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IL-Chap 7

Interests in Real Estate

TermDefinition
Police Power state has the power to enact legislation to preserve order, protect the public health and safety and promote the general welfare. State's power is passed on to municipalities called enabling acts.
Four Government Powers = PETE Police Power Eminent Domain Taxation Escheat
Eminent Domain is the right of the government to acquire privately owned real estate for public use. Condemnation is the process by which government exercises this right by either judicial or administrative proceedings.
Taxation is a charge on real estate to raise funds to meet the public needs of a government.
Escheat is a process by which the state may acquire privately owned real or personal property. State laws provide for ownership to transfer or escheat to state when owner dies and leaves no heirs.
Estate in Land defines the degree, quantity, nature and extent of an owner's interest in real property,
Freehold estates last for an indeterminable length of time, such as for a lifetime or forever. Includes fee simple, defeasible fee and life estates.
Leasehold estates last for a period of time. Include estate for years and estates from period to period.
Fee simple estates are unlimited duration, they are said to run "forever". Also referred to as an estate of inheritance because that is how it passes unless the owner chooses to sell the property) or simply as fee ownership.
Fee Simple absolute estate is the highest interest in real estate recognized by law. Holder is entitled to all rights of the property.
Fee Simple defeasible estate is a qualified estate, that is, it is subject to the occurrence or nonoccurrence of some speicified event.
2 Categories of defeasible estates Special limitation with possibility of reverter or condition subsequent with right of re-entry. These rights are considered a future interest.
Life estate is a freehold estate limited in duration to the life of the owner or the life of some other designated person or persons.
Life tenant is not a renter. Is entitled to rights of ownership.
Conventional life estate created intentionally by the owner.
Pur autre vieegal life esstate =for the life of another. A life estate may be based on the lifetime of a person other then the life tenant
Remainderman creator of a life estate may name a remainderman as the person to whom the property will pass when the life estate ends.
Reversionary Interest creator will recapture ownership when the life estate ends. Ownership reverts to the original owner.
Legal life estate is not voluntary by an answer. When certain events occur dower, curtesy and homestead.
Encumbrance is a claim, charge or liability that attaches to real estate. Liens-(usually monetary) Encumbrances-(restrictions, easements, licenses & encroachments)
Deed restrictions private agreements that affect land use.
Covenants, conditions & restrictions (CC&Rs) private agreements that affect land use typically imposed by a developer to maintain certain standards in a subdivision.
Appurtenant easement is attached to the ownership of one parcel and allows the owner of the adjoining lot use of a neighbor's land.
servient tenement - the land that serves the other party dominant tenement - the dominating party benefitted by the easement
Riparian rights - common law rights granted to owners of land along a river, stream or similar body of flowing water. Littoral Rights - owners whose land borders commercially navigable lakes, seas and oceans.
Accretion-increases in the land resulting from the deposit of soil by the water's action. Erosion=loss of land. Avulsion is the sudden removal of soil by a sudden act of nature.
Created by: Denise Setchel