The flashcards below were created by user
sphinxcoyotebabe
on FreezingBlue Flashcards.
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What is Real Property?
this includes land and anything attached to land
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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
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What are the 3 Estates in land?
- 1. the FEE SIMPLE
- 2. the LIFE ESTATE
- 3. the LEASEHOLD ESTATE
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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)
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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.
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What is Reversion in respect to Life Estate?
occurs when the property returns to the person who holds the fee simple.
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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.
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What is a LEASEHOLD ESTATE?
occurs when a person has exclusive rights to a property for a specific period of time.
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What is Joint ownership?
Occurs when 2 or more people share the same interest in a property
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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.
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What is Co-ownership ?
occurs when 2 or more people share an undivided interest in a property
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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.
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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.
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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
Partition
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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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