Search results
Results from the WOW.Com Content Network
The bundle of rights is a metaphor to explain the complexities of property ownership. [1] Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders .
The rights in the bundle may be separated and held by different parties. It may also refer to a formal document , such as a deed , that serves as evidence of ownership . Conveyance of the document (transfer of title to the property) may be required in order to transfer ownership in the property to another person.
Fee simple conditional: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur. If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party. Fee tail: An estate which, upon the death of the tenant, is transferred to his or her heirs.
The rights of the fee-simple owner are limited by government powers of taxation, compulsory purchase, police power, and escheat, and may also be limited further by certain encumbrances or conditions in the deed, such as, for example, a condition that required the land to be used as a public park, with a reversion interest in the grantor if the ...
In most states, full ownership of land is known as fee simple, fee simple absolute, or fee. [14] Fee simple refers to a present interest in the land, which continues indefinitely into the future. [14] One other type of ownership is the defeasible fee, which is like fee simple, except that it can end upon some event occurring. [14]
fee simple determinable; fee simple subject to a condition subsequent; fee simple subject to executory limitation; finite estate—limited to lifetimes life estate—fragmented possession and use for duration of someone's life; fee tail—inalienable rights of inheritance for duration of family line; Leasehold estates: rights of possession and ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
An alternative view of property, favored by legal realists, is that property simply denotes a bundle of rights defined by law and social policy. [1] Which rights are included in the bundle known as property rights, and which bundles are preferred to which others, is simply a matter of policy. [1]