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WVU BCOR 320 - Nature of property

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BCOR 320 1nd Edition Lecture 18Nature 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- FixturesEstates 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 propertyand 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 personConcurrent 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 herinterest or to pass it down to her heirs-A joint tenancy includes the right to survivorshipTypes 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 unitThese 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 shareholdersNonpossessory 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 awayLicense: given the holder temporary permission to enter upon another’s propertyMortgage: 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 propertySales 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 periodLand use regulation: Zoning: state law permit local municipalities to regulate building and land useEminent Domain: the power of the government the take private property for public use, whileproviding the former owners with just


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