Chapter 3 - What the Purchaser Buys Flashcards
Define fee simple
Fee simple is the legal term for the maximum interest in land available to a person, or the maximum of legal ownership. In many ways, a fee simple is equivalent to absolute ownership.
Which of the following is true regarding encumbrances?
An encumbrance is a judgment, mortgage or lien or any other claim which is registered against the title to land.
A life estate ____ _______ ____ is the form of life estate where length of estate is measured against the life of another person.
pur autre vie
Define servient tenement
A servient tenement is land bearing the burden of an easement or other right (i.e., restrictive covenant).
A joint tenancy is where two or more persons acquire an _________ _________ interest in a property. When one person dies, that person’s share automatically goes to the _________.
A joint tenancy is where two or more persons acquire an equal undivided interest in a property. When one person dies, that person’s share automatically goes to the surviving joint tenant(s).
What is a restrictive covenant?
A restrictive convenant is a covenant restricting the use of the land of the covenantor (the servient tenement) for the benefit of land belonging to the covenantee (the dominant tenement). An example would be a restriction on the height of a building on one piece of land so that adjacent or adjoining lands are not deprived of a view.
Describe airspace, in both its historical and current context.
Historically, one owned the airspace above a parcel of land “to the heavens”. Today, airspace refers to the legal concept that a person who owns land also owns as much of the airspace above the land as he or she can effectively use.
building scheme
refers to a group of restrictive covenants attaching to two or more lots within a particular development plan, and which usually aims at ensuring that a certain level of uniformity is maintained within the development.
