LAW 603 Lecture Notes - Lecture 2: Leasehold Estate, Equity Sharing, Concurrent Estate
31 Mar 2016
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Document Summary
Real property includes: land, things atached to land e. g. fences, buildings, and things atached to them (ixtures) Extent of real property rights: from reasonable depth to reasonable height. There is a variety of rights that can be enforced related to piece of land, including: estates, non possessory interests. Estate interest: exclusive right to possession of real property for a period of ime: fee simple estate, life estate, leasehold estate. Non possessory interests: rights in a property without actual possession of that property. Fee simple estate: the largest bundle of rights one can own in land. Enitled to possess the land for an indeinite duraion. Generally unlimited use and abuse of property. E. g. may choose who get it on your death: limitaions. Expropriaion: forced sale to government for public purpose. Life estate: right to exclusive possession during life of someone. Relevant life is usually life of interest holder, but it could be someone else: interest automaically terminates upon death.
