COMM231 Chapter Notes - Chapter 19: Title Insurance, Title Search, Real Estate Broker
14 Feb 2016
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Real property: land or real estate, including buildings, fixtures, and the associated legal rights. Value of land results from two key attributes. Real property traditionally governed by common law, nowadays administrative law: land is permanent and immovable, total quantity of land is finite and statues are becoming increasingly significant. Ownership of land is easily divisible interest can dispose of that interest. Each of co-owner have an undivided interest in land they can deal with their own interest in any way they see fit and without having to consult the other co-owner. If one of the co-owner dies, his undivided interest forms part of his personal estate and goes to his heirs: joint tenancy: co-ownership whereby the survivor inherits the undivided interest of the deceased. One co-owner dies, his undivided interest goes directly and automatically to for rent the other joint tenants: division of ownership in time most common example is lease.
