16234 Lecture Notes - Lecture 10: Remainderman, Fee Simple, Life Estate
Document Summary
Partial interests: are interests less than fee simple, fee simple is the most absolute form of ownership in land. Partial interests: permissive occupancies, options to purchase, covenants, mortgages. Permissive occupancy: jetties, pools/yards, yacht clubs & restaurants, oyster leases/baths . Present value of the above market value they may obtain, or a gamble or ,000: the developer once obtaining approval, has a financial interest being the value above the option to purchase price viz ,000. Covenant: a promise under seal (deed) creating an obligation to do something (positive covenant), or to refrain from doing something (negative or restrictive covenant) In the case of land, a covenant may run with the land when sold. Covenant: a formal contract or agreement which relates to and affects land, covenants may be restrictive or positive in their obligation, examples of covenants include: On purchase of the land, developer may state must build within 3 years and.
