LAW 603 Study Guide - Final Guide: Concurrent Estate, Fee Simple, Lease
7 Apr 2015
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Estates in land: fee simple largest package of rights that a person can hold in land. Entitled to possess for an indefinite duration and right to dispose of property upon death. Reversion- when property returns to the person who holds the fee simple. Remainder- when property goes to a 3rd party who was selected by the person who holds the fee simple. Waste- when property is changed in a way that significantly affects its value: leasehold estate occurs when someone has exclusive rights to a property for a specific period of time. Shared ownership- acting together and buying undivided interests in a single piece of land (commonly a couple buying a home). It is not when two people buy half of a land each. Joint ownership- occurs when 2 or more people share exactly the same interest in a property. (ex.
