Real Property

Land, things growing on the land, minerals beneathe the land, permanent structures on the land, etc..

Free-Hold Estate

An estate with title in land that someone has for an indefinite period of time.  Titles in Fee Simple can only be held by one person.  Second subset of a free-hold, they have a lifetime hold.  The rule against perpetuities deals with future interest.  

Fee Simple Absolute

The most powerful and largest estate recognized by the law.  I can sell it, gift it, leave it in my will, encumber it (attach a debt to it, ex/ mortgage), interest is unrestricted.  

Fee Simple Determinable

A fee interest that terminates on the happening of an event.  

Concurrent Ownership

• Tenancy in Common
• Joint Tenancy
• Tenancy by the Entirety
• Community Property
• Tenancy in Partnership
• Lease

Tenancy in Common

• 2+ people own property
• Does not have to be equal, ownership is separate
• You can sell your portion of the interest and if you die, it will go to your benefactors.  
• Each tenant may mortgage their portion
• They both have complete access to the whole thing.

Joint Tenancy

Each joint tenant has an undivided interest in the entire estate, "The right of survivalship" refers to, if one of the tenants die, their portion goes to the other person

4 UNITIES

1. Time (Interests must be established at the same time).
2. Title (They must receive the same interest in the same document).
3. Unity of Interest (Must have an equal and undivided interest in the entire property)
4. Possession (They have an absolute right to use the whole property).

Tenancy by the Entirety

All the 4 Unities + Marriage