Chapter 48 - Real Property and Landlord-Tenant Relationships

Chapter 48 - Real Property and Landlord-Tenant...

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Law & Society I Key : M W 9:30AM, Snell 213 Normal, dark blue, size 12 font: Every header found in text John Exley, ID: 0160294 Normal, black, size 12 font: Excerpts from text 11.19.08 Bold, black, size 12 font: Vocabulary from text Chapter 48: Real Property and Landlord-Tenant Relationships Pages 980-999 Section 1 – The Nature of Real Property Land and Structures Airspace and Subsurface Rights o Airspace Rights o Subsurface Rights Plant Life and Vegetation Section 2 – Ownership and Other Interests in Real Property Ownership in Fee Simple Fee Simple Absolute: An ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power. Ownership in fee simple absolute is limited absolutely to a person and his or her heirs. Life Estates Life Estate: An interest in land that exists only for the duration of the life of some person, usually the holder of the estate. Conveyance: The transfer of a title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another. Concurrent Ownership Concurrent Ownership: Joint ownership. o Tenancy in Common Tenancy in Common: Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death. o Joint Tenancy Joint Tenancy: The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants. o Tenancy by the Entirety
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Tenancy by the Entirety: The joint ownership of property by a husband and wife. Neither party can transfer his or her interest in the property without the consent of the other. o Community Property Community Property: A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage. This form of joint
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This note was uploaded on 09/15/2009 for the course LW 270 taught by Professor Wears during the Spring '09 term at Clarkson University .

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Chapter 48 - Real Property and Landlord-Tenant...

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