BLaw – Chp. 50 Real Property and Landlord-Tenant Relationships THE NATURE OF REAL PROPERTY Real Property (or realty) = land and everything permanently attached to it, including structures and fixtures Land and Structures o Includes oil and surface of earth and natural products or artificial structures attached to the land o Also includes waters on or under land Airspace and Subsurface Rights o The owner of real property has exclusive rights to airspace above land and soil and minerals underneath o Encumbrances – limitations on either airspace or subsurface rights o Airspace Rights i.e. right of commercial plane and private plane to fly over property o Subsurface Rights Ownership of land can be separate from ownership of its subsurface; Rights could include ownership of minerals, oils or natural gas When ownership is separated into surface and subsurface rights, each owner can pass title to what he owns without consent of other owner Plant Life and Vegetation o Includes both natural and cultivated plant life; Think crops OWNERSHIP AND OTHER INTERESTS IN REAL PROPERTY No one can actually posses or hold a piece of land, air, earth or water; they can only posses the rights in real property Ownership in Fee Simple o Fee simple absolute – owner has the greates aggregation of rights, privileges and power possible; Owner can give property away or dispose of property by deed or will. Infinite in duration; assigned forever to a person and their heirs These rights also include the right to use the land for whatever purpose Life Estates o Life estate – estate that lasts a lifetime of some specified individual o Conveyance – transfer of property “to x for his life” creates a life estate. o Waste – injury to land The life tenant cannot use the land in a manner that would adversely affect its value Concurrent Ownership – persons who share ownership rights simultaneously in particular property (including real property and personal property). Two Types: o Tenancy in Common – form of co-ownership in which each of two or more persons owns an undivided interest in the property. It is undivided because each tenant has rights in whole property. Ex. 4 friends buy condo in Hawaii, each owning ¼. If one owner dies, it will be passed on to the heir of the deceased, NOT other three owners o Joint Tenancy – each of two or more persons owns an undivided interest in the property, but a deceased joint tenant’s interest passes to the surviving join tenant or tenants 1
BLaw – Chp. 50 Real Property and Landlord-Tenant Relationships Ex. Bob and Sue are married and buy a house together, each becoming a tenant. Bob dies. His interests are passed on to Sue rather than children from a previous marriage o Tenancy by the Entirety – differs from joint tenancy in that neither spouse may separately transfer his or her interest during his or her lifetime unless the other spouse consents; A divorce will terminate a tenancy by entirety o
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- Fall '08
- Business Law Outlines, Rollins, Mississippi Supreme Court