| A | B |
|---|
| Assignment | Tenant's rights in the lease are transferred by the tenant to a third party. |
| Deed | A document by which title to property is transferred from one party to another. |
| Easement | The right of a person to make limited use of another person's real property without taking anything from the property. |
| Eminent Domain | The power of a government to take land for public use from private citizens for just compensation. |
| Fee Simple | Ownership rights entitling the holder to use, possess, or dispose of the property however he or she chooses during his or her lifetime. |
| Mortgage | A written instrument giving a creditor an interest in the debtor's property as security for a debt. |
| Personal Property | Any property that is not real property. Generally, property that is movable or intangible. |
| Real Property | Immovable property consisting of land and the buildings and plant life thereon. |
| Tenancy in Common | Each party owns an undivided interest that passes to his or her heirs at death. |
| Concurrent Ownership | Persons who share the bundle of ownership rights to either real or personal property. |
| Life Estate | Interest in real property that is transferred to another for the life of that individual. |
| Future Interest | When someone who owns real property in fee simple conveys the property to another conditionally or for a limited period of time, the original owner still retains an interest in the land. |
| Joint Tenancy | Each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenant(s). |
| Community Property | Property acquired during marriage. H & W owns undivided 1/2 interest. |
| Tenancy in the Entireties | H & W ownership. Spouses cannot separately transfer their interests. |
