Unit 10 The Nature of Real PropertyTypes of PropertyElements of OwnershipFreehold EstatesFuture InterestsCo-ownershipTrusts11Unit 10 Unit 10 The Nature of Real PropertyThe Nature of Real PropertyReal property distinguished Real property distinguished from personal property…from personal property…22Types of PropertyTypes of PropertyReal Real –LandLand–FixturesFixturesUCC fixture filingUCC fixture filing–Fructus industrialesFructus industrialesPersonalPersonal–TangibleTangible–IntangibleIntangible33Elements of OwnershipElements of OwnershipRight of dispositionRight of disposition–SellSell–GiveGiveLifetimeLifetime–SurvivorshipSurvivorship–Intestate successionIntestate succession–Lend/LeaseLend/LeaseRight of exclusion (possession)Right of exclusion (possession)Right of quiet enjoyment (use)Right of quiet enjoyment (use)44Freehold EstatesFreehold EstatesInfinite or unpredictable lengthInfinite or unpredictable lengthLife estate (reversion or remainder)Life estate (reversion or remainder)Fee simple estateFee simple estateFee simple determinable (possibility of a Fee simple determinable (possibility of a reverter)reverter)Fee simple subject to a condition Fee simple subject to a condition subsequentsubsequent55Future InterestsFuture InterestsReceiving partyReceiving party–ReverterReverter–RemainderRemainderCertaintyCertainty–VestedVested–ContingentContingent66Co-ownershipCo-ownershipTenants in commonTenants in commonJoint tenantsJoint tenantsTenants by the entiretiesTenants by the entireties77TrustsTrustsPartiesParties–Trustor (grantor)Trustor (grantor)–TrusteeTrustee–BeneficiaryBeneficiarySeparation of legal & equitable interestsSeparation of legal & equitable
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