RealTown Words
Ownership of property vested in one person alone, rather than held jointly with another; also called several tenancy or sole tenancy. A husband or wife could each own property as a tenant in severalty, although the rights may be impacted by dower and curtesy. The owner’s title is thus severed from any other person. When the sole owner dies, the property is probated and passes to his or her heirs or devisees. A corporation, state, or county often holds title and property in severalty.
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This "Word of the day" is excerpted from
The Language of Real Estate, 6th Edition
by John Reilly
(published by Dearborn Real Estate Education, 2006 copyright). To
purchase the complete book, with over 2800 key terms and definitions,
or to browse through Dearborn's hundreds of other professional real estate
titles, including Real Estate Technology Guide by Klein, Barnett, Reilly,
click here.
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