REE 3043 Lecture Notes - Lecture 1: Fee Simple, Life Estate
Document Summary
Property rights- rights in a property that include exclusive possession use enjoyment and disposition. Interests in real property that include possession. Most complete bundle of rights - ownership with inheritance. Fee simple conditional with reverter interest - ownership with inheritance. Ordinary life estate with remainder interest- rights of disposition of the fee simple absolute are unbundled and separated completely. Leasehold estates (non ownership or non freehold estates) Tenancy for years- leasehold interest for a specific period of time. Periodic tenancy- no definite term at start (informal) oral. Tenancy at sufferance- tenant doesn t vacate even though they"re supposed to. The interest of a decedent co owner divides equally among the surviving co owners and nothing passes to the heirs of the decedent. Tenancy by entirety form of joint tenancy for husband and wife. Condominium form of ownership combining single person ownership with tenancy in common. Each owner holds shares and a proprietary lease.
