Business Law Chapter 15
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What is Real Property?
this includes land and anything attached to land
What is Interest in Land?
- is a right that a person can enforce with respect to a particular piece of land
- 1st: the people who are in the contract will get affected.
- 2nd: Once property is transferred to a different owner, then the new owner can evict the old owner if he or she interferes with land
What are the 3 Estates in land?
- 1. the FEE SIMPLE
- 2. the LIFE ESTATE
- 3. the LEASEHOLD ESTATE
What is Fee Simple and what are the 3 limitations??
- is the largest package of right that a person can hold in land
- 3 limitations are:
- i. Avoid committing torts such as occupiers' liability, Nuisance and the rule in Ryland V Fletcher
- ii. Your use of land is subject to various forms of regulation
- iii. your property may be expropriated (when gov't takes property for a public purpose)
What is Life Estate??
- entitles a person to exclusive possession of a property for the duration of a particular life.
- ie: Can be until brother is alive and then property comes back to me.
What is Reversion in respect to Life Estate?
occurs when the property returns to the person who holds the fee simple.
What is Remainder in respect of Life Estate?
occurs when the property goes to a 3rd party who was selected by the person who holds the fee simple.
What is a LEASEHOLD ESTATE?
occurs when a person has exclusive rights to a property for a specific period of time.
What is Joint ownership?
Occurs when 2 or more people share the same interest in a property
What is right of survivorship in respect to joint ownership?
- means that upon death, a joint tenant's interest automatically passes to the remaining joint tenants
- ie: from 5 owners, after one dies, then the surviving owners are 4.
What is Co-ownership ?
occurs when 2 or more people share an undivided interest in a property
What is the difference between Joint owndership and Co-ownership?
- - Co-owners do not have to have exactly the same interests.
- - Co-owners do not enjoy the right of survivorship.
Joint tenants can avoid the right of survivorship through the process of severance.
What is severance?
occurs when a joint tenant deals with the property in a way that is inconsistent with the joint ownership.
Thr right of survivorship can be lost by the process of _________?
Def: occurs when there is a separation of either the property or its sale proceeds
What is a condominium?
- exists when several people share ownership of some parts of a building, while individually owning other parts
- You get 3 sets of rights:
- 1. you receive individual ownership of that particular unit.
- 2. you and the other individual unit owners share ownership of the common areas as tenants in common. eg. Pool area
- 3. Is a small community, so it requires decisions to be made and enforced
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