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Unit 10 The Nature of Real Property

Unit 10 The Nature of Real Property. Real property distinguished from personal property…. Types of Property. Real Land Fixtures UCC fixture filing Fructus industriales Personal Tangible Intangible. Elements of Ownership. Right of disposition Sell Give Lifetime Survivorship

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Unit 10 The Nature of Real Property

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  1. Unit 10 The Nature of Real Property Real property distinguished from personal property…

  2. Types of Property • Real • Land • Fixtures • UCC fixture filing • Fructus industriales • Personal • Tangible • Intangible

  3. Elements of Ownership • Right of disposition • Sell • Give • Lifetime • Survivorship • Intestate succession • Lend/Lease • Right of exclusion (possession) • Right of quiet enjoyment (use)

  4. Freehold Estates • Infinite or unpredictable length • Life estate (reversion or remainder) • Fee simple estate • Fee simple determinable (possibility of a reverter) • Fee simple subject to a condition subsequent

  5. Future Interests • Receiving party • Reverter • Remainder • Certainty • Vested • Contingent

  6. Co-ownership • Tenants in common • Joint tenants • Tenants by the entireties

  7. Trusts • Parties • Trustor (grantor) • Trustee • Beneficiary • Separation of legal & equitable interests

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