2010 - Real Estate 9/8/10 Legal Foundations cont. Ch2...

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Real Estate 9/8/10 Legal Foundations cont. Ch2 Estates (possessory interests) 1. Estates a. Ownership estates i. Ownership with inheritance 1. Fee simple absolute (the highest) 2. Fee simple conditional with reverter – goes on forever unless the condition occurs ii. Ownership without inheritance 1. Ordinary life estate with remainder interest – this goes on the life in being dies 2. Legal life, estate (homestead, dower) with remainder interest. b. Leasehold estates 1. Tenancy for years 2. Periodic tenance 3. Tenancy at will, tenancy at sufferance. Leasehold estates Tenancy for years a. Leasehold for a specific period of time (few dats to many decades…e.g. Phoenician ground lease) b. Must be in writing if greater than one year (statue of frauds) c. Written lease contract governs the right/relationship Periodic Tenancy No definite length of time Often by oral agreement Period generally coincides with rental payent period (e.g. weekly, monthly, annually, etc) State law governs time required for notice of termination usually some portion of the rental payment period, (CO: 10 days for month to month period)
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This note was uploaded on 09/22/2010 for the course REAL 3000 at Colorado.

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2010 - Real Estate 9/8/10 Legal Foundations cont. Ch2...

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