Severalty
Severalty is a form of property ownership where a single person or entity holds complete and exclusive ownership of real estate. Despite the name suggesting multiple parties, severalty actually refers to ownership that is 'severed' or separate from others.
Example
“John owns his condo in severalty, meaning he doesn't share ownership with anyone else and can sell it without needing another person's permission.”
Memory Tip
Think 'SEVERed from others' - severalty means you own it solo, severed from co-owners.
Why It Matters
Understanding severalty is important because it gives the owner complete control over the property and all decision-making authority. This type of ownership provides maximum flexibility for selling, mortgaging, or making changes to the property.
Common Misconception
The term 'severalty' sounds like it involves several people, but it actually means sole ownership by one person or entity.
In Practice
When you buy a home as a single person and the deed lists only your name, you own the property in severalty. This means you can sell, rent, or modify the property without needing anyone else's consent.
Etymology
From Latin 'separatus' meaning 'separate,' emphasizing how this owner stands alone, severed from other potential co-owners.
Common Misspellings
Compare today's mortgage rates
More in real estate
Other real estate terms you should know
Need financial definitions?
Clear definitions for 2,500+ finance, insurance, and investing terms.