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Georgia Realestate
terminology
| Question | Answer |
|---|---|
| Estate in Land | quality,quantity,nature and extent of the ownership interst in REAL Property,not the physical Quantity of land.. there must be present or future right to possess the proeprty |
| Possessory Estate | When a person has the PRESENT right to occupy the property |
| Non-Possessory Estate | The right to occupy is a FUTURE Right |
| Non-Possessory Estate | It will become POSSESSORY WHEN a preceding possessory estate, such as a life estate, is terminated. therefore, one estate may exist simultaneously with another estate |
| Freehold Estates | Last for an indefinite period of time and include Fee Estates that have potential for lasting indefinitely(inheritable) and Life Estates that will last for a life time |
| Fee Estates | Can Be inherited. Fee Estates include the following: |
| Fee Simple Absolute(called Fee Simple or Fee) | Owner possesses the entire bundle of rights. It is the Most Complete ownership of rights in land that can be held. It can be Possessed, controlled, enjoyed and disposed of, only limited by the governments inherent powers or by other individuals who might |
| Conditional Fee | Not complete ownership-strings attached(conditional fees). Classified as Fee Simple Determinable or Fee simple on condition subsequent. |
| A. Fee Simple Determinable | subject to limitation based on time. "for so long as" "during" or "until." ex: land given to someone "so long as" the land is used for a park. When the park no longer exist, ownership is terminated and reverts back to original owner or heirs. this provisi |
| B. Fee simple on condition subsequent | based on a condition but no automatic reversion when condition is no longer met. has to be recovered through legal action. ex: land given to church on condition it's only used as church. when no longer used as a church, owner or heirs might can termintate |
| Life Estate(freehold estate) | these are freehold estates because the duration of it's life is measured by a persons lifetime and no one knows how long that will be. DOES NOT last forever. CAN NOT be passed to heirs. |
| a. ordinary life estates | conventional life estate is conveyed by a deed,will or trust and the person receiving this estate is called a Life Tenant. |
| Life Tenant | is the owner of the estate and can possess and use the land for the duration of the lifetime. during that time, life tenant is entitled to all profits, rent and other income. He can sell, mortgage, lease or give away this estate. But it's not a Fee estate |
| life tenant | most people would not choose to lend or buy from a life tenant who might be hit by a truck next day. |
| life tenant | when created, a furture(non-possessory) estate is created at the same time. It must specify whether, at the end of the lifetime, if the estate will revert to original grantor or to someone else, a remainderman. |
| b. life estate pur autre vie | When the "lifetime" of a life estate is measured by the life of an individual other than the grantee. ex: man grants nephew a life estate pur autre based on nephews' fathers life. when father passes away, nephew is on his on. |
| Remainder Estates | grantor divides the fee simple estate into 2 parts: the lesser estate(possessory), and the remainder estate, that is a future right. ex: man grants older sister a life estate. sister lives in house until she passes away. man's wife will be the remainderma |
| Contingent Remainder Estate | it is inheritable. created when grantor makes the "future rights" dependent on both the termination of a lesser estate and on the fulfillment of a condition. ex: jack conveys to sister for her life. The remainder estate goes to Samantha's children but if |
| Reversionary Estates | when a lessor estate is conveyed but the future rights are reserved for the grantor or his heirs. ex: landlord or heirs will regain possession of a leased property when the lease terminates. |
| Legal Life Estates | Created by State Law. Non-possessory and consist of a dower and curtesy, which are future rights that only become possessory upon the death of a spouse. Can not be defeated by a will and intended to provide support for surviving spouse. Georgia doesn't re |
| Homestead Protection | the right that protects a primary residence from a forced sale to satisfy debts and judgments. |
| Leasehold Estates | Is NOT an estate of ownership. in a lease, the lessor conveys exclusive rights to the lessee by a lease. specific period of time in exchange for rent. Landlord has fee simple ownership and retains a leased fee estate which is reversionary which entitles o |
| Estate for Years | can be for any period of time and obligations created do not end with death of landlord or tenant. |
| Estate from Period to Period | Month to month tenancy but can be for any period of time. |
| Estate at Will | Tenancy at will is temporary arrangement where tenant can occupy for an unspecified time as long as landlord gives permission. Not assignable. requires notice to terminate. This Estate ENDS with the death of either party or sale of property |
| Estate at Sufference | tenant stays in property after lease expires. tenant is called a Holdover. tenant is not a trespasser in that the right to occupy was legal at one time. |
| ENCUMBRANCES | external limitations that restrict an owners rights or use of property and diminish its value. |
| Governmental rights(public encumbrances) | governmental powers limited our property rights such as eminent domain, right of taxation or right of escheat. |
| police power | right of government to regulate use of private property for safety of public. ex: planning restrictions, zoning, building codes |
| Eminent Domain | power to take property without owners consent when needed for a public purpose: park, road, school. just compensation must be paid, established by appraisal. |
| Taxation | right to tax. |
| Escheat | govt has right to take over private property when it is abandoned or owner dies with no will and/or heirs. |
| Private encumbrances which create a lien | a creditor lien for example on mortgaged property. must be recorded in county records. when foreclose happens, liens are established by date of recording expect for property taxes, mechanic liens. |
| voluntary lien | recorded with owners consent, a mortgage |
| involuntary lien | tax lien |
| Statutory lien | mechanics lien - involunatary |
| specific lien | attached to one parcel of property |
| general lien | attached to any property debtor has, real or personal(judgment lien) |
| Attachment Lien | Grants the court custody of property to prevent owner from selling whle a suit for damages is decided. plaintiff must post bond to cover any loss suffered by property owner in case no judgment is awarded. |
| Private encumbrances affecting use of property(easements) | when property is restricted by the rights of other people. may be easements, deed restrictions, or encroachments. |
| Easements | non-possessory. right to USE another persons land in a specified manner for a specified purpose. holder of easement only has an interest and must be in writing. either Appurtenant or Gross. |
| Easement Appurtenant | 2 owners. the grantor is the servient estate. the owner that benefits is the dominant estate. these "run with the land." used for land locked property for example. |
| Easement in gross | one tract of land, the servient estate. personal right to use the land of another and doesn't necessarily run with the land. when granted to a person is is irrevocable during lifetime of person receiving easement but will terminate at death of grantee. |
| Creation of Easements. 7 ways. Grant | Grant an easement to another person |
| (2) Reservation | owners sells land but reserves an easement in the deed to perhaps access back of property still owned |
| (3) Agreement | parties create easement in written contract. ex: common driveway |
| (4) necessity | owner sells land that deprives buyer access. no written document is required. can't be landlocked. |
| (5) prescription | acquired by continuous use for a long period of time, usually 10 to 20 years. must be open, visible, notorious and w/o permission from the owner. |
| (6) implication | created by operation of law. ex: mineral rights are sold w/o granting right to extract. law assumes an implied easement. |
| (7) condemnation | govt can aquire easement for purpose such as need to access land for utilites,etc. landowner must be compensated. |
| Termination of Easements | easements can be terminated |
| (1) release | written release from the owner of the dominant estate to the serviant estate |
| (2) merger | both properties come under one owenrship |
| (3) expiration of purpose | purpose of easement no longer exist. ex: used for construction |
| (4) abandonment | holder of easement no longer Intends to use it. |
| (5) prescription | when holder of servient estate openly prevents the easement holder from using it for a period of time |
| (6) necessity | when need is gone, so is the easement right. |
| License | grants personal permission to use land without creating an estate for user. ex: permission to park in a public parking lot or enter a public park |
| Private Restrictions | an owners specifies how a property can and cannot be used, either through contract covenants or conditions on the land. |
| Convenants | promise made in a sales contract,lease or deed that specifies how land will be used. purpose is to protect property values. typical in subdivisions. |
| Conditions | found in deeds. ex: grantor specifies in deed the property is only used for a hospital,not a chicken farm. no time limits but "run with the land." |
| Encroachments | when an improvement, building, etc. extends beyond boundries of its owner's land on to adjoining land or air space. |
Created by:
amryder