Introduction to Real Property Terminology Intro to Real Property Land Any part of the earth's surface and everything annexed to it Real property Land and any fixtures attached to it A lot A separate, distinct and uniquely identifiable parcel or land Subdivision The division of land into parts for separate occupation - either vertically or by stratum horizontally Survey plan A diagram and text that defines the boundaries of land that has been surveyed Native title A form of indigenous rights and interests in respect of land Co-Ownership Joint tenancy A form of co-ownership by two or more persons without each having a separate or distinct title or share - includes the right of survivorshio Tenancy in common A form of co-ownership by two or more people in which the co-owners have distinct shares but are entitled to occupy the whole of the property - no right of survivorship Doctrine of Estates Interest in land Fee simple, lease, mortgage, easement etc Estate in fee simple An estate in fee simple is the highest estate that can be granted to a private entity (the doctrine of tenure provides that ultimate ownership lies w. the Crown) Mabo v Qld Freehold estate An estate in fee simple Equitable fee Interest in land held by a purchaser under a contract of sale prior to simple that person taking legal title to the lot . Fee means that the interest is hereditable . Simple means that there is no restriction as to who can take the land (as opposed to fee tail)
Leases/Tenancy Lease (leasehold estate) A right of exclusive possession granted to a tenant for a particular duration of time. The lessor retains a reversionary interest: at the conclusion of the lease the right of possession reverts to the landlord lessor Landlord who grants a lease lessee Tenant who takes a lease and has exclusive possession for the duration of the lease reversion The lessor's remaining interest in the premises during the currency of the lease Demise/tenancy/lease Demise - antiquated technical description of lease Tenancy - more informal description, often used for residential leases Lease - either the grant of a right of exclusive possession for a fixed or determinate term or the document that records that grant Lease area/premises/demised premises Physical area of land being leased sublease A lease of all or part of the premises that is granted by the lessee for a term that ends at least one day before the end of the lease term. The original lease is known as the headlease Holding over Occurs when the lessee remains in possession of the premises and pays rent after a fixed term lease has expired License Permission to go onto or use land that is not a grant of exclusive possession - not an interest in the land Sub-lease A lease of a lease (or part of a leased area) Mortgages mortgage A charge upon real property given by a debtor to a creditor as security for the repayment of