RES 431 Lecture 3: 3_RES 431 M001 Petrova 1-30-17
10 May 2017
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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. Two methods of creation: restriction in deed conveing a single parcel, restrictions imposed on an entire subdivision at its creation. Liens: (- interest in a property, from another party that serves a security for an obligation) Homestead your main residence taxes are paid different on where you live permanently. Llp (structure comes form europe) limited liability is only subject to. You should separate all your assets and make as llcs. If you want like 10 houses you need to create a llcs. You pay taxes at a personal level. Tenancy in common whoever is surviving is te owner. Condominium: combines single ownership and tenancy in common: created by condominium declaration, bylaws define owner rights, share of all obligations, restrictions on sale or rental, methods of altering bylaws.
