That which can be inherited; in practical use, this applies to all property, both personal and real.

1. A homestead, also known as a "homestead exemption", is a legal life estate that is created when a family (or single person) occupies a home that they own. It is intended to protect the home (or in some states its equity only) from creditors and judgments. Usually the entire home, or at least a portion of it, is protected. The purpose of a homestead exemption is to provide a place to live for the life of the owner(s) even if he or she incurs large debts or court judgments. In reality, most homes may be sold to satisfy debts or judgments, even if the owner has a homestead exemption. The exemption reserves a certain amount of money from the sale of the property for the owner, and the debts and judgments must be satisfied with the remaining funds from the sale. The amount of the exemption differs by state.
A homestead ends when the owner dies or transfers interest in the property to another. A homestead estate does not exempt one from real estate taxes, mortgages, or any other charge or lien which is secured by the real property itself. Not all states allow homestead exemptions, and they differ in their filing requirements. A homeowner may have only one homestead at a time, even though he or she may own multiple homes.
2. A home which is used as a primary personal residence.

A right that cannot be transferred, taken away, or altered by any operation of law.

Real or personal property that exists in concept rather than having physical form; usually incorporeal property is represented by physical muniments that document ownership.
Examples of incorporeal property include rights, relationships (e.g., community property), patents, easements, estates, royalties, and appurtenances.
Same as Intangible property.

Intangible, abstract, or non-possessory rights in real property such as easements, licenses, profits, estates, community property, and the like.
Same as Incorporeal property or Intangible property.

That which cannot be voided, altered, challenged, undone, cancelled, defeated, or annulled.

A right or interest in real property that cannot be voided, altered, challenged, undone, cancelled, defeated, or annulled. Same as "Indefeasible title".

1. A right or interest in real property that cannot be voided, altered, challenged, undone, cancelled, defeated, or annulled. Same as "Indefeasible estate".
2. Title to real property, the validity of which is guaranteed by the state under the Torrens system of land registration.

A scale comparing relative values with each other or a predetermined reference.

A measure of interest rate changes. Usually used to determine changes in an ARM’s (Adjustable Rate Mortgage) interest rate over the term of the loan.

Real or personal property that exists in concept rather than having physical form; usually intangible property is represented by physical muniments that document ownership.
Examples of incorporeal property include rights, relationships (e.g., community property), patents, easements, estates, royalties, and appurtenances.
Same as Incorporeal property.

1. State or condition created when a decedent does not leave a will, or leaves a will that is invalid.
2. Real or personal property that has not been disposed of by a decree of the decedent (usually a will).

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.

Sub-part of a legal land description on a land patent.

A document of title issued by a government or state for the conveyance of some portion of the public domain

Form of real estate ownership associated with the feudal system where all lands were owned and taxed by the king or other sovereign, who granted the right to hold title to real property, but as a life estate only.
Same as "feudal tenure" or the "feudal system of title".

A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.

To damage, destroy, abuse, or otherwise cause the value of property to be diminished, especially by one whose interest in the property is less than fee simple, such as a tenant, life tenant, mortgagor, or vendee.

Definition:
Lease or rental interests in real property. Holders of leasehold interests (tenants or lessees) have exclusive permission to possess, use, and occupy real property owned by the landlord (lessor) for a specified period of time, in accordance with local laws and the terms of the lease agreement, and in return for some sort of consideration. Leasehold estates do not constitute legal ownership of real property; rather, they are the personal property of the tenant. The four primary types of leasehold estates are estate (tenancy) for years, estate from period to period (periodic tenancy), estate (tenancy) at will, and estate (tenancy) at sufferance.

Same as Less-than-freehold estate.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

A description in legal (survey) terms the land to which title is given.

An interest in real property held for the life of the life tenant or of another person, involuntarily created through operation of law following the occurrence of certain events such as marriage or the purchase of a home. The three primary types of legal life estates are dower and curtesy, both of which are created marriage; and homestead exemptions, which are created by purchasing a home as a primary residence.

In some states in the United States a property owner must file a notice that a qualifying event has occurred in order for a legal life estate to be created. This is usually the only action necessary on the part of the owner to form a legal life estate. In other states, no action is necessary and the estate is created automatically.

See also dower, curtesy, and homestead.

Definition:
Lease or rental interests in real property. Holders of leasehold interests (tenants or lessees) have exclusive permission to possess, use, and occupy real property owned by the landlord (lessor) for a specified period of time, in accordance with local laws and the terms of the lease agreement, and in return for some sort of consideration. Leasehold estates do not constitute legal ownership of real property; rather, they are the personal property of the tenant. The four primary types of leasehold estates are estate (tenancy) for years, estate from period to period (periodic tenancy), estate (tenancy) at will, and estate (tenancy) at sufferance.
Same as Leasehold estate.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

1. Revocable, non-transferable permission to use the property of another for a specific purpose.
2. a. Legal authorization to perform or engage in certain specific acts (e.g., real estate license, driver's license, business license, etc.)
b. A document or permit that provides evidence of such authorization or permission.

A freehold estate in real property in which the interest in the property is held until the death of the owner or some other person specified by the grantor of the estate. Unlike other freehold estates, life estates cannot be inherited by the heirs of the grantee. Transfer of property ownership following the end of a life estate occurs according to the provisions stipulated by the grantor. There are three types of life estates: legal life estates, conventional life estates, and estates pur autre vie (technically a type of conventional life estate).

Definition:
An interest in real property held for the life of some person other than the life tenant (pur autre vie is French for "for the life of another"). A life estate pur autre vie (also known as pour autre vie) is a form of conventional life estate wherein the duration of the estate is measured not against the life of the life tenant, but against the life of another person specified by the grantor of the estate. A life estate pur autre vie is the only life estate that has a right of inheritance: during the life of this other person against whose lifespan the duration of the estate depends, the life tenant's heirs may inherit the property. Once the "other person" is deceased, this right of inheritance ends.


Terms, Definitions, and Concepts: Real Estate, Legal (Law), Title and Title Insurance, Management