Terms Used In North Carolina General Statutes > Chapter 41 > Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land

• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Nonvested easement in gross: means a nonvested easement which is not created to benefit or which does not benefit the possessor of any tract of land in his or her use of it as the possessor. See North Carolina General Statutes 41-28
• Option in gross with respect to an interest in land: means an option in which the holder of the option does not own any leasehold or other interest in the land which is the subject of the option. See North Carolina General Statutes 41-28
• Preemptive right in the nature of a right of first refusal in gross with respect to an interest in land: means a preemptive right in which the holder of the preemptive right does not own any leasehold or other interest in the land which is the subject of the preemptive right. See North Carolina General Statutes 41-28
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3