severalty

Definition

Ownership of real estate by a single individual.

Use severalty in a sentence

The mortgage company favored the sale of the property to the group of individuals as opposed to the increased risk of nonpayment due to severalty.

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Once a deed of reconveyance has been filed with the county in which the real estate is located, the property is called a severalty, if it was purchased by an individual buyer.

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The bidder paid cash for the auctioned home which under the stipulations of the auctions gave immediate severalty to the highest bidder and a home which was sold on an as is basis.

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severally but not jointly severance