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LGS 200 chapter 26 lecture notes

by: Conner Jones

LGS 200 chapter 26 lecture notes LGS 200 - 008

Conner Jones
GPA 4.0

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Adams LGS 200 ch 26 notes
Legal Environment of Business
Charlye S. Adams
Class Notes
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This 3 page Class Notes was uploaded by Conner Jones on Thursday April 21, 2016. The Class Notes belongs to LGS 200 - 008 at University of Alabama - Tuscaloosa taught by Charlye S. Adams in Summer 2015. Since its upload, it has received 17 views. For similar materials see Legal Environment of Business in Law and Legal Studies at University of Alabama - Tuscaloosa.

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Date Created: 04/21/16
LGS 200 lecture notes Chapter 26: real property and land use control The nature of real property  Real property is immovable and includes: o Land and structures: includes soil underneath o Airspace and subsurface (mineral) rights o Plant life and vegetation Ownership and other interests in real property  Fee simple absolute – fullest bundle of legal rights as long as its not a nuisance  Life estate – estate that lasts for the life of an individual, does not pass on to heirs; real estate reverts back to grantor/3 party o Grantor – seller o Grantee – buyer  Concurrent ownership – more than one owner in property o Joint tenants – each owns an undivided interest in property, if A dies right of property goes to B o Tenants in common – no right of survivorship, if A dies, owners are B and 1, 2, 3 (A’s kids) o Tenancy by entirety – joint tenancy only available to married couples o Community property – property acquired during marriage. Each spouse owns an undivided half interest  Leasehold estates – landlord is the owner; gives you a leasehold interest  Possessory interests: o Tenancy at will – termination of lease without notice for any reason o Tenancy at sufferance – tenant wrongfully possesses property (holdover tenant) o Fixed term tenancy (tenancy for years) o Periodic tenancy (month to month tenancy)  Nonpossessory interest: o Easement – right to go onto (use) property but not own it  Easement appurtenant – 2 adjacent properties, right to put road to public road  Easement in gross – right to walk across property to read meter or something o Profit – right to go onto property and take what you want (farm) Transfer in ownership  Real estate sales contracts o Must be in writing and signed to be enforceable under statute of frauds  Deeds – written instrument setting forth interest in property being transferred o Warranty deeds – seller is guaranteeing that there is nothing wrong with title of property during all previous owners o Special warranty deeds – seller is guaranteeing that there is nothing wrong with title of property only when he owned property o Quitclaim deeds – seller makes no guarantee in property title  Adverse possession – occurs when one person possesses property of another for (10 years) that person automatically acquires land Limitations on rights of property owners  Eminent domain – is economic development “public use”? Restrictive covenants – restrictions on land use


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