(images provided by google images and some content provided by ed klofer school of real estate).
There are physical component of real property, ie. material, concrete, tangible, solid, real, actual, essential and basic parts of buildings and land. An estate is not just an estate. There are many types of estates, properties, grounds, gardens, parks, parklands, manors, and territories -- plantation, farm, vineyard, ranch, assets, capital, wealth, riches, holdings, fortune, property, possessions, and belongings. An estate is defined as an area of amount of land or property -- an extensive area of land in the country usually with a large house owned by one person -- all the money and property owned by a particular person. There are such thing as estate multiple ownership interests as well as special ownership interests and constitutional homestead. Ownership -- possession and right of possession, freehold, proprietorship, rights, and title. There are also cooperatives, condominiums, and timeshares.
Property rights: entitlement and privilege to stuff, riches, buildings, and real estate.
Tenancies: possession of land or property as a tenant.
Multiple ownership interests:
Maybe take a look at this quizlet on property rights, tenancies, and multiple ownership interests
Cooperatives: a farm, business, or other organization owned and run jointly by its members who share the profits or benefits
Condominiums: building or complex of buildings containing a number of individually owned apartments or houses in such a building or complex
Timeshares: the arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing scheme
Crossword puzzle of key terms: http://www.prelicense.relicenseflorida.com/crosswords/Lesson_8Puzzle.pdf
Bundle of legal rights: a collection of things of quality concerned with the law that are correct, just, and honorableCommon elements: prevalent and done often that are parts of something
Concurrent ownership: existing or done at the same time person who owns something
Condominium: a building or number of building containing a number of individually owned houses or apartments.
Condominium documents: a piece of written, printed, or electronic matter that provides info. that serves as an official record for a building or number of buildings containing individual apartments or houses
Cooperative: a farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits
Declaration of condominium: a formal or explicit statement or announcement of a building or buildings of individual apartments or houses
Estate for years: area or amount of land or property the time taken by a planet to make one revolution around the sun, 365 days, very long time.
Estate in severalty: area or amount of land or property condition of being separate
Fee simple estate: payment made to a professional person to a professional or public body in exchange for advice or services easily understood or done area or amount of land
Fixture: a piece of equipment or furniture that is fixed in position in a building or vehicle (articles attached to a house or land considered legally part of it so that the normally remain in place when the owner moves.
Freehold estate: permanent and absolute tenure of land or property with freedom to dispose of it at will -- the ownership of a piece of land or property by such tenure area or amount of land or property.
Homestead: a house, farmhouse, and outbuildings -- a person or family's residence which comprises the land, house, and outbuildings and in most states is exempt from forced sale for collection of debt
Joint tenancy: shared, held, or made by two or more people or organizations together that is possession of land or property as a tenant.
Land: ground or soil used as the basis for agriculture
Landlord: a person who rents land, a building, or an apartment to a tenant... a person who runs a boardinghouse, inn, or similar establishment.
Leasehold estate: holding a property by lease that is area land or property. opposite of freehold estate.
Life estate: existence of human being or animal or period between life and death that is an area land or property
Littoral rights: relating to or situated on the shore of the sea or a lake, a region lying along the shore that is an area of land or property
Marital assets: relating to marriage or the relations between husband and wife that are useful and valuable things like property owned by married couple that can be assets.
Nonfreehold estate: have a known duration and do not involve ownership of interest pertaining to an area of land and property
Personal property: all of someone's property except land and those interests in land that pass to their heir
Proprietary lease: owner or ownership in a contract by which one party conveys land, property or services to another for a specified time, usually in return for periodic payment
Prospectus: a printed document that advertises or describes school, commercial enterprise, forthcoming book etc. in order to attract or inform clients, members, buyers, or investors
Real estate: property consisting of land and buildings -- land and permanent improvements
Real property: property consisting of land and buidlings
Remainderman: when a remaining property goes to a third party remainder man
Right of survivorship: morally correct, just or honorable (legal entitlement to have or obtain something or to act in a certain way from the state of being a survivor; depending on survival, esp. the right of a survivor of people with a joint interest to take the whole on the death of the others.
Riparian rights: situation on the banks of a river morally yours
Separate property: forming as a unit apart or by itself belonging to someone, a possession, like a building or buildings and the land belonging to them... the right to the possession, use, or disposal of something.
Tenant: a person who occupies land rented from a landlord
Tenancy at sufferance: possession of land or property as a tenant that is absence of objection rather than genuine approval -- the condition of the holder of an estate who continues to hold it after the title has ceased, without the express permission of the owner.
Tenancy at will: possession of land or property as a tenant at which the person decides on and initiates action.
Tenancy by the entireties: possession of land or property as a tenant that is the whole of something
Tenants in common: a person who occupies land rented from a landlord that are prevalent
Time-share: the arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing scheme (property owned in such a way)
Trade fixture: buying and selling goods and services, exchanging, give and receive, articles attached to a house or land considered legally part of it so that they normally remain in place when an owner moves.
Undivided interest: not divided or broken into parts -- devoted to one object -- the state of wanting to know or learn about something or someone; stake, share, or involvement in something.
(Interest): money paid regularly at a particular rate for the use of money lent
Real Property, Personal Property, and Water Rights: Earth is divided by property and the property people own.
Land: earth surface, everything attached to it by nature, below and above. Real estate: land and improvements to it buildings, homes, fences, parks, libraries, gyms, play grounds, hotels, condos, streets, sidewalks, sewers, water fountains, etc. Real property: real estate (land), and laws associated, what you can and can't do with the land, who owns what on the land and where. Land: a field. Real estate: circuit court office. Real property: documents and laws in file cabinets of who owns what.Real property: also interchanged with real property: is the interest in land and buildings and laws for business including leaseholds, subleaseholds, and mineral rights... land and buildings except for cemeteries and mobile homes.
As an owner of land without a building on it or paved sidewalks you have air rights above surface including lakes, trees, and flowers. Then you have surface rights which are underneath the soil (maybe below the crust), and then you have subsurface rights, which include maybe the core and the mantle. Air rights = crust. Surface rights = mantle. Subsurface rights = cores. Air/crust: water, grass, valleys, mountains, oceans, rivers, trees, flowers, fields, sand, dirt, soil, man made structures, facilities, sewage system, ice, ships, cars (personal property/assets). Surface/mantle: rock. Surface/mantle/core: liquid magma magnet.
Real estate land: to the center of the earth and up in the air to the clouds. Real estate surface rights: land and water: riparian lines: right to the highest moving water line of the property to bathe, boat, and swim (do not own the water... the highest point where the land meets the water at high tide). Moving water includes a river and stream. A littoral right is right to the highest point of land abutting a tidal body of water like an ocean or a sea. I wonder where pond and lake classify. A pond and a lake is littoral because is not moving like a riparian right river or stream. A littoral right is a sea, ocean, pond, or lake where there is tide or no movement.Water Rights con't...
Accretion: land builds up and over time turns into rock. "California was built up by accretions."
Alluvion: the land that built up over time from accretion and sunlight... you can keep alluvion from accretion. (the sea or river forming new land by deposition and accretion).
Erosion: natural loss of land.. you can lose your land to nature. "Soil erosion."
Reliction: water leaves developing new land that is yours (your dry land can be added to naturally)... turning a tide pool into a playground.
Subsurface rights con't...
Owner gets underground materials: petroleum, minerals, rocks, limestone, natural gas, oil, etch.
Air rights con't...
Above a tract, above a home, the height is established by law (4-story building gets surrounding air on the property?)
Real estate transaction include all 3 property rights (air, surface, and subsurface rights). You can sell your above land rights and keep your below land (surface and subsurface rights)... or you can sell your surface rights and keep your subsurface rights and air rights. So if metlife wants to buy the air rights from central station then met life buys air rights and builds up and central station maintains surface and subsurface rights (metlife owns 1 part of property, and central station owns 2 parts of property). If an oil company wants to buy subsurface rights from a farm then farm own air and surface and company owns subsurface. You can sell off rights or keep all three.
Real Property vs. Personal Property:
Both are ownership. Real property = land, surface, air, subsurface, buildings ie real estate. And personal property is things that move ie. car boat motorcycle bus train. Train tracks: real property/Train: personal property. Bridge: real property/yacht: personal property. Interstate: real property/SUV: personal property. Toll plaza: real property/Mini Cooper: personal property. Gas station: real property/Snacks inside gas station: personal property. Hotel: real property/Beds in hotel: personal property.
Real property is land and improvements to the LAND. Anything that is not REAL property is PERSONAL property. FIXTURES permanently attached to and adfixed to land is REAL property. A porcelain bird and a garden gnome that you put on the fence is personal property. A house you build on a farm is REAL property while the weather vane on the roof is PERSONAL property. A house and the pool and a seawall and a dock that you build on land is REAL property where as the outdoor furniture, decorations, and potted plants are PERSONAL property. Personal property is sort of anything you pick out that you can move and that you can easily replace. Personal property is like simply going to the store and purchasing. Real property is more like hiring a contractor and pulling a permit... a permanent fixture that would take a lot more to move, ie. a paved driveway, a staircase to your roof, a fire pit, an in-ground hot tub, a tiki hut, whereas a grill, a table with chairs, a hammock, a swing set, and a dock box are personal properties. You can consider personal property something with limited life, ie. fading with the sun, blowing over with the wind, melting with the rain. Realty=real property. Personalty=personal property.
realty |ˈrē(ə)ltē|
noun Law
a person's real property. The opposite of personalty .
personalty |ˈpərsənəltē|
noun Law
a person's personal property. The opposite of realty .
ORIGIN mid 16th cent. (in the legal phrase in the personalty [for damages] ): from Anglo-Norman French personaltie, from medieval Latin personalitas (see personality ).
Real estate transaction: one side realty: one side personalty. Include personal property and real property included in the sale.
Changing of real property to personal property by severance.
severance |ˈsev(ə)rəns|
noun
the action of ending a connection or relationship : the severance and disestablishment of the Irish Church | a complete severance of links with the Republic.
• the state of being separated or cut off : she works on the feeling of severance, of being deprived of her mother.
• dismissal or discharge from employment : [as adj. ] employees were offered severance terms.
• short for severance pay .
ORIGIN late Middle English : from Anglo-Norman French, based on Latin separare (see sever ).
A tree (REAL) is cut (PERSONAL). A flower (REAL) is picked (PERSONAL).
Or, using wood (PERSONAL) to build shed (REAL).BRIEF REVIEW:
Land and anything permanently attached to land: real property - front yard, back yard, driveway, garage, house, patio, pool, fire pit, seawall, dock, boat lift, windows, doors, shed, landscaping, lighting system, sprinkler system, sewage, plumbing, sinks, balcony, staircase, etc.
Movable items not attached to real property: personal property - laptop, ring, scale, desk, couch, chair, TV, entertainment center, desk, bed, speakers, boat, plane, cattle, bike, grill, umbrella, dress, shoes, handbags, lamps, iron, ironing board, potted plants, cars, trailers on wheels, art, watch, window dressings, etc.
An item of personal property that is attached to real property with the intention of the item becoming permanent: fixture - toilet, fence, washer/dryer, A/C, ceiling fan, track lights, bath tub, fridge, freezer, dish washer, microwave, stove, oven, range, island, cabinetry, closets, doors, door handles, windows, sink head, shower head, locks, etc.
An item of personal property that is attached to real property and is owned by a tenant and that the tenant uses in business: trade fixture - pallet racks and storage racks and shelving in a warehouse, reception desk in a firm, car lift in mechanic shop, bar top affixed, oven in a restaurant, to wall in restaurant, etc. ie. fixture used to make business work.
Action that real property may become personal property: severance
How chattel can become real property: attachment -- wood turns into gazebo, wood turns into fence, pavers turn into paveway/sidewalk, construction materials turn into a spiral staircase, light installed in ceiling, chandelier installed over dining room table, fans installed in living room, book shelf is built into wall, aquarium is built into house, underground gas tank become real property, concrete slab placed in a grass to make a walkway,
chattel |ˈ ch atl|
noun
(in general use) a personal possession.
• Law an item of property other than real estate. See also goods and chattels .
ORIGIN Middle English : from Old French chatel, from medieval Latin capitale, from Latin capitalis, from caput ‘head.’ Compare with capital 1 and cattle .
How do I test if it's a fixture? Mine or yours?A fixture used to be a personal property,,, now it's a real property item (fence and tree and railing and spiral staircase). A court can determine fixture, personal property, and real property. Including clarity in a contract identifies properties: washer/dryer, sofa and entertainment center with TV, above ground hot tub, boat in boat slip in boat lift, cabinetry in custom garage, bikes hanging on bike racks, contents of shelves in shed. What were the intentions and thought process to add the personal property (item) to real property (fixture)? Do family members, neighbors, stores, friends, buyer, seller, landlord, tenant know? Find out how the parties are related to each other? Tenant landlord relationship? Buyer seller relationship? Commercial tenant landlord relationship? Did tenant buy microwave oven and install it in landlords cabinet without signing a contract the microwave oven belongs to tenant upon eviction? Most of the time a tenant installing a fixture to a property is making the fixture the landlords property, but in commercial cases where a business tenant installs a pedicure station to the floor in order to produce pedicures the tenant still owns the station as a trade fixture, similar to large scale pallet racking in a warehouse and an assembly line installed for production in a rented commercial facility and a car lift installed in a mechanic shop that is being rented, or a laser machine installed in a jewelry shop that is being rented... etc. As a tenant you have to make clear decisions with an owner (landlord), as an owner, you have to make clear decision with yourself.
trade fixture
An item of personal
property attached to real property that is owned by a tenant and used in
a business that is legally removable by the tenant.
How has the fixture been attached to the property? If removing the fixture from the real property produces damage (bike rack removed leaves holes in the concrete) then the property is a fixture and part of the real property. Similarly, cabinetry removed damaging a wall is a fixture. So does the tenant or landlord own it and does the buyer buy it or the seller keep it? Was the item custom built for the property or attached in some study and secure way to the property? Hurricane shutters, bolted decorative shutters, docks, boat lift motors and pylons, fire alarms and smoke detectors, water faucets (but not water hoses) become permanent fixtures. What about drapes? A white wall flows into a white drape. Matching drape become a fixture. Similarly, a sun shade installed over the glass paneling of a door becomes a permanent fixture. Custom-fit shades become property fixtures. Wood paneling glued to a wall become a permanent fixture, although the panel was an addition to the existing wall.
What is IRMA?
Legal test for:
I: intention of installation
R: relationship of parties
M: method and degree of attachment
A: adaption of the item (adaptation = custom-fit, custom-built, custom-made. changed to form into a property place).
IRMA test happens if personal property not identified in contract.
Listings, advertisements, contracts should say inclusions in sale. No need to write exclusions. Questionable items ask questions. Ie, what you see is what you get... specifically included (lots)... also AS IS condition, condition in at time of sale, no human changes will be made before sale.
BRIEF REVIEW:
What was indicated by verbal comms or statements in the contract: intent
Residential tenants leave permanent fixtures whereas commercial tenants take away trade fixtures: relationship
Removal equals damage or easily removed: method
Item in question designed for normal use of property? adaptation
Annexation: append or add as an extra or subordinate part
A fixture is an item of personal property converted to real property by attaching it to the real property with the intention that it becomes permanently a part thereof. A trade fixture is an article that is attached by a commercial tenant as a necessary part of the tenant's trade or business and is personal property.
What is IRMA?
Legal test for:
I: intention of installation
R: relationship of parties
M: method and degree of attachment
A: adaption of the item (adaptation = custom-fit, custom-built, custom-made. changed to form into a property place).
IRMA test happens if personal property not identified in contract.
Listings, advertisements, contracts should say inclusions in sale. No need to write exclusions. Questionable items ask questions. Ie, what you see is what you get... specifically included (lots)... also AS IS condition, condition in at time of sale, no human changes will be made before sale.
BRIEF REVIEW:
What was indicated by verbal comms or statements in the contract: intent
Residential tenants leave permanent fixtures whereas commercial tenants take away trade fixtures: relationship
Removal equals damage or easily removed: method
Item in question designed for normal use of property? adaptation
Annexation: append or add as an extra or subordinate part
A fixture is an item of personal property converted to real property by attaching it to the real property with the intention that it becomes permanently a part thereof. A trade fixture is an article that is attached by a commercial tenant as a necessary part of the tenant's trade or business and is personal property.
A question to ask in the future: real property: trees, sewage, pipes, curbs, flower beds, light poles, electricity lines, etc. Personal property with public power lines versus private property with public power lines/private property with septic tank versus private property with public sewage system/private property with satellite dish versus private property with shared private cable lines.What do you own when you own real property?
Recap real property. Real property is land and real estate. Realty is real property.
You own a bundle: disposition, enjoyment, exclusion, possession, control.
Disposition: your outlook on the place: your right to sell, mortgage, dedicate, give away all or some of your real property.
Enjoyment: pleasure, the right to use your property for entertainment without interference.
Exclusion: security: the right to keep others off your property: exclude trespassing and entering without permission.
Possession: have and own: privacy at time of title not privacy and possession and ownership at time of first visit.
Control: say what is and what is not: power: uninterruptible use while following laws.
You can own a private property but you cannot break the law. The law allows you to handle your rights, enjoy in private and keep others off, and say what goes and what doesn't fly. A fence and a security system are fixtures for exclusion and possession. Bundle of rights:
BRIEF REVIEW:-bundle of rights of real property... real property includes land and real estate:
Owner controls entry: exclusion
Uninterrupted control consistent with the law: use
Sell, mortgage, or lease: disposition
Occupy with with control of use and privacy: possession
Enjoy, entertainment, fun: enjoyment
Post videos:
https://www.youtube.com/watch?v=LLptvrByINk
https://www.youtube.com/watch?v=42Ke-6WkCls
https://www.youtube.com/watch?v=wwxruQSqJ9Q
Principal types of estate and tenancies:
Characteristics of estates and tenancies:
An estate refers to the degree, quantity, nature, an extent of interest (ownership rights), a person can have in real property. Estate and tenancy are interchangeable like real estate and real property. An estate can be a freehold estate or an estate can be a leasehold estate. Freehold estates have no lifespan whereas leasehold estates have a life span.
Freehold estate: estate of ownership: fee simple, absolute, and inherited: life estate measured in life span -- estate in reversion, remainder estate, vested remainderman, contingent remainderman.
-Free hold estate is owned and has no life span (can live forever)... consists of an estate in reversion, a remainder estate, a vested remainderman, and a contingent remainderman.
An estate in reversion: real property goes back to the grantor
A remainder estate: real property goes to a third party
A vested remainderman: someone whose legal name is specified
Contingent remainderman: legal name is not specified (first born child)
Leasehold estate: estate of possession, also known as a non-freehold:
Estate for years: written lease when start and end time, time can be up
Tenancy at will: oral agreement or one that has no ending date
Tenancy at sufferance: lease period ended and tenant is a holdover
freehold |ˈfrēˌhōld|
noun
permanent and absolute tenure of land or property with freedom to dispose of it at will. Often contrasted with leasehold .
• ( the freehold) the ownership of a piece of land or property by such tenure.
• a piece of land or property held by such tenure.
adjective
held by or having the status of freehold.
leasehold |ˈlēsˌhōld|
noun
the holding of property by lease : a form of leasehold | [as adj. ] leasehold premises. Often contrasted with freehold .
• a property held by lease.
fee simple
noun ( pl. fees simple ) Law
a permanent and absolute tenure of an estate in land with freedom to dispose of it at will, esp. (in full fee simple absolute) a freehold tenure, which is the main type of land ownership.
vested |ˈvestid|
adjective
1 secured in the possession of or assigned to a person : a state law vested the ownership of all wild birds to the individual counties.
• protected or established by law or contract : parental rights are then vested by section 14 of the 1975 Act.
contingent |kənˈtinjənt|
adjective
1 subject to chance : the contingent nature of the job. See note at accidental .
• (of losses, liabilities, etc.) that can be anticipated to arise if a particular event occurs : businesses need to be aware of their liabilities, both actual and contingent.
• Philosophy true by virtue of the way things in fact are and not by logical necessity : that men are living creatures is a contingent fact.
2 ( contingent on/upon) occurring or existing only if (certain other circumstances) are the case; dependent on : resolution of the conflict was contingent on the signing of a cease-fire agreement.
possession |pəˈze sh ən|
noun
1 the state of having, owning, or controlling something : are you in possession of any items over $500 in value? | he had taken possession of one of the sofas | the book came into my possession.
• Law visible power or control over something, as distinct from lawful ownership; holding or occupancy : both teams attempting to gain possession of the ball | they were imprisoned for possession of explosives.
• informal the state of possessing an illegal drug : they're charged with possession.
tenancy |ˈtenənsē|
noun ( pl. -cies)
possession of land or property as a tenant : Holding took over the tenancy of the farm.
sufferance |ˈsəf(ə)rəns|
noun
1 absence of objection rather than genuine approval; toleration : Charles was only here on sufferance.
• Law the condition of the holder of an estate who continues to hold it after the title has ceased, without the express permission of the owner : an estate at sufferance.
holdover |ˈhōldˌōvər|
noun
a person or thing surviving from an earlier time, esp. someone surviving in office or remaining on a sports team : he purged the party of holdovers from the communist days.
A freehold estate can be measures in the lifespan of someone and can be inherited by heirs. A freehold can be given back to a grantor or can be given to vested remainderman or a contingent remainderman. A freehold estate is part of a fee simple estate. Fee simple is a permanent and absolute tenure of an estate in land with freedom to dispose of it as will... a freehold tenure is the main type of land ownership. Fee simple is the largest bundle of legal rights. The owner has the complete power to use, dispose of, and allow the property to descend to the heirs. Most title property is fee simple. Fee simple property is the highest type recognized by law. Life estates are freehold estates. A life estate is for the lifespan. You only own the estate while you are alive and have to pay taxes and insurance and maintain the property. You can only own a life estate while you both are alive. If you hold title to a real property you can create a life estate. At the end of the life estate the property can go back to the owner or a remainder man. A remainder man is the person whom the property is transferred to at the end of a life estate. Say you buy a house and put it in your dad's name for his lifetime and then upon death get the property in reversion. So a remainderman can own a life estate while the owner is alive (on the deed). A remainderman can acquire a fee simple estate or an estate in severalty or concurrent ownership if more than one remainderman is named. So a lady has two sons and names the boys as her remainderman on her life estate while she is alive. A life estate can be created by law: legal life estate. So if the spouse owns a house and passes away, the legal life estate is the living spouse's and their children are remainders.
homestead |ˈhōmˌsted|
noun
1 a house, esp. a farmhouse, and outbuildings.
2 Law a person's or family's residence, which comprises the land, house, and outbuildings, and in most states is exempt from forced sale for collection of debt.
3 historical (as provided by the federal Homestead Act of 1862) an area of public land in the West (usually 160 acres) granted to any U.S. citizen willing to settle on and farm the land for at least five years. A homestead applies to three situations: tax exemption, tract of land limited in size, and statutory condition designed to protect the interests of a spouse and lineal descendants. A Florida homeowner can homestead their principal residence.
Homestead your property to:
1) protect your family if the house is in your name - your spouse gets your property (life estate) or your spouse and your kids (remainders)
2) you are protected from forced sale to satisfy debts for personal loans and credit cards, etc.
3) you get a tax exemption from the assessed property value; up to $50,000. It's deducted from the homestead when calculating taxable value
4) size matters to get a homestead: less than 160 acres outside city and less than 1/2 acre inside city.
5) personal property protected up to $1000
Homestead so you can keep your property in your family and a roof over your head no matter what.
What is a non-freehold estate?
Non-freehold is another term for leasehold which is opposite of freehold and total ownership. An attendee of a non-freehold estate has no ownership rights and the time of tenancy is known. There is an expiration date on a non-freehold estate/leasehold estate. You can use and possess a non-free hold estate but you can't own it.
leasehold estate
An interest in real property that a tenant possesses (measured in calendar time).
There are three types of leasehold estates:
1 that defines the time. 1 that allows leasee to leave at will. 1 that leasee lease ends but stays.
So, there are reasons the leasee might want a leasehold estate. To use the property but not own it and not pay rent. What happens is the owner gives up the property for the time being that is shown on the contract or deed, not sure which one. When the contract ends, the owner gets the property back and this is called reversion estate.
Detail:
Nonfreehold estates
have a known duration and do not involve an ownership interest.
Non-freehold or less-than-freehold estates grant the right to use and
possess (but not own) real property. Nonfreehold estates are also called
leasehold estates.
A leasehold estate (tenancy) is an interest in real property that a tenant possesses. Leasehold estates are measured in calendar time. Under a lease, the tenant possesses a leasehold estate, and the landlord (property owner) possesses a reversion estate. At the end of the leasehold estate, possession and use of the property reverts to the property owner. There are three types of leasehold estates: estate for years, tenancy at will, and tenancy at sufferance (see below).
Leasehold (non-freehold):
Estate for years: specific start and end time, 1 day to 99 years. Estate for years is created by a written lease agreement. An estate for years says I am interested in your land (exclusion, possession, enjoyment, right to use) but do not own it (disposition). I can't go and sell or mortgage an estate for years.
Tenancy at will: starts but does not definitely end, week to week, month to month. You can live in my house for $100 a week starting today but I might kick you out tomorrow. A tenancy at will is a tenancy without a specific term. A tenancy at will can be a written or oral agreement. The interval for termination can be based on payment schedule, every 7 days, every 14 days, every 28 days, every year, every 5 years... etc. If the owner dies or sells the property and you are there "tenancy at will" then you have to move out. Your leasehold is up.
Tenancy at sufferance: you agreed to lease a property for a certain amount of time and that time for you to lease has passed and you don't update the terms or move out, you sort of stick around... sufferance. The landlord might not have any idea you are there... sufferance. Paying your rent will turn on the tenancy at sufferance, but if the owner agrees to let you stay then you become a tenant at will.
A freehold estate can be owned solely or concurrently. Solely is also known as severalty. An estate in severalty is owned by one person.
Two or more people with ownership title is a concurrent ownership. A concurrent ownership is when more than one person owns the same property at the same time: another free hold estate. A freehold estate can be owned by one (severe) or two or more (concurrent). A concurrent tenancy can be in common, joint, or by the enitreties.
Concurrent ownership:
Tenancy in common: two or more people, undivided possession, interest is equal or unequal in possession, same or different time, same or different title, no right of survivorship (heirs inherit).
Joint tenancy: two or more people, undivided possession, interest equal possession, same time, same title, right of survivorship.
Tenancy by entireties: husband and wife only, undivided possession, interest equal each 100%, same time, same title, right of survivorship
survivorship |sərˈvīvərˌ sh ip|
noun
the state or condition of being a survivor; survival.
• Law a right depending on survival, esp. the right of a survivor of people with a joint interest to take the whole on the death of the others.
A leasehold estate (tenancy) is an interest in real property that a tenant possesses. Leasehold estates are measured in calendar time. Under a lease, the tenant possesses a leasehold estate, and the landlord (property owner) possesses a reversion estate. At the end of the leasehold estate, possession and use of the property reverts to the property owner. There are three types of leasehold estates: estate for years, tenancy at will, and tenancy at sufferance (see below).
Leasehold (non-freehold):
Estate for years: specific start and end time, 1 day to 99 years. Estate for years is created by a written lease agreement. An estate for years says I am interested in your land (exclusion, possession, enjoyment, right to use) but do not own it (disposition). I can't go and sell or mortgage an estate for years.
Tenancy at will: starts but does not definitely end, week to week, month to month. You can live in my house for $100 a week starting today but I might kick you out tomorrow. A tenancy at will is a tenancy without a specific term. A tenancy at will can be a written or oral agreement. The interval for termination can be based on payment schedule, every 7 days, every 14 days, every 28 days, every year, every 5 years... etc. If the owner dies or sells the property and you are there "tenancy at will" then you have to move out. Your leasehold is up.
Tenancy at sufferance: you agreed to lease a property for a certain amount of time and that time for you to lease has passed and you don't update the terms or move out, you sort of stick around... sufferance. The landlord might not have any idea you are there... sufferance. Paying your rent will turn on the tenancy at sufferance, but if the owner agrees to let you stay then you become a tenant at will.
A freehold estate can be owned solely or concurrently. Solely is also known as severalty. An estate in severalty is owned by one person. Two or more people with ownership title is a concurrent ownership. A concurrent ownership is when more than one person owns the same property at the same time: another free hold estate. A freehold estate can be owned by one (severe) or two or more (concurrent). A concurrent tenancy can be in common, joint, or by the enitreties.
Concurrent ownership:
Tenancy in common: two or more people, undivided possession, interest is equal or unequal in possession, same or different time, same or different title, no right of survivorship (heirs inherit).
Joint tenancy: two or more people, undivided possession, interest equal possession, same time, same title, right of survivorship.
Tenancy by entireties: husband and wife only, undivided possession, interest equal each 100%, same time, same title, right of survivorship
survivorship |sərˈvīvərˌ sh ip|
noun
the state or condition of being a survivor; survival.
• Law a right depending on survival, esp. the right of a survivor of people with a joint interest to take the whole on the death of the others.
When two or more people want to own the same property they may choose to be tenants in common.
tenants in common
An interest in real
property in which two or more persons hold title to the property with
equal or unequal interests in the estate. Most frequent of co-ownership other than husband and wife ownership. Tenants in common can acquire a title at the same time or acquire the title at different times. Tenants in common own an undivided interest in the property. Undivided interest in the property means you are concerned with all the property and not just parts of it. You can own 1/3 and someone can own 2/3 interest in a property.
The main different between a joint tenancy and a tenancy in common is who gets the property when the owner passes away. Passing away is known as right of survivorship. In a joint ownership the property goes to the surviving owner. Whereas in a tenants in common, the property goes to the surviving heirs. There are rules to a joint tenancy, which are:
1) Possession: same right to possession
2) Interest: equal ownership interest 50/50 or 100/100
3) Title: acquire title on same instrument (deed)
4) Time: acquire title at the same time
As a joint tenant you can sell your share and that buyer becomes a buyer in common, without the right of survivorship.
Tenancy by entireties:
Take title together at the same time. Entirety is husband and wife and works like joint. Must be married at time take title to property. "This estate has its origin in the common-law attitude that a husband and wife are one ownership entity" -- common law. Put the same legal last name on the title/agreement. Right of survivorship to surviving spouse applies. Break the entirety by annulment or divorce. Survive and be the sole ownership (severalty). Tenancy in common is formed from an entirety divorcing or annulling.
Divorce:
You get non-martial assets. Owned assets before marriage by inheritance or gift. Marital assets acquired during marriage divided equally.
Cooperatives, Condominiums, and Time Shares:
There are 5 main documents associated with condominiums.
cooperative |kōˈäp(ə)rətiv| (also co-operative)
noun
a farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits.
condominium |ˌkändəˈminēəm|
noun ( pl. -ums )
1 a building or complex of buildings containing a number of individually owned apartments or houses.
• each of the individual apartments or houses in such a building or complex.
• the system of ownership by which these operate, in which owners have full title to the individual apartment or house and an undivided interest in the shared parts of the property.
2 the joint control of a country's
time-sharing
noun
2 the use of a property as a vacation home at specified times by several joint owners.
I have no idea what this is saying: https://www.youtube.com/watch?v=VYpNEeFvLDU, but I do have the impression that cooperative is ownership by more than one party. Here's another one I can't understand, just by typing cooperative act in youtube: https://www.youtube.com/watch?v=t5v9oGxniAk.
Cooperative Statute 719: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0719/0719.html
Condominium Statute 718: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0718/0718.html
Vacation and Time Share Statute 721: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0721/0721ContentsIndex.html
Before a developer can sell a unit of a condo, timeshare, or cooperative, he or she must provide prospective with documents and:
1) Disclosure statements including:
1a) Property description
1b) Form of title-interest
1c) Description of common areas and amenities
1d) Existence of judgments or liens
1e) Management arrangements
1f) Escrow provisions for deposits
1g) Restrictions on the sale or transfer of units
1h) Apportionment of common expenses
1i) Construction completion date
1j) Estimated operating budget
1k) Estimated closing costs
1l) Copies of key documents
The state agency that regulates the condos, timeshares, and cooperatives in FL is called The Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation: link: http://www.myfloridalicense.com/dbpr/lsc/ "The mission of the Division of Florida Condominiums, Timeshares, and Mobile Homes is to provide consumer protection for Florida residents living in the communities we regulate through education, complaint resolution, mediation and arbitration, and developer disclosure"
Corporation Cooperative:
Corp. owns a multi-unit building and title to land and improvements. Unit owners are purchasing stock in the corporation. A proprietary lease is created and the unit owner can do as he or she wishes in the unit. A proprietary lease is signed by a tenant-stockholder and a corporation-owner. Property taxes and special assessments are assigned per unit and not for the whole corporation. The taxes and special assessments constitute a lien on the individual unit. A tenant-stockholder pay taxes to the corporation is advance and the corp. pays the big bill. Owners and shareholders can deduct this tax from their taxable income. A stockholder also has to pay a monthly assessment for common areas, grounds, operating and maintenance costs. Transfer of ownership of a cooperative is a transfer of stock. The developer has to give the potential stockholder a disclosure that the unit purchase can be cancelled within 15 days of the signing of the contract and the receipt of the documents in chapter 719. There is a clause in the contract for resale:
Buyer acknowledges rules of the association, and the question and answer sheet 3 days prior to signing the contract. You can't cancel after closing. You have to give the buyer 3 days to cancel once he or she has read the resale contract. A contract on a residential cooperative that does not include a disclosure can be voided by the buyer.
Cancellation period:
3 days: resale residential cooperative apartments and condominium units
10 days: time-shares sold by developer and re-sale
15 days: residential cooperative apartments and condominium units sold by the developer
Condominium:
Individual ownership of a unit and undivided ownership of a common area. Complies with laws 718. A condo can look like a townhouse or apartment. What makes a condominium different is how the contract and association is structured. An owner owns fee simple, plus an undivided fraction of the common area. A common element is something that touches all units but is shared by all owners and not exclusive to one owner. Common elements are legally attached to condo. units. You have to pay (levied) property taxes on your unit and a deed to a unit conveys the individual unit and the common elements.
Condominium documents explain the association and describe the condominium. You can become a condominium by doing the following:
1) A declaration of a condominium created the condo and includes the description of the condo, ownership percentage in the common elements, voting rights in board, covenants, and restrictions for use in the common areas. You must file your declaration of condominium with the county court where the condo is located to become official.
2) The association say what goes in the condo. community and as such forms a sort of not-for-profit corporation and creates the articles of incorporation. These articles say who is in charge of what.
3) bylaw |ˈbīˌlô| (also by-law)
noun
1 a rule made by a company or society to control the actions of its members.
2 a regulation made by a local authority; an ordinance.
Describe the administrative and associative contributions including calling meetings and determining voting requirements.
4) FAQ's include restriction on lease and occupation as well as fees for land use, rent, and recreational use of facilities.
5) Est. operating budget for units to share including garbage fees, property tax on common elements, deferred maintenance, reserves for capital expenditure, utilities for common areas, fire and extended coverage insurance, management, maintenance, and liability insurance. Operating budget turns into a monthly expense.
A developer of 20+ units must:
Provide a prospectus, an estimated operating budget, a declaration, articles of incorporation, FAQs, and bylaws.
A reseller of a condo must provide:
Most recent year end financial report, rules of the association, a governance form, a declaration, articles of incorporation, bylaws, and FAQs.
A developer selling is selling new units, so a prospectus is required and so is the estimated operating budget. A reseller selling has already lived there, so needs to dish out the rules, most recent financial summary, and the governance form. They both need to give the Declaration making the residential unit a condo, articles of incorporation (who is in charge of what), bylaws (extra things), and FAQs (how much rent and specific rules). A developer must give a prospectus and a disclosure because it is new and consumers need to be protected and the prospective buyer has 15 days to cancel. If the prospective buyer is buying from a recently owned condo then a clause must be signed that all documents have been received and has 3 days to cancel. If the buyer informs the broker of the cancellation within the 15 for developer or 3 for reseller days, then the escrow deposit can be returned.
Some more on condos: http://www.leg.state.fl.us/welcome/index.cfm. Guidelines on purchasing a unit http://www.myfloridalicense.com/dbpr/lsc/documents/purchasing_guide.pdf
Because not everyone can pay for a full second home in another city - time shares were born. A time share is paying a portion of that condo cost. A time share is organized and a condo. A unit is divided into segments of ownership - usually 52 weeks.
Tenancy by entireties:
Take title together at the same time. Entirety is husband and wife and works like joint. Must be married at time take title to property. "This estate has its origin in the common-law attitude that a husband and wife are one ownership entity" -- common law. Put the same legal last name on the title/agreement. Right of survivorship to surviving spouse applies. Break the entirety by annulment or divorce. Survive and be the sole ownership (severalty). Tenancy in common is formed from an entirety divorcing or annulling.
Divorce:
You get non-martial assets. Owned assets before marriage by inheritance or gift. Marital assets acquired during marriage divided equally.
Cooperatives, Condominiums, and Time Shares:
There are 5 main documents associated with condominiums.
cooperative |kōˈäp(ə)rətiv| (also co-operative)
noun
a farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits.
condominium |ˌkändəˈminēəm|
noun ( pl. -ums )
1 a building or complex of buildings containing a number of individually owned apartments or houses.
• each of the individual apartments or houses in such a building or complex.
• the system of ownership by which these operate, in which owners have full title to the individual apartment or house and an undivided interest in the shared parts of the property.
2 the joint control of a country's
time-sharing
noun
2 the use of a property as a vacation home at specified times by several joint owners.
I have no idea what this is saying: https://www.youtube.com/watch?v=VYpNEeFvLDU, but I do have the impression that cooperative is ownership by more than one party. Here's another one I can't understand, just by typing cooperative act in youtube: https://www.youtube.com/watch?v=t5v9oGxniAk.
Cooperative Statute 719: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0719/0719.html
Condominium Statute 718: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0718/0718.html
Vacation and Time Share Statute 721: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0721/0721ContentsIndex.html
Before a developer can sell a unit of a condo, timeshare, or cooperative, he or she must provide prospective with documents and:
1) Disclosure statements including:
1a) Property description
1b) Form of title-interest
1c) Description of common areas and amenities
1d) Existence of judgments or liens
1e) Management arrangements
1f) Escrow provisions for deposits
1g) Restrictions on the sale or transfer of units
1h) Apportionment of common expenses
1i) Construction completion date
1j) Estimated operating budget
1k) Estimated closing costs
1l) Copies of key documents
The state agency that regulates the condos, timeshares, and cooperatives in FL is called The Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation: link: http://www.myfloridalicense.com/dbpr/lsc/ "The mission of the Division of Florida Condominiums, Timeshares, and Mobile Homes is to provide consumer protection for Florida residents living in the communities we regulate through education, complaint resolution, mediation and arbitration, and developer disclosure"
Corporation Cooperative:
Corp. owns a multi-unit building and title to land and improvements. Unit owners are purchasing stock in the corporation. A proprietary lease is created and the unit owner can do as he or she wishes in the unit. A proprietary lease is signed by a tenant-stockholder and a corporation-owner. Property taxes and special assessments are assigned per unit and not for the whole corporation. The taxes and special assessments constitute a lien on the individual unit. A tenant-stockholder pay taxes to the corporation is advance and the corp. pays the big bill. Owners and shareholders can deduct this tax from their taxable income. A stockholder also has to pay a monthly assessment for common areas, grounds, operating and maintenance costs. Transfer of ownership of a cooperative is a transfer of stock. The developer has to give the potential stockholder a disclosure that the unit purchase can be cancelled within 15 days of the signing of the contract and the receipt of the documents in chapter 719. There is a clause in the contract for resale:
Buyer acknowledges rules of the association, and the question and answer sheet 3 days prior to signing the contract. You can't cancel after closing. You have to give the buyer 3 days to cancel once he or she has read the resale contract. A contract on a residential cooperative that does not include a disclosure can be voided by the buyer.
Cancellation period:
3 days: resale residential cooperative apartments and condominium units
10 days: time-shares sold by developer and re-sale
15 days: residential cooperative apartments and condominium units sold by the developer
Condominium:
Individual ownership of a unit and undivided ownership of a common area. Complies with laws 718. A condo can look like a townhouse or apartment. What makes a condominium different is how the contract and association is structured. An owner owns fee simple, plus an undivided fraction of the common area. A common element is something that touches all units but is shared by all owners and not exclusive to one owner. Common elements are legally attached to condo. units. You have to pay (levied) property taxes on your unit and a deed to a unit conveys the individual unit and the common elements.
Condominium documents explain the association and describe the condominium. You can become a condominium by doing the following:
1) A declaration of a condominium created the condo and includes the description of the condo, ownership percentage in the common elements, voting rights in board, covenants, and restrictions for use in the common areas. You must file your declaration of condominium with the county court where the condo is located to become official.
2) The association say what goes in the condo. community and as such forms a sort of not-for-profit corporation and creates the articles of incorporation. These articles say who is in charge of what.
3) bylaw |ˈbīˌlô| (also by-law)
noun
1 a rule made by a company or society to control the actions of its members.
2 a regulation made by a local authority; an ordinance.
Describe the administrative and associative contributions including calling meetings and determining voting requirements.
4) FAQ's include restriction on lease and occupation as well as fees for land use, rent, and recreational use of facilities.
5) Est. operating budget for units to share including garbage fees, property tax on common elements, deferred maintenance, reserves for capital expenditure, utilities for common areas, fire and extended coverage insurance, management, maintenance, and liability insurance. Operating budget turns into a monthly expense.
A developer of 20+ units must:
Provide a prospectus, an estimated operating budget, a declaration, articles of incorporation, FAQs, and bylaws.
A reseller of a condo must provide:
Most recent year end financial report, rules of the association, a governance form, a declaration, articles of incorporation, bylaws, and FAQs.
A developer selling is selling new units, so a prospectus is required and so is the estimated operating budget. A reseller selling has already lived there, so needs to dish out the rules, most recent financial summary, and the governance form. They both need to give the Declaration making the residential unit a condo, articles of incorporation (who is in charge of what), bylaws (extra things), and FAQs (how much rent and specific rules). A developer must give a prospectus and a disclosure because it is new and consumers need to be protected and the prospective buyer has 15 days to cancel. If the prospective buyer is buying from a recently owned condo then a clause must be signed that all documents have been received and has 3 days to cancel. If the buyer informs the broker of the cancellation within the 15 for developer or 3 for reseller days, then the escrow deposit can be returned.
Some more on condos: http://www.leg.state.fl.us/welcome/index.cfm. Guidelines on purchasing a unit http://www.myfloridalicense.com/dbpr/lsc/documents/purchasing_guide.pdf
Because not everyone can pay for a full second home in another city - time shares were born. A time share is paying a portion of that condo cost. A time share is organized and a condo. A unit is divided into segments of ownership - usually 52 weeks.
time-share
Ownership of an undivided interest in a living unit according to the number of weeks purchased. There is an undivided interest in a living unit. A time share owner owns 1/52 of the property. Factors affecting the time share price:
1) Size
2) Location
3) Amenities
4) Time of year
The Florida Vacation Sharing and Time Share Act and Condo Act protect prospective buyers. 721 applies to 7 time share periods over 3 years or more in which facilities and accommodations are in Florida. A purchaser may cancel a time share contract within 10 days.
Recap:
Resale condo: 3 days
Time share: 10 days
Corp. cooperative from developer: 15 days
Time share sales people must be sales associates, broker associates, or real estate brokers. A developer can hire unlicensed sales people. A sales person for a developer must be salaried not commissioned (and cannot receive sales bonuses). It is unlawful to collect an advance fee for a time share unit. A licensee selling time share units must be familiar with the disclosures under 721 and FREC rules. Owning a time share is divided into two parts:
1) Interval which is fee simple which can be sold, mortgaged, willed, or given away. You get a deed and record it with public records. "In Florida and most other states, the original declaration of condominium must disclose the type of ownership estate that the deeds to the condominium units will convey."
2) Right to use the condo: stated term from 20-40 years and then time expiration the property reverts back to the developer-seller. Right to use is temporary. "Right-to-use time-sharing is a much greater gamble than is interval ownership, in part because of a court ruling that under some bankruptcy conditions, those rights already bought and paid for are unenforceable."
"An estate for years is a leasehold estate that is created by a written
lease agreement. An estate for years establishes an interest in real
property for the tenant (right to use, possession, and exclusion) but
does not convey actual title (or ownership). When the tenancy is a month-to-month tenancy, the landlord must give the tenant a minimum of 15 days' notice to vacate."
The Florida Vacation Sharing and Time Share Act and Condo Act protect prospective buyers. 721 applies to 7 time share periods over 3 years or more in which facilities and accommodations are in Florida. A purchaser may cancel a time share contract within 10 days.
Recap:
Resale condo: 3 days
Time share: 10 days
Corp. cooperative from developer: 15 days
Time share sales people must be sales associates, broker associates, or real estate brokers. A developer can hire unlicensed sales people. A sales person for a developer must be salaried not commissioned (and cannot receive sales bonuses). It is unlawful to collect an advance fee for a time share unit. A licensee selling time share units must be familiar with the disclosures under 721 and FREC rules. Owning a time share is divided into two parts:
1) Interval which is fee simple which can be sold, mortgaged, willed, or given away. You get a deed and record it with public records. "In Florida and most other states, the original declaration of condominium must disclose the type of ownership estate that the deeds to the condominium units will convey."
2) Right to use the condo: stated term from 20-40 years and then time expiration the property reverts back to the developer-seller. Right to use is temporary. "Right-to-use time-sharing is a much greater gamble than is interval ownership, in part because of a court ruling that under some bankruptcy conditions, those rights already bought and paid for are unenforceable."
"An estate for years is a leasehold estate that is created by a written
lease agreement. An estate for years establishes an interest in real
property for the tenant (right to use, possession, and exclusion) but
does not convey actual title (or ownership). When the tenancy is a month-to-month tenancy, the landlord must give the tenant a minimum of 15 days' notice to vacate." 
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