7/5/2023 0 Comments Abandoned life estateis an interest in land that has an uncertain duration. A freehold estate An interest in land that has an uncertain duration. The common law distinguishes estates along two main axes: (1) freeholds versus leaseholds and (2) present versus future interests. An interest in real property that amounts to an estate is a measure of the degree to which a thing is owned the form of ownership deals with the particular person or persons who own it.) (Be careful not to confuse the various types of interests in real property with the forms of ownership, such as joint tenancy. Land and other real property can be divided into many categories of interests, as we will see. You would doubtless think it odd if you were sold a used car subject to the condition that you not paint it a different color-and that if you did, you would automatically be stripped of ownership. The notion that the owner might lose her property when a particular event happens is foreign to our concept of personal property. The owner of a car has the right to drive it where and when she wants, rebuild it, repaint it, and sell it or scrap it. Ordinarily when we think of property, we think of only one kind: absolute ownership. In property law, an estate is an interest in real property, ranging from absolute dominion and control to bare possession. Distinguish between the various kinds of estates, or interests, in real property that the law recognizes.We divide our discussion of the nature of real estate into three major categories: (1) estates (2) rights that are incidental to the possession and ownership of land-for example, the right to air, water, and minerals and (3) easements-the rights in lands of others. In this chapter and in Chapter 31 "The Transfer of Real Estate by Sale" and Chapter 32 "Landlord and Tenant Law", we focus on regulation of land use and the environment (see Figure 28.1 "Chapter Overview"). The real estate manager must be aware not only of the value of land for purchase and sale but also of proper lease negotiation, tax policies and assessments, zoning and land development, and environmental laws. As a consequence, the role of the corporate real estate manager has become critically important within the corporation. Real property is an important part of corporate as well as individual wealth. The various ways in which environmental laws affect the ownership and use of real property.How ownership of real property is regulated by tort law, by agreement, and by the public interest (through eminent domain).What easements are, how they are created, and how they function.The various rights that come with ownership of real property.The various kinds of interests (or “estates”) in real property.After reading this chapter, you should understand the following:
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