LAW 603 Chapter Notes - Chapter 15: Leasehold Estate, Fee Simple, Concurrent Estate
27 Nov 2017
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Law 603 chapter 15: real property: interests and leases. Real property includes land and anything attached to land. Giant carrot theory owned land also owned sky up to heaven. Modern approach own air up to reasonable height. Interests in land right that a person can enforce with respect to a particular piece of land. Estate an exclusive right to possess a property for a period of time, owned only by one person. Leasehold estate: exclusive rights to a property for a specific period time, carries rights of exclusive possession and not defined by a life. Or through partition when there is a division of either the property or its sale proceeds. 3 sets of rights if you own a condo: individual ownership of unit (flying fee), shared ownership of common areas, regulations enforced by condominium corporation. Non-possessory interests in land rights in property w/o possessing property.
