. The owner may sell, lease, mortgage, or devise it, and it never reverts to a prior grantor.

An ownership interest lasting only for the lifetime of a named person. The holder may use the property but must not commit waste, and the estate ends automatically at that person's death.

A future interest held by someone other than the grantor, becoming possessory when a prior estate naturally ends. It cannot cut short a preceding estate; it simply waits for that estate to expire.

The future interest a grantor keeps when transferring an estate smaller than what the grantor holds. Possession returns to the grantor or the grantor's heirs when the lesser estate ends.

A remainder given to an ascertained person with no condition precedent other than the natural end of the prior estate. It is alienable, devisable, and descendible even before possession begins.

A remainder that depends on an uncertain event or is held by a person not yet ascertained. It becomes possessory only if the stated condition is satisfied before the preceding estate ends.

A doctrine voiding future interests that might vest later than twenty-one years after a life in being at creation. It limits how long property can be tied up in uncertain future ownership.

A future interest held by a non-grantor that becomes possessory by cutting short another estate. It differs from a remainder because it divests rather than waits for natural expiration.

An estate that ends automatically when a stated event occurs, with the grantor keeping a possibility of reverter. Words such as so long as or while signal this estate.

An estate that continues unless the grantor or heirs exercise a right of entry after a stated condition breaks. Forfeiture is not automatic; someone must affirmatively act to reclaim the land.

The future interest a grantor retains after granting a fee simple determinable. It becomes possessory automatically when the limiting event happens, requiring no lawsuit or declaration.

The future interest letting a grantor re-enter and terminate an estate after a condition breaks. The holder must exercise it promptly, and it may be lost to waiver or statutes.

Ownership shared by two or more people at the same time, such as a joint tenancy, tenancy in common, or tenancy by the entirety. Each form carries different rights of survivorship and transfer rules.

Co-ownership with a right of survivorship, created by the four unities of time, title, interest, and possession. When one owner dies, that share passes to the survivors rather than through probate.

Co-ownership without survivorship, in which each owner holds a distinct, transferable, inheritable share. Owners may hold unequal fractions and may sell or devise their interests freely.

A form of co-ownership available only to married couples, treating them as a single unit. Neither spouse can unilaterally convey or encumber the property, and survivorship applies.

The act that destroys a joint tenancy by breaking one of its four unities, converting the interest into a tenancy in common. A unilateral conveyance by one joint tenant typically severs only that share.

A legal action by a co-owner to divide jointly held property, either physically or by sale and division of proceeds. Courts order it when owners cannot agree on management or use.

A nonpossessory right to use another person's land for a specific purpose, such as crossing it or running utilities. It may arise by grant, implication, necessity, or prescription.

An easement implied when land is landlocked and the owner has no reasonable access to a public road. It lasts only while the necessity exists and ends if access later becomes available.

A right to use another's land acquired by open, notorious, adverse, continuous, and actual use for the statutory period. Unlike adverse possession, it grants only use, not title.

An easement benefiting a particular parcel of land rather than a person. It passes automatically with the benefited land when that land is transferred.

An easement benefiting a person or entity rather than a parcel of land, such as a utility company's right to run lines. It is not tied to ownership of neighboring property.

The parcel of land that enjoys the benefit of an appurtenant easement. Its owner may use the easement and enforce it against the owner of the burdened parcel.

The parcel of land burdened by an easement, whose owner must allow the easement holder's use. The owner keeps full title but cannot unreasonably interfere with the easement.

A doctrine letting a person gain title to land by open, notorious, exclusive, continuous, actual, and hostile possession for the statutory period. Some jurisdictions also require payment of taxes.

Combining successive periods of adverse possession by different possessors who are in privity with one another. Together their continuous possession can satisfy the statutory period.

A written document that appears to convey title but is defective in some way. Possession under color of title may extend the adverse possessor's claim to the full parcel described.

A statute determining whose interest prevails when successive purchasers claim the same land. Variations include race, notice, and race-notice approaches, each weighing recording and notice differently.

A buyer who pays value for property without notice of another person's prior claim. Such a purchaser often prevails over unrecorded or hidden interests under recording statutes.

Title that is free from reasonable doubt and that a prudent buyer would accept. It must be free of undisclosed liens, encumbrances, and competing claims, though minor defects may be waived.

A written instrument that transfers an interest in real property from a grantor to a grantee. It must identify the parties and land, show intent to convey, and be signed and delivered.

A deed containing promises by the grantor to defend the grantee's title against certain claims. It may include present covenants and future covenants of warranty, quiet enjoyment, and further assurances.

A deed transferring whatever interest the grantor may have without any warranty of title. The grantee takes the risk that the grantor's title is defective or nonexistent.

The act of transferring a deed with present intent that it take effect immediately. Physical transfer is typical but not required; intent controls, and delivery cannot be undone after it occurs.

A security interest in real property given to secure repayment of a debt. If the borrower defaults, the lender may foreclose and sell the property to satisfy the obligation.

The process by which a lender enforces a mortgage after default, selling the property to satisfy the debt. It may be judicial or nonjudicial and can extinguish junior interests.

The borrower's right to reclaim mortgaged property by paying the debt before foreclosure sale. After sale, some jurisdictions allow a statutory redemption period to buy the property back.

A charge against property securing payment of a debt or obligation, without transferring possession. Common types include mortgages, mechanic's liens, tax liens, and judgment liens.

Unreasonable conduct by a possessor that permanently damages the property or reduces its value for future interest holders. It may be voluntary, such as demolition, or permissive, such as neglect.