BUSI 2601 Chapter Notes - Chapter 19: Land Registration, Personal Property, Concurrent Estate
21 Jun 2016
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Real property: land or real estate, including buildings, fixtures w/ associated legal rights. Governed by common law devoted to protecting rights to property ex. Determining who owns the land when multiple people are making claims. Fixtures: tangible personal property that"s attached to land, buildings, or other fixtures. Fee simple: legal interest in real property that"s the closest to full ownership. Tenancy in common: co-ownership whereby each owner of an undivided interest can dispose of that interest. If one of the tenants in common dies, that tenant"s undivided interest in the real estate forms part of his personal estate and goes to his heirs. Joint tenancy: co-ownership whereby the survivor inherits the undivided interest of the deceased. Should one of the joint tenants die, his undivided interest goes directly and automatically to the other joint tenants. Division of ownership can also be divided in time like a lease.
