Real Estate 1.2

3 Key Rights

Possess/Exclude, Use/Benefit, Convey/Dispose

Freehold

Ownership

Non Freehold

Tenancy

Interests

Any one or more right in property

Estate

Any interest that includes the right of possesion

Estate Tree

A)Owned Estate (Freehold)

1)Ownership with Inheritance

-Fee Simple Absolute (3 key rights) (Forever)

-Fee Simple Conditional with Revertable Interest (Forever Unless)

2)Ownership without inheritance

-Ordinary life estate with remaining interest

B)Leasehold

-Tenancy for years

-Periodic Tenancy

-Tenancy by will

Easement

Non possesory interest

Easement Appurtenant

Perpetual easement that runs with the lands and is passed to new owner; pertaining to adjacent property

Easement in Gross

Easement that is granted to specific individual; Does not automatically get passed to new owner

Dominant Parcel

Possess the right to the servient parcel

Restrictive Covenants

Restrictions and obligations intended to minimize negative spillover effects; ie animal restrictions or HOAs

Lien

Right attatched to a property until obligation has been fulfilled; Property Tax First Priority then prioritised based on first come first serve

Deed Restriction

Covenant that is retricted by a grantor of a specific property

Indirect Ownership

Use of legal entities to purchase a property with multiple people; LLCs or Trusts

Direct Ownership

Individuals personally share ownership and liability

Tenancy in Common

Undivided interests are possess/exclude and use/benefit; Seperate interest is right to convey and dispose

Joint Tenancy

Undivided interests are possess/exclude and use/benefit; Seperate interest is right to convey and dispose; To sell must convert portion to tenancy in common

Right of Survivorship

In joint tenancy the lack of right of inheritance

Fixture

Personal property that has been converted to real property; Appliances