Real Property Ownership

1
Real Property Ownership

• Jim Burton, Ph.D.
• Marketing Real Estate
• College of Business

2
Overview

• Bundle of Rights
• Public Restrictions on Ownership
• Private Restrictions on Ownership
• Tenancies
• Legal Entities
• Types of Property Interests

3
Bundle of Rights

• To sell
• To Lease
• To occupy
• To mortgage
• To give as a gift
• To do none or all of the above

4
Public Restrictions on Ownership

• Taxation
• Eminent Domain
• Police Power
• Escheat

5
Private Restrictions on Ownership

• Deed restrictions
• Easements
• Ingress/egress
• Party wall
• Lease
• Mortgage

6
Tenancies

• Tenancy in common 2 or more with undivided
  interests
• Joint tenancy right of survivorship
• Tenancy in severalty one person alone
• Tenancy by the entirety held by husband wife
  together

7
Legal Entities

• C Corporation
• S Corporation
• General Partnership
• Limited Partnership
• Limited Liability Corp (LLC)
• Land trusts
• Syndications
• Condos, Coops Time shares

8
Types of Property Interests

• Economically leased fee leasehold
• Legal interests Easements, TDRs life estates
• Physical Interests subsurface air rights
• Financial Interests equity debt