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Unity of possession
Unity of possession One of the four "unities" required to create a joint tenancy. All joint tenants hold an undivided right to possession.
RELATED TERMS--------------------------------------
Tenancy
A holding, as of land, by any kind of title, occupancy of land, a house or the like under a lease or on payment of rent or tenure.
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 ownership
The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and 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--------------------------------------
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
The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and possession.
Unity of 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.
Unrated classes
Typically the most subordinated classes of CMBS.
This dictionary contains 6433 terms. |
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