transfers less than a fee simple interest to somebody else o Doesnt have

Transfers less than a fee simple interest to somebody

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transfers less than a fee simple interest to somebody else o Doesn’t have present existence o Reversion = exists when the owner of a fee simple transfers a lesser interest and retains the residence 55
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o Remainder = exists when the owner of a fee simple transfers a lesser interest and expressly provides that ownership will pass to a third person upon expiration of the lesser interest Tenancy in Common and Join Tenancy o Tenancy in Common When the owner dies the property goes to hiers in will or according to state intestacy statute if no will o Joint tenancy When owner dies the “right of survivorship” means property transfers to surviving joint owners o Creation of tenancy in common If the owner conveys a fee simple estate to A and B then they will be tenants in common even after the owner dies o Creation of Joint tenancy It must be explicitly created the owner must expressly refer to the right of survivorship in addition to using the terms joint tenancy or join tenants. Joint tenants must receive their interest at the same time in the same document Partition o In tenancy in common and joint tenancy no owner owns a divided piece of land They can agree in writing to divide the land but then their relationship of co-owners ends o Tenants can initiate a lawsuit to have land partitioned Condominiums o A person owns a fee simple estate in the living space of a unit but not in the land on which the unit rests o Tenancy in common exists for common areas like roofs, walls, parking lots Cooperatives o Corporation owns building and each occupier of a living unit owns a share of stock in corporation and leases the unit Marital Property o Tenancy by the entireties Conveyance of real property to husband and wife, just like a joint tenancy Difference from joint tenancy is that it cannot be transferred by one spouse without consent of the other 56
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o Community Property (Texas uses this) Each spouse owns an undivided one-half interest in all community property, an interest which passes to his or her heirs upon death Each has complete ownership of his or her separate property o Separate property in marriage Any property owned before marriage Gifts Inheritance Brokers and Agents o Brokers have to meet additional licensing requirements and own the real estate agents The agents work for the broker o Realtors have no authority to actually sell or make a contract to sell o Open listing = realtors is entitled to a commission only if he is the first one to procure a buyer who is “ready, willing and able” to buy at stated selling price o Exclusive agency = when the owner gives assurance that no other realtor who procures a buyer, the sale is valid but original realtor is still entitled to the agreed commission If sold by yourself than you aren’t obligated to pay o Exclusive right to sell = employed realtor is entitled to commission no matter waht Multiple Listing Services o An arrangement whereby realtors in the area pool their listings, each member having access to the pool. A participating realtor obtains an exclusive agency or
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