1. Chapter 9 Renting or Owning a Home 9.2 Buying a Home
Unit 3 Consumer Law
Chapter 9 Renting or Owning a Home 9.2 Buying a Home

2. Academic Vocabulary Permission-Noun, means formal consent
Spouse-Noun, means one’s husband or wife
Consent-Noun, means permission

3. Objectives
Students will explain the ways real property can be co-owned
Students will describe how title to real property can be transferred
Students will explain the function of warranty and quitclaim deeds
Students will define and compare liens, licenses, and easements

4. The Nature of real Property
Real Property-is the ground and everything permanently attached to it
Estate-is the interest or right that a person has in real property
Lease hold estate-property in leased
Freehold estate-holder holds land for life or forever
2 kinds
Fee simple-owners owns the property outright
Life estate-only owns it while they are alive

5. Co-ownership Transfer of ownership
Taking Ownership
Co-ownership
Transfer of ownership
Deed-written instrument that transfers title of ownership property

6. Taking Ownership Limitations of property use
Zoning laws may limit property usage
Eminent domain-right of the government to take private land for a public purpose
Lien-legal claim against another person’s property as security for a debt or loan to ensure it will be repaid
License-a temporary, revocable right to the limited use of another’s land
Easement-irrevocable right to the limited use of another’s land

7. Discuss Define the role of grantor and grantee in relation to deeds.
Under which type of ownership does a surviving co-owner receive a deceased co-owners share of the property?
Which type of deed transfers title without giving warranties?
What is the person transferring ownership of title called?

8. Activity What does the term eminent Domain mean?
Do you think the government should have this right?
Discuss the issue in one paragraph each from the governments perspective and from the landowners perspective.