Professional Documents
Culture Documents
Fundamentals of Property Ownership
Fundamentals of Property Ownership
Abstract of title – a condensed history of the title, summary of the transfers, with data on
liens, encumbrances, etc.
History of title or chain of title – a detailed enumeration of conveyance and liens and
encumbrances and all relevant matters pertaining to a title; from the time original title was
granted.
Cloud-on-title – an outstanding claim or encumbrance which, if valid, would impair the
owner’s rights on the property.
Adverse possession – open and notorious occupancy of property under a claim or right in conflict to
the right of another claimant.
Alienable – public domain that can be conveyed by government (only agricultural land is
Easement – right or privilege which another land owner has over another; such as right-of-way.
Easement appurtenant – a continuing easement conveyed to the next owner.
Easement in gross – easement that serves only one person, not conveyed.
Estate – the type or quantity of interest, right, equity in real property; also the total of property of a
deceased.
Fee Simple – freehold; bundle of rights; absolute ownership subject to limitations of the State.
Fee simple absolute – greatest power over the title, without limitation.
Fee simple defeasible – ownership dependent on a certain event occurs or a certain condition;
Life estate – right to use for the duration of the life of the beneficiary.
Severalty – one person or corporation owns the entire bundle of rights, subject to government
limitations.
Family Code
Conjugal property of gains – spouses own properties separately but all the fruits from these
properties are deemed owned jointly.
Absolute community – a regime of ownership where both spouses own all their property jointly
Hereditamernts – phrase in early English law to mean all sorts of immovable property
Legal description – a description recognized by law that can be used in official records or documents.
Muniments of title – deeds and other original documents showing a chain of title to prove ownership.
Restrictions on property:
Reversion – the right of an owner to recover property previously conveyed by lease or other
form; Reversionary interest – the value of the interest remaining on termination of the
preceding estate. Right of survivorship – right to have the interest of a deceased joint
owner; right in joint tenancy.
Right-of-way – an easement allowing another party or parties to use the land as passage for people,
vehicles, utilities.
Riparian rights – rights of landowners to waters on, under or adjacent to his land.
Stewardship concept - the principle that owners should use their property to promote not only their
self- interest but also the general welfare; the principle allows the State to regulate ownership for
the general welfare.
Inherent powers of the State – police power, eminent domain, taxation.
Eminent domain – right of the State to take private property for public use upon
payment of just compensation
Escheat – reversion of private property to the State due to death of the owner who has no
heir.
Types of tenancy
Tenancy in common – two or more persons with undivided interest, without survivorship,
interest need not be equal.
Joint tenancy – two or more persons, right of survivorship, equal undivided interests
Types of ownership in real property – Individual, Tenancy, Undivided Interests, Special forms –
condo, coop, time-share.