Property, Estates, and ownership Flashcards
Bundle of rights
Use-for any legal use Possess Transfer-sell or encumber Encumber-mortgage or put lean against Enjoyment
What does Real property include?
Land and anything permanently attached to the land
Riparian rights?
the right to use the water flowing in a river
Littoral rights?
the rights of a landowner of land bordering the shore of a lake or ocean; the land is owned to the mean vegetation line
test of What is a fixture
Adaptation and agreement of the parties
Intent of the parties
Method of attachment
(AIM)
Fructus Naturales
Trees shrubs and flowers; landscaping is real property
Fructus Industriales
Crops (Personal property)
Personal property
(Chattel) is movable and transferred /sold using a bill of sale
what is An estate
the ownership interest or claim a person has in real property
Freehold estates:
estates in fee
life estates
Less-than-Freehold estates:
Leasehold estates
Estates in fee:
Fee simple absolute
Fee simple qualified aka defeasible fee aka conditional
Life estates:
Ordinary life estates
Examples of Ordinary life estate:
I give mom an estate (life tenant) when she dies goes to my son (the remainder person)
I give life estate to mom, when she passes it goes back to me (I am now have a reversionary interest)
example of Pur autre Vie Estates (for the life of another)
I give a life estate to my sister until mom passes then when she does, it goes to my son.
what is a legal life estate
Curtsey (husband) Dower (Wife)
Leasehold estates
an estate for years (a specific period of time ex: renting a room for a night or signing a 6 month lease)
Periodic estate (period to period ex: month to month, week to week)
Tenancy at will: you can leave at anytime, I can kick you out at any time
Tenancy at sufferance: when someone stays longer than they’re lease
right of possession
possession is a personal right owned by the tenant to use and occupy the property under the terms of the lease (personal property)
Four unites necessary for a joint tenancy
unity of title unity of time unity of interest Possission *hint (TTIP)
acknowledgement
a formal declaration before a notary republic
terminating easements
failure of purpose abandonment merger expression of release *hint (FAME)
elements of valid deeds
legally competent (grantor) legal description of the property consideration words of conveyance named grantee signature of the grantor and delivery
