+
Related Flashcards
Cards In This Set
| Front | Back |
|
Real Property:
|
-Refers to land or things attached to land.
|
|
Deed:
|
-Primary way to transfer ownership.
|
|
Quitclaim Deed:
|
-Transfers ownership rights.
-Ex: parents give land to their kids. (It now belongs to their kids and no longer them).
|
|
Warranty Deed:
|
-Promises a good.
-Ex: car, TV, other large appliance
|
|
Title:
|
-Formal right of ownership.
-"Receipt" of a valid deed.
|
|
Estate:
|
-Legal rights of real property.
-Owners pay real estate/property taxes.
|
|
The most common form of real property ownership is _______.
|
Fee Simple.
|
|
Fee Simple:
|
-Gives the owner the right to hold on to the piece of land for an infinite amount of time.
-It may be sold, transfered, disposed, etc.
|
|
There Are Four Forms Of Ownership:
|
(1) Tenant
(2) Tenancy in Common
(3) Joint Tenancy
(4) Life Estate
|
|
Tenant:
|
-The one who possess the land.
-Either for an infinite amount of time or limited amount of time.
|
|
Tenancy In Common:
|
-If one tenant dies, it does not automatically go to the other tenant; it stays in her family.
|
|
Joint Tenancy:
|
-If one tenant dies, that part of land passes to the other tenant.
|
|
Life Estate:
|
-The right to be a tenant for life.
-(This does not mean you can ruin the land though!)
-If one dies, the property can be passed on to their heirs.
|
|
Servitudes:
|
-Limitations or requirements of the property.
|
|
There are 3 Types of Servitudes:
|
(1) Easements
(2) Adverse Possessions
(3) Covenants
|
