DQ # 1 Real property can take many forms. The house you sleep in and the office you work in are two examples of real property. Discuss the legal interpretation of what defines “real property”, and describe in detail some other considerations to take into account when contemplating purchasing or leasing real property. The notion of real property has more to do with the legal rights of the property than the actual physical feature of the tangible land. Real property is no moveable and it includes all the fixtures such as building, trees, soil, mineral, timber, and plants that are permanently attached to the real property. Estate in land is when an individual have ownership rights to a real property. There are type of estates, fee simple absolute, fee simple defeaible, and life estate. Fee simple absolute is the highest form of ownership, it includes infinite in duration, no limit on heritability, and is not effect by an occurrence or non-occurrence of an event. Fee simple defeaible is similar to fee simple absolute
This is the end of the preview. Sign up
access the rest of the document.
This note was uploaded on 06/25/2011 for the course ACC 280 280 taught by Professor Lindaking during the Spring '10 term at University of Phoenix.