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Property is defined as?
A Bundle of Rights(Possess, Use, Encumber, Dispose of, To Exclude)
- an Estate that endures for a period is not fixed or ascertained by a specified limit of time.
- Different Types:
- 1) Fee Simple2) Life Estate3) Estate in Reversion4) Estate in Remainder
- Greatest interest a person can have in land.
- Indefinite duration.
- Different Types:1) Fee Simple Absolute
- 2) Fee Simple Defeasible
Fee Simple Absolute
Owner holds without any qualifications or limitations
Fee Simple Defeasible
Owner holds subject to special condition.
- Different Conditions:
- 1) Subsequent: Deal First, Condition Later
- 2) Precedent: Condition First, Deal Later
- A Charge against Property.
- I.E. - loans, interests
estate limited in duration to life of its owner, or designated persons.
May sell, lease, or encumber it only for the duration of the life estate.
Estate in Reversion
When designated person dies, title return to original grantor or heirs.
Estate in Remainder
Title held by the heir left by the death of designated person.
Less-Than Freehold/ Nonfreehold Estate
estate owned by tenant who rents or leases property.
an interest in real property, but still only a form of personal property
Types of Leasehold Estate
- 1) Estate for Years
- 2) Estate from Period to Period
- 3) Tenancy at Will
- 4) Estate at Sufferance
Estate for Years(Lease)
- definite period that is fixed in advance.
- I.E. Days, Weeks, Months, or Years
Estate from Period to Period (Rent)
- One Continues for successive periods of the same length
- I.E. Month to Month
Tenancy at Will
confers a right to possession for an indefinite period of time and no express reservation of rent.
Estate at Sufferance
refusal to leave premises
Requisites to create a leasehold
- 1. Names of Parties
- 2. Description of premises
- 3. Amount of rental payments with time and manner of payment
- 4. Length of Lease (Agricultural limited to 51 years)
- 5. If length is more that one year, must be in writing
- 6. If in writing, must be signed by lessor. Lessee usually signs but acceptance of lease terms is same as signature.
- 7. To Record
Fee Simple is also known as
Estate of Inheritance/ Perpetual Estate
The Greatest Interest a person can have in land...
Agent has the right to hire non-licensed assistance
Lease Provisions - Security Deposits
On a lease of residential property with a term of less than 6 months...Landlord cannot collect more...
a. Unfurnished property - equivalent to two month's rent.
b. Furnished property - equivalent to three month's rent.
c. Commercial - no limit
prohibit based on race, religion, ethnic background, sex, marital status, physical disability and in some cases, families with children. Contact the following...
1. State of California Department of Fair Employment and Housing
2. U.S. Department of Housing and Urban Development. (HUD)
3. Private attorney.
Quiet Enjoyment and Possession
every lease has an implied covenant, to place tenant in quiet enjoyment and possession of the property.
Tenant's Rights and Recourses
If defects are not corrected in a reasonable period (30 days). Tenants can...
Abandon the premises and under the doctrine of "Constructive Eviction" (Landlord's fault)
Transfer of entire leasehold (100% Title Transfer)
Transfer of less than the entire leasehold.
Subleassor can discriminate.
Termination of the Lease
- 1. Written Notice - 30 day notice
- 2. Surrender or Abandonment of Premises
- 3. Breach of Covenant of Quiet Enjoyment and Possession
- 4. Condemnation - premises taken Eminent Domain (Public Uses)
- 6. Court Action - ousted for nonpayment of rent or for breach of contract. Unlawful Detainer.
Default in Rental Payments
If tenant fails to pay rent on due date...
Serve a "3 Day Notice to Pay or Quit", file "Unlawful Detainer"
Type of Leases
- 1. Gross, Flat, Fixed or Straight Lease
- 2. Graduated Lease (Commercial Lease) - varying rental rate
- a. Escalator clause - provides for increase or decrease in rent.
- 3. Sandwich Lease
- 4. Net Lease - Lessee will pay all or some of variable expenses such as taxes, insurance...(Tripple Net)
- 5. Percentage Lease - Rental is based on amount of business done by lessee; The higher the gross recipts, the lower the rate.
Land, anything affixed to it, that which is Incidental or Appurtenant to it and that which is immovable by law.
Land - Water and Water Rights
- 1. Riparian Rights; River/Stream
- 2. Littoral Rights; Ocean/Sea
Anything Affixed to the Land
- A. Buildings
- B. Things attached by Roots
- 1. Natural Growth - Real Property until severed
- 2. Emblements or Industrial Crops
- C. Fixures
- D. Trade Fixures
personal property becomes part of the real property.
- 1. Manner of Attachment or Annexation - Cement, bots, nails, screws)2. Adaptability - custom made for particular building3. Relationship of Parties4. Intention of Parties5. Agreement of Parties
maybe removed if it can be done without damage to premises. Trade fixtures are personal property.
That which is incidental or appurtenant to it
Rights that "runs with the land"
- A. Easements
- B. Water Rights
- C. Share of Stock in a mutual water company
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