2. Chapter 16-Real Property

3. © Microsoft Land and buildings Subsurface rights © Corel Nature of Real Property Fixtures © Corel Plant life and vegetation © Corel Real v. Personal Property Real property consists of land, that is, the actual soil, attachments to land, such as fences, trees, crops, minerals, and waters.. A fixture, that is, personal property that has become attached to the land thereby becomes part of the real estate. Real property is everything else.

4. Freehold State  Estates in fee  Highest form of ownership.  Grants owner fullest legal rights.  Life estates  Interest that lasts for life of person.  Life tenant is treated just as owner during life estate.  A life tenant may sell, transfer, or mortgage the estate.

5. Real property also can be owned concurrently; that is, two or more people can own the property at the same time as co-owners. There are three types of concurrent ownership of property: 1)the tenancy by the entirely, 2)the joint tenancy, and 3)the tenancy in common.

6. Tenancy By Entirety  A tenancy by the entirety is a method by which married couples can own property. The married couple must be explicitly and specifically designated as husband and wife in the instrument creating the joint tenancy. There are two important features to a joint tenancy. First is the right of survivorship, which means that when one spouse dies his or her interest in the property automatically vests in the surviving spouse. Moreover, a spouse cannot unilaterally transfer his or her interest in the tenancy in the entirety without the consent of the other spouse.

7. Joint Tenancy  A joint tenancy is a form of ownership whereby two or more people who are not married can own property with a similar right of survivorship. Such a right of survivorship will inure to the benefit of the surviving joint tenant even superseding the other joint tenant’s Will and Testament. However, a joint tenant can unilaterally transfer his or her interest without the consent of the other joint tenant, which ends the joint tenancy.

8. Tenants in Common  Finally, a tenancy in common is a way of co-owning property, but with no right of survivorship. The interest of a deceased co-tenant passes according to his or her Will and Testament or a state’s laws of intestacy; and the tenancy in common is not destroyed. In addition, a tenant in common can transfer his or her interest without the consent of the other party, also without destroying the tenancy in common.

9. Landlord’s Duties  Duty to deliver possession.  Lease grants tenant exclusive possession.  Duty not to interfere with tenant’s right to quiet enjoyment.  Wrongful eviction occurs when landlord interferes with tenant’s use and enjoyment of property.  Duty to maintain premises.  Building codes.  Implied warranty of habitability.  Landlords can be sued for breach of these covenants under theories of premises liability

10. Tenant’s Duties  To pay rent.  Gross lease, net lease, double net lease, net/net/net lease.  To use leased premises for legal purposes.  Not to commit waste.  Not to disturb other tenants.

11. Land Use Control  Restrictive covenant is agreement between landowners that restricts use of land.  Zoning ordinances are passed by local officials.  Establish use districts within municipality.  Restrict attributes of building.  Establish aesthetic requirements on exteriors of buildings.

12. Entire agreement Clause