Classnotes Real Property

Classnotes Real Property - REAL PROPERTY Most of real...

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REAL PROPERTY Most of real property law is ancient, and dates back hundreds of years. There are different types of real property, all related to LAND. Real property is: the land itself buildings, trees, timber, plants, crops soil, minerals, and other things permanently affixed to the land. Remember: Property is not simply the thing itself; property is also the ownership interest. Ownership interests can include : Surface rights—rights to the land itself Subsurface rights—rights to the earth located beneath the surface of the land Air rights—rights to air space above the land There are different ways of holding title (ownership) to real property: Fee simple absolute Fee simple defeasible Life estate Future Interest
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Fee simple absolute A fee simple absolute is 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. A fee simple absolute: Is infinite in duration (fee) Has no limitation of inheritability (simple) Does not end upon the happening of any event (absolute) Fee simple defeasible A fee simple defeasible is 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 estates A life estate is an interest in land for a person's lifetime. Upon that person's death, the interest will be transferred to another party, either the original grantor or a third party. Future interests or reversion and remainder A future interest is the interest that the grantor retains for him or herself or a third party. A reversion is a right of possession that returns to the grantor after the expiration of a
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This note was uploaded on 10/24/2011 for the course ACCT 351 taught by Professor Staff during the Spring '08 term at University of Delaware.

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Classnotes Real Property - REAL PROPERTY Most of real...

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