Pleas erespond to sevetlana with 150 words
Textbook author: Huber, Watt &Tyler, Kim
Chapter: 3 & 4
In this chapters I learned a lot of new words and term about estates in real property and ownership of real property. In this chapters I’m going to be focusing on concept #1 – Possessory Estates. Concept #2 is -Forms of Ownership. And last one key concept is – Timeshares.
Key concept #1
I learned in chapter 1 about possessory estates. A “possessory interest” is the right to occupy, not own. “An Estate is an interest in real property that is, will be, or may become possessory. A right to immediate possession is called a Present interest. A right to possession in the future is called a Future interest” (p. 77, Hubert, Watt). “With a defeasible fee estate, a deed or will transferring property contains a condition on ownership or use of the property and provides that the ownership and right to possess the property is forfeited if the stated condition is breached” (p. 78, Huber, Watt). A power of termination expires 30 years after the deed granting the conditional fee was recorded, unless the power is preserved.
Key concept #2
In chapter four I will be focusing on concept -Forms of Ownership. When property is owned by one individual, he or she holds title in severalty. In California, when property is owned by more than one individual, they can hold title in one of five ways: tenancy in common, joint tenancy, community property, community property with right of survivorship, tenancy in partnership. “Tenancy in common is the most basic form of concurrent ownership. It is the residual category: co-ownership that doesn’t fit into any of the other three categories is a tenancy in common by default” (p.119, Huber & Watt).
Key concept #3
I learned in chapter four about timeshares. In a timesharing arrangement, buyers purchase the exclusive right to possession of the property for specified periods each year. “Not every timeshare project actually involves co-ownership. In some cases, individuals purchase only a license to use the property, rather than an interest in the property. This is called a Timeshare use” (p.151, Huber & Watt).
This two chapters very interesting and informative. A tenancy in common is the most basic form of co-ownership. A joint tenancy requires the four unities (time, title, interest, and possession). Property owned by a married couple is either the separate property of one spouse or the community property of both. Spouses have equal control over community. The highest estate is the fee simple absolute, which is of unlimited duration. I also learned about four types of leasehold estates.