The Real Estate
Encyclopedia: P-T

In real estate, a timeshare is the purchase of an undivided interest in property, typically a condominium located in a resort area, for use during a fixed or variable period each year. The ownership interest allows the purchaser to occupy the property for the...

In real estate and contract law, time is of the essence is a provision that makes timely performance a critical requirement of the agreement. It means that the specified dates and deadlines are essential terms of the contract. When a contract states that time is of...

In real estate and contract law, a third party is a person who is not one of the primary parties to a contract but whose interests may be affected by it. Although the contract may relate to property or rights in which the third party has an interest, the third party...

In real estate and probate law, a testator is a person who makes a valid last will and testament. The testator sets forth instructions for the distribution of property upon death. The testator’s wishes are carried out through the probate process, subject to applicable...

In real estate and probate law, testate refers to a person who has died leaving a valid written last will and testament. The will directs how the person’s property, including real estate, is to be distributed. When a person dies testate, the estate is administered...

In real estate law, a tenant in severalty is a person who owns property alone without any co owners. This form of ownership is also referred to as ownership in severalty. A tenant in severalty holds full title and has exclusive rights to possess, use, and transfer the...

In real estate law, a tenant for life is a person who holds an estate in real property for the duration of a specified individual’s life. The measuring life may be the tenant’s own life or the life of another person. When the designated life ends, the estate...

In real estate law, a tenant at will is a person who occupies property with the permission of the owner or landlord but without a fixed term or formal lease agreement specifying duration. The tenancy continues only so long as both parties desire. A tenancy at will may...

In real estate law, a tenant at sufferance is a person who originally obtained lawful possession of property but remains in possession after the termination of the tenancy. This situation typically arises when a tenant holds over after a lease has expired without the...

In real estate law, a tenant is the party who has the legal right to possess and use real property owned by another person. This right arises from a lease or rental agreement. The tenant is obligated to pay rent and comply with the terms of the agreement, while the...