Chapter 37

Chapter 37 - o A nonpossessory interest, such as an...

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Chapter 37 Real Property Real Property is immovable and includes: - Land - Buildings - Airspace - Plant Life - Fixtures Fixtures - A fixture is personal property that becomes permanently affixed to real property. o Intent that it becomes a fixture is necessary. - Trade fixtures; installed for commercial purposes by a tenant. - They remain the property of the tenant and can be removed when tenant leaves, repairing any damage caused by removal. Ownership of Real Property - Interests classified as either possessory or non-possessory. o A possessory interest, such as a fee simple, life or leasehold estate, gives the owner a right to possess the land.
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Unformatted text preview: o A nonpossessory interest, such as an easement, profit or license, does not give the owner the right to possess the land. Ownership in Fee Simple-The fee simple (or fee simple absolute) gives the owner the greastest aggregation of rights, powers and privilges possible under American law and can be assigned to heirs. o A conveyance from A to B creates a fee simple. A is the Grantor and B is the Grantee. Life Estates-Estates that last for the life of some specified individual. A grants Blackacre to B for Bs life grants B a life estate in Blackacre....
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This note was uploaded on 04/20/2008 for the course ACC 321 taught by Professor Eidson during the Spring '08 term at Quincy.

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