LAW 603 Study Guide - Lease, Net Lease, Fee Simple
13 Apr 2014
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Chapter 15 real property: interests and leases. Interests in land are rights that a person can enforce with respect to a particular piece of land. They are always accompanied by two sets of rights and obligations: the buyer of the land and the seller has a contract. They are the only two people affected by the agreement: once the rights are transferred the stadium belongs to the buyer. If the seller continues to use it the buyer can get a court order to evict him/her. You can exercise these rights against anyone else who interferes with your property rights. Property rights are good against the whole world, not just the person from whom they are acquired. The most significant interests in land are called estates; which is an exclusive right to possess a property for a period of time. Three type of estates: life estate, fee simple, and shared ownership.
