What is and estate? - An interest in real property which may be possessory now or at some time in the future. If you own property (freehold), lease a property (non-freehold/leasehold), or are the remainderman (property will be will transfer to you in the future), then you have an estate in real property., Which estates are inheritable? - 1. Fee Simple Absolute. 2. Fee Simple Defeasible -Determinable or Conditional 3. Pur Autre Vie, Which estates are non-inheritable? - 1. Marital estates (created by statute). 2. Conventional life estates (Created by intention)., Estovers - The right to use timber for repairs or fuel. The life tenant cannot cause waste., What is a leasehold estate? - Tenant's interest in a leased property. The tenant has a "hold" on the property - they have possession., What is a leased-fee estate? - The landlord's interest in a leased property. The owner gets the fee. The owner has dual estates - freehold estate and leased fee estate., Types of leasehold estates? - 1. Estates for Years - definite end date. 2. Estate from Year to Year (periodic) - automatic renewal until proper termination notice from either party. 3. Estate at Will -either party may terminate without notice. 4. Estate at Sufferance - lease ends and tenant won't leave., Severalty - One owner (either individual or entity). Free to convey the property (unless married). Ownership passes to heirs upon death through probate., Tenants-in-common - More than one owner. May own in different percentages. Ownership passes to heirs upon death through probate. Suit for partition may be used to force the sale., Joint Tenancy  - Unities: same time, same source, same level of ownership. Rights of survivorship - automatically passes to co-owners not to heirs upon death. Cannot be defeated by a will. Can sell interest and new owner will be a tenant-in-common. May sue for partition to force sale., Tenancy by Entirety  - Limited to married couples. Must be married at the time of purchase. Default ownership as it provides the most protection. Rights of survivorship - automatically passes to the surviving spouse upon death. Cannot be defeated by a will. Divorce terminates tenancy by the entirety - will own in common., Condo - Blends severalty (for the unit) and tenants in common (for common areas). Own airspace and co-own common areas. May have limited common elements (parking, garage, storage). HOA fees cover expenses for common area maintenance., Townhouse - Own the unit plus the land. Easement for 50% of shared walls. May have limited common elements (parking, garage, storage). HOA owns the common areas., Cooperative - Own a share of stock and enter a proprietary lease. No direct ownership of the unit. Shareholder pays fees to cover debt obligations, property taxes, and maintenance., Timeshare - 5 or more non-consecutive periods over at least 5 years. 5 days for buyer to terminate contract for full refund. 10 days for money to be held in trust account. Timeshare developer can be fined $500 per violation of the Timeshare act., Trust - Property is held by a trust on behalf of the beneficiary. Trustee makes decisions to buy/sell and beneficiary gets the benefit to use the property. When a broker lists property owned by a trust, the trustee signs all necessary paperwork., No impact on ownership - Buying a property in severalty and later marrying,

Unit #2: Real Estate Basics, Estates and Ownership

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