Welcome to the RealTown Real Estate Network!
Member Login | Join RealTown
The Real Estate Network

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.
Dearborn Real Estate Education
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.