Chapter 9 Renting or Owning a Home 9.2 Buying a Home Unit 3 Consumer Law Chapter 9 Renting or Owning a Home 9.2 Buying a Home

Academic Vocabulary Permission-Noun, means formal consent Spouse-Noun, means one’s husband or wife Consent-Noun, means permission

Objectives Students will explain the ways real property can be co-owned Students will describe how title to real property can be transferred Students will explain the function of warranty and quitclaim deeds Students will define and compare liens, licenses, and easements

The Nature of real Property Real Property-is the ground and everything permanently attached to it Estate-is the interest or right that a person has in real property Lease hold estate-property in leased Freehold estate-holder holds land for life or forever 2 kinds Fee simple-owners owns the property outright Life estate-only owns it while they are alive

Co-ownership Transfer of ownership Taking Ownership Co-ownership Transfer of ownership Deed-written instrument that transfers title of ownership property

Taking Ownership Limitations of property use Zoning laws may limit property usage Eminent domain-right of the government to take private land for a public purpose Lien-legal claim against another person’s property as security for a debt or loan to ensure it will be repaid License-a temporary, revocable right to the limited use of another’s land Easement-irrevocable right to the limited use of another’s land

Discuss Define the role of grantor and grantee in relation to deeds. Under which type of ownership does a surviving co-owner receive a deceased co-owners share of the property? Which type of deed transfers title without giving warranties? What is the person transferring ownership of title called?

Activity What does the term eminent Domain mean? Do you think the government should have this right? Discuss the issue in one paragraph each from the governments perspective and from the landowners perspective.