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A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. [1]
Tenancy in common (TIC) is a form of concurrent estate in which each owner, referred to as a tenant in common, is regarded by the law as owning separate and distinct shares of the same property. By default, all co-owners own equal shares, but their interests may differ in size.
A conditional sale is a real estate transaction where the parties have set conditions. [1] [2] A standard real estate transaction usually begins when a prospective purchaser submits an offer to purchase to the vendor of a property. As in a standard offer, a conditional offer sets out the terms of the sale such as the purchase price, the date of ...
Partition by sale is a court remedy used when a parcel of land cannot be physically divided, and the proceeds for the sale are distributed proportionally among the cotenants. [7] Cotenants can request another remedy, partition in kind, which would split the property into parcels proportionate to the shares each cotenant has. [ 3 ]
In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property heritable property , and in French-based law, it is called immobilier ("immovable property").
In United States law, a lis pendens (Latin for 'suit pending' [1]) is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office.
Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate. [17]
Usufruct (/ ˈ j uː z j uː f r ʌ k t /) [1] is a limited real right (or in rem right) found in civil law and mixed jurisdictions that unites the two property interests of usus and fructus: