law for business and personal use © thomson south-western chapter 17 ownership and leasing of real...
TRANSCRIPT
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
CHAPTER 17Ownership and Leasing of Real Property
17-1 Ownership and Transfer of Real Property
17-2 Leasing Real Property
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 2
17-117-1 Ownership and Transfer of Real Property
GOALS Understand both the rights and
limitations associated with ownership of real property
Identify the forms of ownership and how they are transferred
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 3
RIGHTS OF REAL PROPERTY OWNERSHIP
Real property rights Surface rights- include the right to occupy the land,
develop it with buildings and fixtures, and even to lay waste to it by destroying its resources such as timber or water.
Rights to the air space above the land Mineral rights
Mineral right- The right to dig or mine the earth
Water rights
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 4
LIMITATIONS OF REAL PROPERTY OWNERSHIP Limitations on ownership
Easements- irrevocable rights to some limited use of another's land. Substantial periods of time, 5 years, 50 years or forever Appurtenant, gross, necessity, prescription (page 301)
Restrictive covenants- A promise usually made in writing by the buyer to the seller. Usually limits the use of the land in some way
Zoning ordinances- adopted by cities or countries to regulate the location of residential, business, and industrial districts.
Duties owed to entrants on land
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 5
List four potential limitations on the ownership rights of real property.
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 6
FORMS OF REAL PROPERTY OWNERSHIP Fee simple absolute- the state with all the
ownership rights. Owner exercises all the power allowed by
law. Conditional estate- makes the ownership
conditional on some act or event. Life estate- ownership only for the length
of a specified person’s life. Non-freehold estate- (tenancy), involves
ownership for a limited period of time.
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 7
TRANSFER OF REAL PROPERTY OWNERSHIP Deed- the legal document used to transfer
ownership of real property. Gift, sale, or inheritance Adverse possession- occurs when you
adversely and exclusively possess in an open and notorious way the land of another private person. Must be continuous and for the statutory period
of 5 to 21 years depending on state law.
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TRANSFER OF REAL PROPERTY OWNERSHIP
Dedication or eminent domain- eminent domain- the power of the government
to take private property for public use in exchange for the fair market price.
Property taken under eminent domain must be used for public use; Highways, airports, parks or schools
Chapter 17Slide 8
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 9
Name the four major types of estates in real property.
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 10
17-217-2 Leasing Real Property
GOALS Compare the various types of leases Explain the rights and duties of
landlords and tenants
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 11
Do you know anyone who is either a tenant or a landlord?
Tenant Landlord
Rights
Duties
FOCUS
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Leasing Real Property Lease- an agreement in which one party
receives temporary possession of another's real property in exchange for rent. Rent- the consideration given in return for
temporary possession.
Leasehold Estate- the ownership interest of the tenant Grants certain rights in the subject property
to the tenantChapter 17
Slide 12
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Chapter 17Slide 13
WHAT ARE THE TYPES OF LEASES? Periodic tenancy- the leasehold is for a
renewable period of time with rent due at stated intervals. Week to week, month to month or year to year Notice of termination is required
Tenancy for years- a leasehold for a definite period of time Ex: six months, one year, or ninety years
Identifies a date for ending the lease Tenancy at sufferance- If a tenant remains in
possession after a lease has expired Tenancy at will- If a party possesses land with the
owner’s permission but without an agreement as to the term of the lease or the amount of the rent
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 14
Name the four types of leaseholds.
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 15
RIGHTS AND DUTIES OF THE TENANT
Tenant’s rights Right of possession
Eviction- when the landlord blocks the tenant from possession of all the real property
Right to use the property Right to assign the lease or to sublet the premises
An assignment of a lease takes place when the tenant transfers his or her entire interest in the lease to a third person
Tenant’s duties Duty to pay rent Duty to take care of the property Torts duty
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 16
RIGHTS AND DUTIES OF THE LANDLORD
Landlord’s rights To receive agreed-upon rent To sue to evict tenant
Landlord’s duties Duty to provide habitable premises Duty to conform to governmental
requirements
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Chapter 17Slide 17
Name three rights a tenant has.