[chapter_48]_vocab - Real Property Real properly - The land...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Real Property Real properly - The land itself as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land. Subsurface rights - rights to the earth located beneath the surface of the land. Fixtures - Goods that are affixed to real estate so as to become part thereof. Estates in Land Estate - Ownership rights in real property the bundle of legal rights that the owner has to possess, use, and enjoy the property. Freehold estate - An estate where the owner has a present possessory interest in the real property. The two types of freehold estates are estates in fee and life estates . Estates in Fee Fee simple absolute - A type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property. If a person owns real property in fee simple, his or her ownership: - Is infinite in duration (fee) - Has no limitation on inheritability (simple) - Does not end upon the happening of any event (absolute) Fee simple defeasible - A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur. Life estate - An interest in land for a person’s lifetime; upon that person’s death, the interest will be transferred to another party. Concurrent Ownership Co-ownership - A situation in which two or more persons own a piece of real property. Also called Concurrent ownership. Joint tenancy - A form of co-ownership that includes the right of survivorship. This means that upon the death of one of the co-owners (or joint tenants), the deceased person’s interest in the property automatically passes to the surviving joint tenants. Any contrary provision in the deceased’s will is
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/29/2008 for the course BUS LAW 2301 taught by Professor Villareal during the Spring '08 term at Dallas Colleges.

Page1 / 3

[chapter_48]_vocab - Real Property Real properly - The land...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online