Law 2101 Lecture Notes - Lecture 7: Leasehold Estate, Concurrent Estate, Property Law
3 Apr 2018
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Document Summary
Property is a legal relationship between people with respect to things. Ownership doesn"t describe the relationship, so lawyers talk about property rights. Real property: land and buildings and anything attached to them. Fixtures: things that are attached to real properties. The way we determine whether a fixture is a real property or personal property is the degree of permanence and the degree of damage that would be caused from its removal. Personal property: everything that isn"t real property. Either tangible or intangible i. e. intellectual properties. Property rights are always relevant, not absolute. I. e. i have rights to sell my house, but the bank can prevent me from doing so if i don"t pay back my mortgage. Fee simple: latin term for ownership interest (highest level of ownership of land) Life estate: when you die, the estate goes somewhere else. Interest is limited to possession during one"s lifetime. Leasehold estate: interest in land during lease term, doesn"t own the land.
