Chapter 14 Lesson

Chapter 14 Lesson - 14 Real and Personal Property Ownership Transfer and Land Use Controls OBJECTIVES:After completing this lesson the required

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14 - Real and Personal Property: Ownership, Transfer and Land Use Controls OBJECTIVES: After completing this lesson, the required reading, and the assignments, learners will be able to: 1. Define real property and describe the different kinds of estates and ownership of property. 2. Discuss the process of acquiring ownership of real property. 3. List and describe the ways in which public and private laws restrict the use of real property. 4. Define and give examples of personal property and bailments. 5. Discuss how property owners can control the transfer of property through wills and trusts. Real Property Types of Ownership Real property is defined as the land and anything attached to it, such as houses, trees, etc. First, make the distinction between freehold and non-freehold estates. The four freehold estates discussed below mean ownership of some kind, as compared to a non- freehold estate, in which the holder of the estate has the right to possess the property, but does not own it. Freehold Estates The following four types of ownership are often difficult for students to comprehend - understandably so. The names are archaic and not easily remembered. Fortunately, out of the many strange legal terms relating to real property, you only have to learn and remember four. Fee simple absolute . A "fee" means an ownership interest. A fee simple absolute is the most extensive type of ownership. The owner of property in fee simple absolute may make any legal use of his property. (This lesson will cover discuss restrictions on the use of real property below.) Language granting ownership of a fee simple absolute would look something like this: "From Adam to Bob and his heirs." Adam is the grantor (the party conveying the property), and Bob is the grantee (the party receiving the property).
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Fee simple determinable . An example of a fee simple determinable might look like this: "From Adam to Bob and his heirs, so long as the property is not used as a convenience store." As you can see, a fee simple determinable is thus less extensive than a fee simple absolute because the owner cannot make any legal use of the property. He cannot use the property as a convenience store, which is certainly a legal use of property (although zoning laws may limit this, as is discussed below). With a fee simple determinable, if the grantee uses the property in the way the grantor did not intend, the property automatically reverts back to the grantor (or the grantor's heirs, if the grantor is dead). Thus, if Bob builds a convenience store on the property, even if he is otherwise legally entitled to do so, the property would automatically revert back to Adam or his heirs. A fee simple determinable may also be used when the grantor of the property wants it to
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This note was uploaded on 09/02/2011 for the course GEN BUS 202 taught by Professor Parks during the Fall '11 term at Boise State.

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Chapter 14 Lesson - 14 Real and Personal Property Ownership Transfer and Land Use Controls OBJECTIVES:After completing this lesson the required

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