What does the term "severalty" refer to in the context of real estate ownership?

The term "severalty" refers specifically to ownership by one entity or individual. This legal concept signifies that the property is owned solely by a single person, corporation, or legal entity, without any co-ownership or shared interest with others. Ownership in severalty allows the owner full control over the property, including the rights to sell, lease, or develop it as they see fit, without needing to consult or obtain consent from co-owners.

In contrast, joint ownership of property would involve multiple parties sharing rights and responsibilities, which is not aligned with the definition of severalty. Leasehold arrangements represent a temporary right to use property owned by another, rather than ownership itself. Family or partnership ownership implies shared ownership among relatives or partners, which again does not fit the definition of severalty. Thus, severalty is distinct as it emphasizes sole ownership, leading to full autonomy in real estate decisions.