Lesson 10 - Land and Building Regulations Flashcards
Name the types of owners for Land or a Building
1, Individuals.
- Corporations
3 ,Churches
- Government Entities.
- legal entities (trusts or estates)
What is a joint tenancy?
A form of ownership by a husband and wife (but not restrcited related by marriage or blood)
each person has a share in the land or building owned.
What is a partnership in owning land?
Similar to a joint tenancy. Upon the death of one of the partners the partnership may be disolved and the assets distrubuted among the remaining partners.
What is the ownership when it is a corporation that owns the propery or land?
A corporation is a legal entity with rights and liabilities independent of those of its shareholders.
-If a shareholder dies. His shares goes to his heirs.
Under the law a corporation is treated like it was an individual.
Trustee Ownership is….
Holds property in his or her name in the benfit of another person.
What is a fee simple or fee absolute ownership?
Most common form of ownership.
-The owner has absolute title or ownership.
Name the type of ownerships
- Fee simple/Fee Absolute
- Condominium
- Cooperative
- leasehold
- sale and lease back
What is a deed?
A document conveying property from one owner to another. The document must be signed by the grantor (seller) and teh Grantee (buyer)
What are the Two Methods generally used to finance the purchase of property?
Mortgage
Deed of Trust. - The buyer borrows money from a lender who transfers it to a the seller who, in turn gives a deed to the buyer.
What clause ables a lender to sell property under forclosure?
Power of Sale Clause - Does not need court proceedings.
What is the different forms of legal descriptions of land ?
- Metes and bounds.
- Subdivisions of Public Lands
- Lot and Block Numbers
(rural is the first 2 and urban is lot and block)
Metes and bounds description is in the form of a narrative.
NOTE:
A govt survey authorized by congress and begun in Ohio in 1785 is the basis for much of the legal description of areas outside the 13 colonies.
- This established a grid of North and South lines called Meridians and east to west lines called parallels.
- These lines are 24 miles apart in both directions. (this created 24 mile squares called checks)
- These checks are divided into 16 townships.
-Each Township is a 6 mile square.
FURTHER SUBDIVISIONS:
Townships are divided into 36 square sections each containing one square mile. Sections maybe divided into quarter and quarter quarters or sixteenths.
Certain of the parrallels are divided into base lines. and certain meridians are called principal meridians.
-Towns are numbered and designated as north south of the baseline. and east or west of the principal meridian.
What are covenants?
Many deeds have restrictive covenants.
These pretty much set restrictions on what can and cant be done on a property.
What are Subsurface rights?
Early common law held that To whomsever the soil belongs, he owns the sky and the depths.
However Air rights can be sold or leased.
