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RES 431 (19)
Lecture 3

RES 431 Lecture 3: 3_RES 431 M001 Petrova 1-30-17

5 Pages

Real Estate
Course Code
RES 431
Milena Petrova

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RES 431 1232017 9:44:00 PM RES 431 M001 Petrova 13017 [email protected] Conveying Real Property Interests Variation of Rights in Real Property Interests: Freeholds (posesatory) Fee Simple has all 3 rights, best type of ownership Life Estate fee simple but you can live in in till you die Leaseholds (not posesatory) Easements: Appurtenant In Gross Restrictive Covenants (Deed Restrictions): Setback lines, height restrictions for structures Minimum floor area No freestanding structures No chainlink fences No RVs or boats parked in view of the street No cars regularly parked in the driveway No garage door facing the street Required architectural review No external antenna, satellite dish or clothesline Required use of professional lawn service Two Methods of Creation: 1. Restriction in deed conveing a single parcel 2. Restrictions imposed on an entire subdivision at its creation Liens: ( interest in a property, from another party that serves a security for an obligation) For exmpl. Mortgage Title is subject to the Lien 1. General Liens arise from events unrelated to the property Court awards damages
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