Class Notes 2-20 - Class Notes Real Property Includes Land...

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Class Notes 2/20/12 Real Property Includes: - Land - Structures - Fixtures – Hurts the property when you take it away - Mineral Rights - Anything above and below the land Estates In Land 1. F.S.A - Greatest ownership interest in land – It allows the owner to use the property forever and do whatever they want with the property. 2. Life Estate – Is an estate in land granted to a party for a specific period of time, its measured by the grantees life. Grantor: Giving or selling the property to the grantee Tenancies 1. Tenancy in Common – When parties take title, they can hold the property as different types of tenants. Buyers to the property have an undivided interest of the property, they have the right to use the entire property, it doesn’t matter how much each person contributed. 2. Joint Tenancy – Multiple parties purchasing the property, both have right to use entire property. A and B purchase the property as joint tenants. When A dies the right of survivorship give the right to B. In order to have a joint tenancy you must have the four unities: 1. Unity of Time – The buyers have to acquire the property at the same time.
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