BCOR 320 1nd Edition Lecture 18 Nature of real property The grantor is the conveyor of property the grantee is the one receiving it Real property includes Land Buildings Subsurface rights Air rights Plant life Fixtures Estates in real property Rights in real estate usage and ownership vary from unrestricted use and rights to sell to a lesser right of usage but not the right to transfer it Freehold Estates The owner of a freehold estate has the present right to possess the property and to use it in any lawful way A fee simple absolute provides the owner with the greatest control A fee simple defeasible may terminate upon the occurrence of some event A life estate is an estate for the life of some named person Concurrent Estate A concurrent estate is when two or more own property at the same time Tenancy in common two or more people own the property each with the right to convey her interest or to pass it down to her heirs A joint tenancy includes the right to survivorship Types of estate in marriage Tenancy by the entirety the husband and the wife each own the entire property and they both have a right of survivorship Community property property brought to the marriage or given to one spouse may remain individually owned called separate property Condominiums the owner of the apartment typically has a fee simple absolute in his particular unit These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Cooperatives the residents generally do not own their particular unit Ex shareholders Nonpossessory Interests an easement gives one person the right to enter land belonging to another and make a limited use of it without taking anything away Profit gives one person the right to enter land belonging to another and take something away License given the holder temporary permission to enter upon another s property Mortgage is security interest in real property given to the institution loaning a buyer the money to buy real estate Sale of real property seller s obligation concerning property Sales contracts and title examination The statute of frauds requires that the agreement to sell real property must be in writing Once agreement is made the buyer s lawyer makes a title examination to ensure that the seller has valid title to the property Closing and deeds after the title examination is complete and financing is arranged the parties arrange a closing At this meeting the seller hands over the deed in exchange for payment either by the buyer or by a lender Recording recording a deed means to file it with the official state registry Adverse possession to gain ownership of land by adverse possession the user must prove Entry and exclusive Open and notorious A claim adverse to the owner Continuous possession for a statutory period Land use regulation Zoning state law permit local municipalities to regulate building and land use Eminent Domain the power of the government the take private property for public use while providing the former owners with just compensation
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