Tenancy at Sufferance
Refers to a situation where a lease has expired but the landlord has not demanded that the tenant quit, or leave, the premises.
Tenancy at Will
An agreement reached between a landlord and a tenant, wherein the tenant is allowed to occupy property owned by the landlord until the landlord gives notice of termination of the lease, which may be given at any time, but typically, according to state law or contractual agreement, gives 30 days to vacate the premises.
Tenancy by the Entirety
Recognized in a number of states, refers to the joint ownership of a property title by a husband and wife, in which both have an equal interest and right to the whole of the property, and upon the death of either one, the other has survivorship rights to ownership of the title.
Tenancy in Common
A title to property that is held by more than one person, in which each has an undivided interest in the property, and where all have an equal right to use of the property, although the percentage of interests or relative sizes of living spaces may differ. Each interest may be individually sold, mortgaged, or willed, and in the event of the death of one tenant, other tenants do not have survivorship rights to the property as a whole.
An archaic term for any structure built on real property that has come to be used almost exclusively to refer to decrepit urban apartment dwellings with several floors that are reached by stairways.
A type of mortgage requiring interest payments only during the term of the mortgage, with the principal due at the end of this term.
A document that details the history of the chain of transfers of a property title.
Refers to an act which is a tort, or a civil, as opposed to a criminal, wrong.
Two Step Mortgage
A type of adjustable-rate mortgage, or ARM, that has one interest rate for the first 5 to 7 years of its term, after which the interest rate changes to a different interest rate for the remainder of the term of the mortgage.