Management and Organizational Studies 2275A/B Chapter Notes - Chapter 19: Consideration, Land Registration, Concurrent Estate

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Frederick King

Document Summary

The legal concept of real property refers to land or real estate. Chapter 19 real property: land or real estate, including buildings, fixtures, and the associated legal rights (cid:862)the earth (cid:271)e(cid:374)eath, a(cid:374)d the air a(cid:271)o(cid:448)e(cid:863) The value of land results from two key attributes: first land is permanent and immovable, the total quantity is finite. Real property is largely governed by common law, but public policy laws are increasing. Fee simple: the legal interest in real property that is closest to full ownership: highest and most comprehensive level of ownership of land, land ownership is easily divisible. Life estate: having possession to a property only for your lifetime. A tenant is anyone with an interest in a land. Joint tenancy (joint ownership: co-ownership whereby the survivor inherits the undivided interest of the deceased, right of survivorship goes right to the survivor, equal interests joint owners always own equal undivided interest.