AFM231 Chapter 19: Chapter 19

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Robert Timberg

Document Summary

Interests in land: fixtures tangible personal property that is attached to land, buildings, or other structures, fee simple the legal interest in real property that is closest to full ownership. Can dispose of it in any way she sees fit: division of ownership, tenancy in common co-ownership whereby each owner of an undivided interest can dispose of that interest. Joint tenancy co-ownership whereby the survivor inherits the undivided interest of the deceased. Diverts some responsibility, work, and fees from lawyers. Stages in the transaction: agreement of purchase and sales. Can be fixed, renegotiated, or terminated contract: the closing final stage of real estate transaction when final documentation and payment are exchanged, formal transfer of ownership occurs. Issues can be remedied, and prices are adjusted for items such as prepaid taxes or rent already received. Then new owners will register its title at local registry office. Incomplete transactions: a deal my fall through, some of which the agreement will anticipate.