BUS 410 Study Guide - Final Guide: Fee Tail, Fee Simple, Life Estate

• School: Emory University
• Department: Business
• Course: BUS 410
• Professor: Burdette Allison

Document Summary

Real property is like having a bundle of sticks depending on what kind of ownership the number of sticks you have changes. Free alienability of land pretty much, you can always sell your land: underlies the idea of freehold estates, types of freehold estates: fee simple, life estate, conditional estate. Possessory ownership interests: freehold or non-freehold (leasehold) estates. There are limits to the rights to your house, especially if you live in a neighborhood, maybe get away with it in a rural area. Restrictive covenants if you live in a certain place (ex: neighborhoods) there are limits and restrictions on what you can do (garbage, basketball hoop, etc. ) Equitable servitude different type of restriction, easier to create. Giving up lots of sticks to your neighbors. Why do people agree to these restrictions: higher property value, assurances that you know what the neighborhood is going to, public/government restrictions on use look like. Zoning ex: can"t just put a business anywhere.