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Real Estate

Estate def All that a person owns in real or personal property AND the degree, nature, quantity, or extent of a person's ownership interest in property (could be absolute ownership or just possession)
Tenancy Right to possesion
Freehold Estates estate whose duration is uncertain and indefinite.
Fee Simple greatest estate possible. Largest bundle of ownership. Estate of inheritance, freely transferable, indefinite duration
Seisen when a person owns in fee and has right to dispose in life by gift or sale or in death by will or intestate succession
4 government limitations on owner's rights in property 1. Eminent Domain 2. Escheat 3. Taxation 4. Police Power
eminent domain right of government to seize property for public use or public good
escheat right of state to claim land abandoned after 15 years or left by a person with no will or next of kin
Restrictive Convenance private limitations on a person's right to free use of his land (usually voluntary) by deed restrictions, mortgage liens, leases, and easements.
Fee Simple Defeasable estates with conditions that can restrict fee simple estate (ex - married to get land)
Fee Simple Condition Subsequent condition that might happen in the future (but if or provided that are ex). Can lose property if rules broken
Fee Simple Determinable a condition that could occur that leads to automatic transfer of property (until or as long as)
Is fee tail recognized in Hawaii? No
Life Estate estate given to someone and limited to the duration of their life. When the person dies, estate reverts back to original owner or third party
What can a person hold a life estate do with it? 1. Lease 2. Mortgage 3. Sell Note - still subject to life of estate holder.
Encumberance any right or interest in land, possessed by a stranger to the title, which diminishes the value or use of the owner's estate herin
Two classes of Encumberances Physical - easements, restrictions, encroachments Title - tax leins, mortgage leins, judgements
Easement in Gross Personal right given to an induvidual or company to use another's land for and indefinite period. This person does not own the land, they just own the right to use.
Easement Appurtenant Must have 2 tracts of land owned by 2 separate parties.
How are easements created? 1. Express Grant or Deed 2. Implied Grant or Deed 3. Prescription 4. Condemnation 5. Necessity 6. Dedication
Express Grant When grantor grants an easement to someone over his property. Can be expressed in a deed of dominant estate
Express Reservation Owner may sell portion of land but has reserved easement for own use
Implied Grant or Reservation When owner sells and forgot to included however court rules he intended to.
Easement by Prescription acquiring right to easement in land of another by the lapse of time (Hawaii = 20 years)
Eminent Domain (Condemnation) acquiring right to easement or fee simple title for public need via condemntion. Owner must receive just compensation and property needs to be use for good of public.
What does Real Estate consist of lands, tenements, and herediments
Tenements lands as wells as tangible and intangile that might arise from owning the land
Private Property = all property other than real property that includes most moveable items such as money, man made property, furniture, and other goods and chattels.
Created by: 654289967