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Unity of ownership
Unity of ownership The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and possession.
RELATED TERMS--------------------------------------
Title
1) The rights of ownership and possession of particular property. 2) In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.
Interest
Money paid to a lender as compensation for money that is borrowed.
Possession
The condition of having signed all the papers at closing and having received keys to the house.
SIMILAR TERMS--------------------------------------
Unit-in-place method
The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure with the cost of each item including its proper installation, connection, etc.
Unity of interest
All joint tenants holding equal ownership interests.
Unity of possession
One of the four "unities" required to create a joint tenancy. All joint tenants hold an undivided right to possession.
Unity of time
All joint tenants acquiring their interests at the same time.
Unity of time
Unity of time means the requirement that each of the For joint tenants acquires her / his interest at the same time, as part of the same conveyance.
Unity of title
All joint tenants acquiring their interests by the same document.
PREVIOUS AND NEXT TERMS--------------------------------------
Uniform settlement statement
The standard HUD Form 1 required to be given to the borrower, lender and seller at the time or before settlement by the settlement agent in a transaction covered under the Real Estate Settlement Procedures Act.
Unilateral contract
A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform.
Unimproved land
Most commonly refers to land without improvements or buildings but also can mean land in its natural state.
Unit-in-place method
The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure with the cost of each item including its proper installation, connection, etc.
Unity of interest
All joint tenants holding equal ownership interests.
Unity of ownership
Unity of possession
One of the four "unities" required to create a joint tenancy. All joint tenants hold an undivided right to possession.
Unity of time
All joint tenants acquiring their interests at the same time.
Unity of title
All joint tenants acquiring their interests by the same document.
Universal agent
A person empowered to do anything the principal could do personally.
Unlawful detainer action
A legal action that provides a method of evicting a tenant who is in default under the terms of the lease; a summary proceeding to recover possession of property.
This dictionary contains 6433 terms. |
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