Estates and Leases Flashcards
real property
all property rights relating to land, except for leases
personal property
rights in all types of property except land
estate in land
the right which a person has to control and use the land
types of estates
- freehold
- leasehold
- commonhold
reversionary estate
it’s when at the end of the lease the estate reverts to the freeholder who owns the reversion
interest in land
a right which a person has over another’s land
types of legal interests in land
- easement
- rentcharge
- mortgage
unconscionability
a doctrine in contract describing terms that are so extremely unjust, or overwhelmingly one-sided in favour of the party with the superior bargaining power, that they are contrary to good conscience
trust
a relationship created at the direction of an individual in which one or more persons hold the individual’s property subject to certain duties to use and protect it for the benefit of others
obligations of a trustee
obligations of conscience - strict liability
deed
any legal instrument in writing which passes, affirms or confirms an interest, right or property, and that is signed, attested, delivered and sometimes sealed
term of years absolute
any period of a fixed and certain duration
proprietary rights
rights capable of binding third parties
personal rights
rights incapable of binding third parties
lease
an estate in the land, which, therefore, gives a proprietary interest in the land