Chapter 3 – Interest In Land Flashcards
What are two types of crown land?
Freehold (fee simple)
Leasehold
What is a life estate?
Last for the lifetime of the holder called the life tenant
What type of rights does the life tenant have?
Use possess and receive revenue from the land
He can leave his home to his wife but when she dies if she has a will it goes to the Remainderman estate put auteur vie . (Someone stated)
Not stated it will go to the reversioner – (need clarification on this one)
What is a life estate?
Your property, if no will other relations can apply to get it.
What Eschutes to the crown mean?
Transfer over
What type of obligations does the life tenant have?
PAVE
(PAV) are common law
Permissive – naturally occurring
Ameliorate - to improve
Voluntary – you did it devalue
Equitable – waste created out of spite
What is an easement?
The right-of-way
Have to go over or access another property to get somewhere. One that has an easement on it is the servient and dominant lot, the one that is benefitting.
An easement accommodates the dominant, subject matter of the grant, developer
What is a restrictive covenant?
Restricts one lot to benefit another.
- Negative in nature – stops you doing something
- Runs with the land
- Binding on the parties
What is profits a prendre?
To enter someone’s land to take a profit i.e. fishing
What is fixtures and chattels?
Fixtures stay
Chattels goes i.e. TVs etc.
What is Co-ownership of real property?
Own together
Right of survivorship
One does the other gets
What is joint tenancy?
- Each person a co-owner
- Undivided interest in whole property
- Joint tenants cannot leave their interest to anyone in their wills
Joint tenancy = right of survivorship i.e. last one standing
What is tenancy in common?
- One unity, that of possession
-Tenants-in-common may have different shares in there property
– No right of survivorship, but may leave her interest Via a will
