Chapter 7 Interests in Real Estate：在房地产7章利益.pptVIP

* * * * * * * Copyright – David A. McGowan All rights reserved Revised 7-30-08 Chapter 7 Slide * Copyright – David A. McGowan All rights reserved Chapter 7 INTERESTS IN REAL ESTATE Freehold Estate Indeterminable length of time Fee Simple “Run forever” Life Estate Duration of a life Copyright – David A. McGowan All rights reserved FEE SIMPLE ESTATES Special Limitation Must Perform (Page 109) Fee Simple Absolute Most complete form of ownership available (Page 108) Fee Simple Defeasible Ownership based upon a condition (Page 109) Condition Subsequent Must NEVER Perform (Page 109) Copyright – David A. McGowan All rights reserved LIFE ESTATES Conventional Statutory Copyright – David A. McGowan All rights reserved LIFE ESTATES Conventional (Page 110) Ownership based upon a life Ordinary Pur Autre Vie Reversionary Remainder Copyright – David A. McGowan All rights reserved LEGAL LIFE ESTATE (STATUTORY) Dower (Page 113) Wife’s future interest in husband’s estate Curtesy (Page 113) Husband’s future interest in wife’s estate Copyright – David A. McGowan All rights reserved LEGAL LIFE ESTATE (STATUTORY) Homestead (Page 113) Protection from creditors Everyone qualifies Available on principle residences only Individual - $15,000 Married couple - $30,000 Copyright – David A. McGowan All rights reserved ENCUMBRANCES A claim, charge or liability that attaches to real estate Liens (Chapter 10 Page 175) Deed Restrictions (Page 115) Easement (Page 115) License – Personal privilege (Page 119) Encroachments (Page 119) Copyright – David A. McGowan All rights reserved EASEMENT Right to use the land of another Store Work A E D C B Cliff Public Street Public Street Public Street Copyright – David A. McGowan All rights reserved EASEMENT APPURTENANT (Page 115) Recorded against title Runs with the land All subsequent owners are subject to its existence Servient Tenement Must service the needs of the Dominant Dominant Tenement Right to use must overshadow the rights of the land owne