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BLW_Chapter_Notes - BLW Chapter Notes Chapter 25 Notes Real...

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BLW Chapter Notes 5/7/2009 Chapter 25 Notes Real Property consists of land and the buildings, plants, and trees that it contains Personal Property- moveable; real property is immovable Real property usually means land and structures, including airspace and subsurface rights, plant life and vegetation, and fixtures Fixture- a thing affixed to realty; permanently attached by means of cement, plaster, bolts, nails, etc. A person who holds the entire bundle of rights is said to be the owner in fee simple absolute In fee simple absolute, the owner has the greatest aggregation of rights, privileges, and powe possible A life estate is an estate that lasts for the life of some specified individual A conveyance, or transfer of real property, creates a life estate Persons who share ownership rights simultaneously in particular property are said to be concurrent owners -Tenancy in common and joint tenancy are the two types of concurrent ownership Tenancy in common refers to a form of co-ownership in which each of two or more persons owns an undivided interest in the property In a joint tenancy, each of two or more persons owns an undivided interest in the property, but a deceased joint tenant’s interest passes to the surviving tenant or tenants Tenancy by the entirety- less common form of ownership that typically is created by a conveyance (transfer) of real property to a husband and wife; only difference between this and joint tenant is that it requires consent in order to transfer interest in property If property is held as community property, each spouse owns an undivided one half interest in the property A leasehold estate is created when a real property owner or lessor agrees to convey the right to possess and use the property to a lessee Nonpossessory interests- include easements, profits, and licenses An easement is the right of a person to make limited use of another person’s real property without taking anything from the property
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Profit- the right to go onto land owned by another and take away soe part of the land itself or some product of the land Appurtenant arises when the owner of one piece of land has a right to go onto an adjacent piece of land owned by another License is the revocable right of a person to come onto another person’s land Implied warranty of habitability- the seller of a new house warrants that it will be fit for human habitation even if the deed or contact of sale does not include such a warranty Possession and title to land are passes from person to person by means of a deed- the instrument of conveyance of real property -A deed is a writing signed by an owner of real property by which title to it is transferred to another A warranty deed makes the greatest number of warranties and thus provides the most extensive protection against defects in the titles Land Use control is the control over the ownership and uses of real property by authorized public agencies Eminent domain is the government’s authority to take private property for public use or purpose
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BLW_Chapter_Notes - BLW Chapter Notes Chapter 25 Notes Real...

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