O-K-State AGEC 784 - Study Notes (4 pages)

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Study Notes



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Study Notes

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Pages:
4
School:
Oklahoma State University
Course:
Agec 784 - Real Estate Ownership in Oklahoma

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Oklahoma Cooperative Extension Service AGEC 784 Real Estate Ownership in Oklahoma Marcia L Tilley Professor Dolores Willett Oklahoma Cooperative Extension Fact Sheets are also available on our website at http osufacts okstate edu Assistant Extension Specialist on condition subsequent with a right of re entry or power of termination Note This publication is intended to provide general information about legal issues It should not be cited or relied upon as legal authority State laws vary and no attempt is made to discuss laws of states other than Oklahoma For advice about how these issues might apply to your individual situation consult an attorney Titles to real estate identify the types of rights held by the owner It is possible to subdivide full ownership of property into many different subgroupings based upon joint current ownership by two or more people or based upon division of present and future ownership This OSU Facts will discuss some of the common forms of real estate ownership and the rights associated with those ownership forms Real Estates Ownership Ownership of land is sometimes classified as freehold or leasehold estates Freehold estates are ownership interests that last forever or for an indefinite length of time Leasehold estates last for a specified period of time A leasehold estate gives the holder a right to use the property for the purpose and length of time stated in the lease agreement This OSU Facts will deal primarily with freehold estates which are usually considered as ownership interests Fee Simple Absolute Full Ownership Full ownership of real estate is generally referred to as fee simple absolute ownership or just fee simple This type of ownership means the owner has all of the legal rights associated with ownership The holder can use the property for any legal purpose can sell it to someone else can give it away or can leave it to his her heirs A fee simple owner of property may also divide his ownership rights among several people



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