Slide 1Nature of Real PropertyNature of Real PropertyNature of Real PropertyOwnership Interests in Real PropertyOwnership Interests in Real PropertyOwnership Interests in Real PropertyOwnership Interests in Real PropertyOwnership Interests in Real PropertyTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipTransfer of OwnershipLeasehold EstatesLeasehold EstatesLandlord-Tenant RelationshipsLandlord-Tenant RelationshipsLandlord-Tenant RelationshipsLandlord-Tenant RelationshipsLandlord-Tenant RelationshipsLandlord-Tenant Relationships© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.Business Law Today 10th Ed.Text and Summarized CasesDiverse, Ethical, Online and Global EnvironmentRoger LeRoy MillerGaylord JentzChapter 43 Real Property and Landlord-Tenant Law(Marje/iStockphoto.com)© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.NATURE OF REAL PROPERTY•Real property is immovable and includes: Land & Permanent Buildings.Airspace & Subsurface Rights.Plant Life and Vegetation.Fixtures.© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.NATURE OF REAL PROPERTY•Fixtures.A fixture is personal property that becomes permanently affixed to real property.Intent that it become a fixture is necessary. © 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.NATURE OF REAL PROPERTY•Fixtures. Intent is determined by:The fact that the property cannot be removed without causing damage to the realty.The fact that the property is so adapted to the realty that it has become part of the realty.© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.OWNERSHIP INTERESTS INREAL PROPERTY •Fee Simple. Also called fee simple absolute.Gives the owner the greatest aggregation of rights, powers and privileges possible under American law and can be assigned to heirs.Subject to applicable zoning, noise, and environmental laws.© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.OWNERSHIP INTERESTS INREAL PROPERTY •Life Estates.Estate that lasts for the life of some specified individual for the duration of her life.Assume “A grants Blackacre to B for B’s life” grants B a life estate in Blackacre. A’s grant is a conveyance. When B dies, Blackacre returns to A or his heirs or assigns, in the same condition, normal wear and tear excepted. © 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.OWNERSHIP INTERESTS INREAL PROPERTY •Life Estates.Note that Grantor A retains a “future interest” in the property. During B’s life, she can possess, use, and take the fruits of the estate, but not take from the property itself.© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.OWNERSHIP INTERESTS INREAL PROPERTY •Nonpossessory Interests.Easement is a right of a person to make limited use of another person's real property without taking anything from the property.Profit is the right to go onto another’s land and take away some part of the land itself or some product of the land. © 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.OWNERSHIP INTERESTS INREAL PROPERTY •Nonpossessory Interests.Property that is benefited by easement/profit carries the interest with the sale of land. © 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.TRANSFER OF OWNERSHIP•Generally, a transfer (conveyance) of ownership is done by a real estate sales contract, with a purchaser and a seller. © 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.TRANSFER OF OWNERSHIP•In addition to a sale, there are other means to convey real property: A Gift.A Will or Inheritance.A Sale.An Inheritance.Adverse Possession.Eminent Domain.© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in