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Lecture Dynamic business law (3/e) - Chapter 49: Real property

After studying this chapter you will be able to understand: What are the interests in real property that someone can hold? How is real property voluntarily transferred? How is real property involuntarily transferred? How is the use of property restricted? | Chapter 49 Real Property Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 49: Real Property Real Property (Definition): Land, including anything permanently affixed to the land 49- “Real property” is land, and anything permanently affixed to the land. “Fixture” (Definition): Any item that was originally a piece of personal property, but became part of realty after it became permanently attached to real property 49- A “fixture” is any item that was originally personal property, but became part of realty after it was permanently attached to real property. 49- Exceptions To “Fixture” Status: Written agreement between parties that specific items will continue to be treated as personal property Personal property attached to realty for use of a business renting property (in a commercial lease arrangement) Such property is known as a “trade fixture” Example: Barber chairs in a barber shop Exceptions to “fixture” status include a written agreement between parties that specific items will continue to be treated as personal property, and when personal property is attached to realty for a business tenant’s use in a commercial lease arrangement. Such property is known as a “trade fixture.” Barber chairs in a barber shop are examples of trade fixtures. 49- Interests In Real Property Fee Simple Absolute: Right to possess for life and devise (will) to heirs upon death; the most complete interest in real property Conditional Estate: Interest comparable to fee simple absolute, except that interest will terminate on occurrence/non-occurrence of a specified condition Life Estate: Granted for lifetime of an individual; right to possess property terminates upon life estate holder’s death, and property will pass to another party designated by original grantor Ownership in “fee simple absolute” represents the right to possess real property . | Chapter 49 Real Property Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 49: Real Property Real Property (Definition): Land, including anything permanently affixed to the land 49- “Real property” is land, and anything permanently affixed to the land. “Fixture” (Definition): Any item that was originally a piece of personal property, but became part of realty after it became permanently attached to real property 49- A “fixture” is any item that was originally personal property, but became part of realty after it was permanently attached to real property. 49- Exceptions To “Fixture” Status: Written agreement between parties that specific items will continue to be treated as personal property Personal property attached to realty for use of a business renting property (in a commercial lease arrangement) Such property is known as a “trade fixture” Example: