Property Law
Real Property- land and anything that is permanently attached to or growing on the land
● Land
● That which is affixed to the land- fixtures
● That which is incidental or appurtenant to land
● That which is immovable by law
Ownership Interests:
● Fee Simple- ownership of land with the right to freely transfer the property
● Joint Tenancy- co-ownership of property characterized by a right of survivorship; when one of the co-owners dies, the other c
owner(s) absorb their ownership
● Tenants in Common- a term that describes co-ownership of property carrying no right of survivorship
● Community Property- property owned jointly by married persons
● Tenants by the Entirety- property owned jointly by married persons in noncommunity property states
● Life Estate- the right to use real property for the term of someone's life; right to occupy property for the rest of one's life
Defeasible Interests:
● Life estates are one example of a limited interest. The companion limited interest is the remainder interest, which is the inter
of whoever will "inherit" possession of the property after the natural life of the life tenant.
● The Atlanta Development Authority case describes a defeasible fee- an ownership interest that reverts to the grantor under
certain circumstances
Deed- a document that evidences title to real property; also used to convey real property
-the deed identifies the grantor and grantee, describes the property, describes how the grantee will hold the title, and lists any
limitations or restrictions on ownership
-"For and in consideration of the sum of $10.00, I, John Smith, convey unto Joe Jones…
● …in fee simple
● …and Jane Jones, as joint tenants with rights of survivorship and not as tenants in common
● …and Jane Jones
● …a life estate in
-the herein described real property."
-Different kinds of deeds carry stronger or weaker warranties (promises regarding the marketable title).
-Warranty Deed- implies certain representations regarding title
● Implies that the grantor owns the property "free and clear" with no liens or encumbrances
-Special Warranty Deed- a type of deed that implies that the grantor has not encumber the property, but makes no promises about
prior owners
-Grant Deed- used for the transfer or sale of real property from one person to another person
-Quitclaim Deed- implies no representations or warranties regarding title; no promises whatsoever
Transfer of Ownership:
● Transfer of ownership is effected by signing and delivering a deed
● Ownership of real property cannot be transferred by an oral agreement
Real Property- land and anything that is permanently attached to or growing on the land
● Land
● That which is affixed to the land- fixtures
● That which is incidental or appurtenant to land
● That which is immovable by law
Ownership Interests:
● Fee Simple- ownership of land with the right to freely transfer the property
● Joint Tenancy- co-ownership of property characterized by a right of survivorship; when one of the co-owners dies, the other c
owner(s) absorb their ownership
● Tenants in Common- a term that describes co-ownership of property carrying no right of survivorship
● Community Property- property owned jointly by married persons
● Tenants by the Entirety- property owned jointly by married persons in noncommunity property states
● Life Estate- the right to use real property for the term of someone's life; right to occupy property for the rest of one's life
Defeasible Interests:
● Life estates are one example of a limited interest. The companion limited interest is the remainder interest, which is the inter
of whoever will "inherit" possession of the property after the natural life of the life tenant.
● The Atlanta Development Authority case describes a defeasible fee- an ownership interest that reverts to the grantor under
certain circumstances
Deed- a document that evidences title to real property; also used to convey real property
-the deed identifies the grantor and grantee, describes the property, describes how the grantee will hold the title, and lists any
limitations or restrictions on ownership
-"For and in consideration of the sum of $10.00, I, John Smith, convey unto Joe Jones…
● …in fee simple
● …and Jane Jones, as joint tenants with rights of survivorship and not as tenants in common
● …and Jane Jones
● …a life estate in
-the herein described real property."
-Different kinds of deeds carry stronger or weaker warranties (promises regarding the marketable title).
-Warranty Deed- implies certain representations regarding title
● Implies that the grantor owns the property "free and clear" with no liens or encumbrances
-Special Warranty Deed- a type of deed that implies that the grantor has not encumber the property, but makes no promises about
prior owners
-Grant Deed- used for the transfer or sale of real property from one person to another person
-Quitclaim Deed- implies no representations or warranties regarding title; no promises whatsoever
Transfer of Ownership:
● Transfer of ownership is effected by signing and delivering a deed
● Ownership of real property cannot be transferred by an oral agreement
