1. Chapter 18 Ownership and Leasing of Real Property
12/28/2017
Chapter 18 Ownership and Leasing of Real Property
18-1 Ownership and Transfer of Real Property
18-2 Leasing Real Property
Chapter 18
LAW

2. 18-1 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
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3. RIGHTS AND LIMITATIONS OF REAL PROPERTY OWNERSHIP
Real property rights
Surface rights
Rights to the air space above the land
Mineral rights
Water rights
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4. RIGHTS AND LIMITATIONS OF REAL PROPERTY OWNERSHIP
Limitations on ownership
Easements
Restrictive covenants
Zoning ordinances
Duties owed to entrants on land
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5. List four potential limitations on the ownership rights of real property.
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6. OWNERSHIP FORMS AND THEIR TRANSFER
Forms of real property ownership
Fee simple absolute
Conditional estate
Life estate
Non-freehold estate
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7. OWNERSHIP FORMS AND THEIR TRANSFER
Transfer of ownership
Deed
Gift, sale, or inheritance
Adverse possession
Dedication or eminent domain
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8. Name the four major types of estates in real property.
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9. 18-2 Leasing Real Property
GOALS
Compare the various types of leases
Explain the rights and duties of landlords and tenants
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10. WHAT ARE THE TYPES OF LEASES?
Periodic tenancy
Tenancy for years
Tenancy at sufferance
Tenancy at will
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11. Name the four types of leaseholds.
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12. RIGHTS AND DUTIES OF THE TENANT
Tenant’s rights
Right of possession
Right to use the property
Right to assign the lease or to sublet the premises
Tenant’s duties
Duty to pay rent
Duty to take care of the property
Responsibility for torts
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13. 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
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14. Name three rights a tenant has.
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15. PREVENT LEGAL DIFFICULTIES
In dealing with real property . . .
If your personal property is to be attached to real property in any transaction, agree who will retain or receive ownership of it. Put the agreement in writing, whether the contract involved is a sale, lease, or mortgage.
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16. PREVENT LEGAL DIFFICULTIES
When purchasing real property, protect your interest by
having the property properly surveyed, particularly if it is irregularly shaped or has uncertain borders
requiring a deed containing all possible warranties
securing title insurance if it is available
being represented by a professional. If there is anything distinctive about the transaction, use a lawyer who specializes in real estate
Be sure that any deed to land you have purchased is recorded promptly.
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17. PREVENT LEGAL DIFFICULTIES
To prevent losing your land through adverse possession check it periodically to be sure no one is occupying it without your consent.
If you are asked to convey property and want to be free of possible future obligations, use a quitclaim instead of a warranty deed.
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18. PREVENT LEGAL DIFFICULTIES
If the government seeks to take your land by condemnation under its right of eminent domain, consult a lawyer. You have a right to a trial by jury to determine the fair price that must be paid.
Written residential leases generally are prepared by the landlord or the landlord’s attorney. Thus, such leases often contain many clauses that protect the landlord’s interests. Read with understanding before you sign. If the terms are unacceptable to you, request a change. If you are refused, go elsewhere.
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19. PREVENT LEGAL DIFFICULTIES
Do not remodel or significantly change premises of a leasehold without the consent of your landlord.
You may be held liable if someone is injured because of the faulty condition of premises you have rented if such condition was caused by your negligence. Normally you, as a tenant, have the duty to make necessary minor repairs and to notify your landlord of the need for major repairs. Protect yourself with careful maintenance and with adequate liability insurance.
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20. PREVENT LEGAL DIFFICULTIES
When you move, give your landlord proper notice. Such notice is required in periodic tenancies. Failure to give adequate notice may obligate you to pay additional rent even after you vacate the premises.
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