Law 2101 Lecture Notes - Lecture 7: Life Estate, Property Law, Title Insurance
Document Summary
Property is a relationship between people w/respect to things. Real property is land &buildings &anything attached to them. Personal property is everything that is not real property. Personal property is either tangible or intangible. Fixtures are goods that are attached to real property. Fixture begin as personal property but when attached to real property they become real property. Property law involves answering: who has right to the land, what rights do they have. Fee simple: still subject to the crown. Life estate: gives person right to possess land during their lifetime, after their life it goes somewhere else. Leasehold estate: right to possess pursuant to a lease. Easements: can"t live there, but have right to go on that property. Licenses: gives right to go on land to profit. Restrictive covenants: promise not to do something. Mortgages: bank can"t live in your house, but they can take your house &sell it, &they can make you pay.
