Chapter 2 Flashcards
Estate in land
Quantifies degree, nature and extent of ownership party has in real or personal property. Freehold estate or non freehold estate
Ownership
Right to possess and use property - bundle of rights…right to possess,
Right to use and control, right to enjoy and exclude others, right to dispose of and encumber property.
Freehold estate
No set date estate will terminate
Non freehold estate
Term of ownership limited by fixed period of time
Few simple
highest and best form of property ownership
Life estate
Fee simple but with limited period of time
Conditional estate
Fee simple under implied or specific condition
Estate for years
Fee simple for fixed period of time
Leasehold
Rights limited in duration and held by tenant (or lessee) from lessor (landlord)
Fixed term tenancy
Most common with expiration dAte
Periodic tenancy
Renewed each time rent payment made. Ex - month to month rental
Tenancy at will
Very informal - nothing written, unspecified time
Tenancy at sufferance
Failure to vacate - trespasser but when pays becomes periodic tenancy
Purchase and sale
Transfer of property ownership for consideration. Money most common
Gift
Ownership of real property through gift
