Real Property or Real Estate FAQs
What is an easement?
An easement is an “incorporeal hereditament” or a right without a body. An easement is the right to use real property belonging to someone else. An easement is usually for the benefit of a specific adjoining real property. An easement can be for underground rights, surface rights or airspace. Rules governing easements differ for the type of rights granted.
What is a co-tenancy or co-ownership?
Co-tenancy is co-ownership of the same property by 2 or more owners. Co-ownership has benefits and legal consequences. Liabilities of a co-owner can affect the rights of other co-owners to the property, including the right to use the property or to sell the property. A co-ownership agreement should clearly define the rights of the co-owners and should attempt to anticipate legal problems of a co-owner that may affect another co-owner.
What is tenants-in-common?
Tenants-in-common is co-ownership of the same property by 2 or more owners when each owner may determine who will inherit that owner’s share of the property.
What is a joint tenancy?
Joint tenancy or joint tenancy with right of survivorship is co-ownership of the same property by 2 or more owners when an owner who survives after the death of another owner will inherit or “succeed” to the share of the property of a joint tenant who died.
What is community property?
Community property is co-ownership of the same property in equal shares by a husband and wife when each spouse may determine who will inherit his or her share of the property. Income tax rules for capital gains provide tax savings for property held as community property when a spouse dies.
What is community property with right of survivorship?
Community property with right of survivorship is co-ownership of the same property in equal shares by a husband and wife, as community property, when a spouse who survives after the death of the other spouse will inherit or “succeed” to the share of the property of a spouse who died.
