Rate this paper
  • Currently rating
  • 1
  • 2
  • 3
  • 4
  • 5
3.80 / 5
Paper Topic:

REAL PROPERTY (LAW)

Real Property Essay

Real Property law encompasses Estates in land and interests in these estates . These interests are defined by possessory titles which can be current or can be vested at a future date . An interest in land can be either freehold or non-freehold . A freehold estate continues for an indefinite period or until a certain event occurs and a non-freehold estate continues for a fixed period . The largest freehold estate is referred to as fee simple absolute and the holder of such an estate in land is at liberty to sell

, mortgage or otherwise deal with this estate at anytime and can vest title in anyone by will (Hinkel , 2003

Fee simple determinable is another estate in land is best described as a life estate . Use of fee simple determinable estates is limited since the holder of such an estate only holds title and /or possession for a limited period of time often ending upon the death of another . A fee tail can continue indefinitely and revolves according to a lineal descent . Upon the death of the last descendant the fee tail expires

A fee simple absolute is the most common title among homeowners although many homeowners purchased what is referred to as a condominium or cooperative purchase . Condominiums are creatures of statute but are treated as real property . Upon a condominium purchase the purchaser takes title to a unit together with rights of use in the common areas of the condominium . Typically , a purchaser will acquire shares consistent with the size and value of the unit or units that he or she purchases His duties and obligations are defined by the by laws and the articles of incorporation . Moreover , any liens or mortgages over the building will be assigned to purchasers /owners in accordance with his or her respective shares

When at least two persons share title to real estate the title is a concurrent estate . There are three concurrent titles to real estate They are tenancy in common , joint tenancy and tenancy by the entirety By virtue of a tenancy in common the owners have distinct interests in the whole of the property and can dispose of his or her shares in the property by an inter vivos disposition or by will . There is no automatic right of survivorship and unless specifically stated in the initial deed of purchase all real estate property purchased by two or more persons is presumed to be a tenancy in common

A joint tenancy entails a joint ownership of the whole of the property by undivided shares . Property held by virtue of a joint tenancy passes by way of survivorship . In other words upon the death of one owner the surviving owner or owners will inherit the entire undivided interests in the property . Tenancy by entirety is an interest in real estate by married couples only . It is very similar to a joint tenancy save and except for the fact that a tenancy by entirety can not be severed . In most...

Not the Essay You're looking for? Get a custom essay (only for $12.99)