| A | B |
|---|
| Grantor | The party who gives up ownership powers |
| Grantee | Party who receives ownership powers. |
| conveyance | A transaction when an estate is transferred from a grantor to a grantee by deed. |
| Fee simple absolute | Estate with ALL ownership rights. |
| Conditional Estates | Ownership is conditional on some act or event. |
| Life estate | Ownership only for the length of a life. |
| Nonfreehold estate | Ownership only for a limited period of time. (EX. Lease) |
| Deed | Legal document used to transfer ownership of real property |
| Quit-claim deed | Transfers grantor's interest with no guarantees |
| Warranty Deed | Protects the grantee with enforceable warranties. |
| Adverse possession | Ownership through public possession of another's land w/o consent of owner |
| Dedication | Typically involves giving real property to the government |
| Eminent Domain | Power of the government to take private property for public use in exchange for fair market price. |
| Estate | The bundle of ownership rights in, and powers over, realty. |
