The Value of real property - acronym (3)
W.P.L. - Real Property has meant
- Wealth
- Power
- Life
To understand the legal concepts of real property you must consider: (2)
- Time
2. Possession
2 Types of taxes tax what you own/have instead of what you earn/acquire: (2)
- Property Tax
2. Estate Tax
Doctrine of Specific Performance
Real Property is so valuable that it requires a written contract that can be enforced by either party once signed.
2 Types of Interest in Land
- Possessory Interests
2. Non-possessory interests
Types of Possessory Interests (4)
- Fee Simple Absolute - highest/best way to own land (all E-PUT+T rights)
- Defeasible Estates - Fee Simple with some condition attached
- Fee Tail - no longer exists - defaults to Fee Simple Absolute
- Life Estates - Goes to hiers
Types of Defeasible Estates (3)
- Fee Simple Determinable with Possibility of Reverter - automatic return to owner upon violation of condition
- Fee Simple Subject to a Condition Precedent - Original owner has right to re-entry upon violation
- Fee Simple Subject to an Executory Interest - relates to a 3rd party
Types of Non-possessory Interests (4)
- Easements
- Profits
- Covenants
- Servitudes
Fee Simple Absolute - Magic Words & Details (3)
Magic Words: “To Grantee(s) and their hiers”
- Law prefers and presumes this form of ownership
- Invests all E-PUT rights now and forever
- The form in which all others branch off of
Castle Doctrine
A person need not retreat from home invader and killing a burglar is a justified homicide.
What two factors exist in deeds to land?
Words of purchase (the “Who” takes the property)
Words of limitation (the “how” - type and duration of transferee)
Fee Simple Determinable - Magic Words
Magic Words: “To Grantee(s) and their hiers… for so long as … while … during … until …”
Automatically returns to owner upon condition met.
Fee Simple Subject to Condition Subsequent - Magic Words
Magic Words: “To Grantee(s) and their hiers… upon the condition that … provided that … but if …”
Returns to owner upon condition met, after he acts (right to re-entry)
Life Estates - Magic Words
To Grantee(s) for life for the life of …(name of other person)
Joint Interest - Tenancy in the Entirety
By Marital Right
Right of Survivorship
Limited by Severance (divorce, or other agreement)
Joint Interest - Joint Tenancy
Created by Unity of time, title, interest.
- Right of Survivorship
- Less limited by Severance
Tenants in Common
No rights of Survivorship
Freely alienable
Joint ownership upon percentage
