Key terms an understanding of the following terms

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Unformatted text preview: erstanding of the following terms will help you to better understand the material in this chapter. Co-ownership: joint ownership of property. Fee simple: the most extensive interest in land. Referred to colloquially as ‘ownership’ of land. There are no restrictions on the ways in which the holder of the fee simple may deal with the land. For more information go to MyLawLab: mylawlab MyLawLab Fee simple: a freehold estate and the most extensive interest in land. Joint tenancy: a form of co-ownership where separate equal and undivided rights exist between the parties, but they appear as a single owner as against the rest of the world. The distinguishing elements of a joint tenancy are the ‘four unities’ and the right of survivorship. Lease: a contract granting exclusive possession of property to a person other than the owner for a certain period of time (referred to as the ‘term’) in return for payment of money (referred to as ‘rent’). In contrast to a lease, a licence generally doesn’t grant exclusive possession of the subject property and is determinable at any time by either...
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