LAW 603 Lecture Notes - Lecture 5: Lease, Net Lease, Specific Performance
23 Aug 2016
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Real property: interests and leases chapter 15. Real property: land, buildings, and fences there are more laws regarded to real property as oppose to personal because it is more valuable. Estate interest: exclusive right to possession of real property for a period of time. Fee simple estate: largest bundle of rights you can own in land. Entitled to possess the land for an indefinite duration. Generally unlimited use and abuse of property (with limits torts) May choose who gets it on your death. Tort obligations (liability, nuisance you use your land in a way that effects the way someone else enjoys their land) Government regulation, environmental and zoning laws, etc. Expropriation: forced sale to government for public purpose government must compensate, as long as it"s for the public good, they can take it even if you do not want them to take it away. Relevant life is usually life of interest holder, but it could be someone else.
