FINA 2244 Lecture Notes - Lecture 8: Concurrent Estate, Beneficial Ownership, Adverse Possession
Document Summary
Each party owns and interest in the property. If one party dies, their interest is passed to their heirs: joint tenancy- this is a purchase of property by two or more persons who have the same interest in the undivided possession of property. If one of the joint tenants dies, the other tenant acquires full ownership of the property. It does not pass to the heirs: life estate- in this instance the property owner grants to the tenant the rights to property for his or her life. On the death of the tenant the property reverts back to the owner: trust- a form of property ownership that separates the legal and beneficial ownership of property. Christina sheppard futrell, esq: easements- is a right to enter land owned by another and make certain use of it. Ownership of an easement does not make one an owner of the land, rather the easement creates a burden on the land.
