Chapter 26 - Real Property (Final Prep)

Life Estate

- Created for the lifetime of a specific individual - Cannot commit waste (injury to the land that would effect its value).

Ownership

Abstract concept that cannot exist independently of the legal system. One can only possess the rights in real property. (No once can actually hold or possess a piece of land, air above, or earth below.)

Real Property

Consists of land and everything permanently attached to it, including structures and other fixtures. Includes airspace, and subsurface rights, as well as rights to plants and vegetation. (Real property is immovable.

Joint Tenancy (Concurrent Ownership)

Each of two or more persons owns an undivided interest in the property but a deceased joint tenant's interest passes to the surviving joint tenant(s).

Land and Structures

Land includes the soil on the surface of the earth. and the natural products or artificial structures that are attached to it. Includes all waters contained on or under the surface and much but not all of the airspace above.

Airspace and Subsurface rights

Owner of real property has relatively exclusive rights to both airspace above and land, soil and minerals below. Any limitations on rights, called encumbrances, normally must be indicated on title document.

Concurrent Ownership

Persons who share ownership rights simultaneously in particular property.

Tenancy in Common (Concurrent Ownership)

Refers to a form of co-ownership in which each of the two or more persons owns an undivided interest in the property. (Each owner shares rights in the whole property.)

Fee Simple Absolute

The owner has the greatest aggregation of rights, privileges, and power possible. (owner can give the property away or dispose of property by deed or will) - Most complete form of ownership - Exclusive possession and use of the property - Potentially infinite duration