LAW 603 Lecture Notes - Lecture 7: Shool, Lease, Liability Insurance

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Peter Wilson

Document Summary

This class focuses on legal interests in real property, i. e. land and attachments to land (fixtures: from reasonable depth to reasonable height. Two essential aspects are considered: types of legal interests are considered, leases. The highest o(cid:396) (cid:373)ost sig(cid:374)ifi(cid:272)a(cid:374)t i(cid:374)te(cid:396)ests i(cid:374) la(cid:374)d a(cid:396)e (cid:396)efe(cid:396)(cid:396)ed to as (cid:862)estates i(cid:374) la(cid:374)d(cid:863) Interests in land: rights that a person can enforce with respect to a particular piece of land: estate: an exclusive right to possess a property for a period of time. Fee simple -> the highest legal interest that one can have in real property. Fee simple: the highest level or form of real property entitlement or bundle of interests; the largest package of rights that a person can hold in land. It is what we typically consider to be complete ownership. Absolute/complete ownership -> you own it, pay for it; (cid:455)ou do(cid:374)"t ha(cid:448)e a (cid:373)o(cid:396)tgage o(cid:374) it, o(cid:396) othe(cid:396) (cid:272)ha(cid:396)ges agai(cid:374)st that real property.