BUS-294 Lecture Notes - Lecture 19: Implied Warranty, Easement, Adverse Possession
23 Sep 2020
School
Course
Professor
Document Summary
Airspace: can own up to a certain point of property above you. Subsurface rights: go down a certain distance below your land to have rights of the minerals in there. Types of ownership interests in real property. Fee simple: have exclusive ownership over that property and no one can come in to affect the ownership of that. You can do whatever you want on your land as long as it"s legal. Life estate: fee simple until that person dies. Leasehold interests: conveys to you the ability to use the property but does not convey an ownership interest. Ability to use the property is subjective to the landlord. Tenancy for years: any tenancy in a period of time. Periodic tenancy: periodic lease payment but there is no specified time. Tenancy at will: your lease has terminated, but are counting to live on the property. Easement: the right to enter land belonging to another and make limited use of it.
