Cooperative - No direct ownership of the property. Pay dues to cover mortgage, property taxes, and maintenance., 7 Days - Right of rescission when purchasing a new condo unit, 5 Days - Right of rescission when purchasing a timeshare or interval ownership property, Emblements - Annual crops that may be harvested for one season, Riparian rights - A property that borders a flowing body of water. Ownership depends if the waterway is navigable or non-navigable., Avulsion - Loss of land due to massive flooding. May be able to reclaim in certain circumstances., Subsurface rights - Interest in minerals or other deposits within the ground that may be leased or sold., Fee Simple Defeasible - Property subject to deed restrictions, that if violated could result in the loss of ownership, Pur Autre Vie - An inheritable life estate until the measuring life dies, Conventional Life Estate - Created by the express intentions of the parties rather than by law or statute, Leased fee - Interest that the landlord has in a property when leased to a tenant, Joint tenancy - Ownership by multiple parties with the rights of survivorship. It cannot be overturned by a will., Tenancy by the Entirety - Must be married at the time of purchase. Neither party may force the sale. It cannot be overturned by a will., Condominium - Blends severalty and tenants in common. Ownership of the airspace and co-ownership of the common areas., Townhouse - Own the unit, the land that it rests upon, and holds party wall rights,

Unit 2 Part 1

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