Real Property

Real Property - BUSINESS LAW II Real Property Real Property...

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    BUSINESS LAW II Real Property
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    Real Property Real property is land, and those things  that are attached to or embedded in the  land Real property is immovable, or attached  to something immoveable
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    Fixtures Defined.  Personal property that is attached to  or used with real property so that it is no  longer personal property. It becomes part of  the real property Ownership.  Fixtures belong to the real  property owner. Transfer of ownership of real  property transfers ownership of the fixtures
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    Estate of Parker v. Parker,  text pg 585
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    Fixtures Factors Indicating an Item is a Fixture Attachment to Real Property Adaptation to the Location.  When an item  would be of little value except for use with real  property, the item is likely to be a fixture  The degree to which the item is necessary or  beneficial to the use of real property. The greater, the  more likely we are talking about a fixture Examples are keys, custom sized window screens  and storm windows Intent of the Annexor.   Viewed objectively. Subjective intent is not relevant
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    Trade Fixtures Personal property attached to leased  premises by a tenant for the purpose of  carrying on a trade or business Trade fixtures normally remain the  tenant’s personal property and may be  removed at lease end If removal would result in substantial  damage, trade fixtures cannot be removed
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    Trade Fixtures Lease for Definite Period.  Tenant  must remove trade fixtures by end of  the lease Lease for Indefinite Period.  Tenant  must remove within a reasonable time  after the lease expires Trade fixtures not removed in time  become the landlord’s property
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    Estates in Land Our system of real property ownership  descends from English Common Law That system descends from times of  feudalism It is very complicated and often  confusing
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    Fee Simple Absolute This is full ownership of land The owner in fee simple can hold the land  indefinitely and pass it on to descendants The owner can dispose of the property as it  sees fit The owner can also grant rights to others,  such as mortgages, leases, and split some of  the rights, such as mineral rights, from use of  the surface
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    Life Estate A life estate lasts only for a time measured by  the interest holder’s life, or the life of another  person The life tenant is obligated to avoid acts that  would result in permanent damage to the  property Upon the death of the “target individual,” the  property reverts to the grantor or to the  person designated by the grantor
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This note was uploaded on 05/04/2008 for the course BUAD 495 taught by Professor Mamun,todd during the Spring '07 term at USC.

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Real Property - BUSINESS LAW II Real Property Real Property...

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