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Read the text below and decide whether these statements are true (T) or false (F).






1 A fee simple is an estate of indefinite duration…………….

2 A life estate can be passed on to the grantee's heirs…………

3 A lease grants exclusive possession of real property for a limited term,
but does not confer title interest in the property…………….

4 An oral contract for the purchase of real property is usually valid……….

3. Real property can be divided into freehold estates1 and leaseholds.

Freehold estates are those in which an individual has ownership of land for an indefinite period of time. It is important to note that in property law, the term land refers to real estate (and everything that grows on that real estate), any improvements to the real estate (e.g. buildings) and the right to the minerals underneath the land and the airspace above it. There are generally three types of freehold estate in English-speaking jurisdictions: the fee simple2, the life estate and the estate pur autre vie. A fourth type of freehold estate, the fee tail, is now largely obsolete. The transfer of title in land from one person to another is known as the conveyance.

The most complete, unlimited form of freehold estate is the fee simple, which is inheritable and lasts as long as the owner (or any subsequent heirs) wants to keep it. A life estate is one in which the individual retains possession of the land for the duration of his or her life. Although the ownership of a life estate is technically temporary because it ends when the owner dies, it is treated as complete ownership (fee simple) for the duration of the person's life. The estate pur autre vie is similar to the life estate, but differs in that it is measured by the life of someone other than the grantee (to whom an interest in the real property is conveyed by a grantor). An example of an estate pur autre vie would be a landowner who wishes to leave property to a charity in her will, but to enjoy tax savings during her life. She could formally donate the property but retain possession during her own life (a life estate) and specify that she wants someone, e.g. her husband, to be able to remain in the property should he outlive her (estate pur autre vie).

In common-law jurisdictions, leasehold interests in land are sometimes classified as personal property, along with tangible property such as goods and chattels. Leaseholds are property interests of limited duration and are generally created through a lease - a contract for exclusive possession in return for which the tenant pays the landlord or landlady a specified rent or compensation. A licence1 is like a lease, but is generally for a shorter period of time, usually less than 12 months. Furthermore, if there is no exclusive possession of the property (as in a hotel room), then a licence is created, not a lease. A licensee is not granted any title interest in the land, merely permission to enter it for a specific purpose that would otherwise constitute a trespass.

The Statute of Frauds is generally applicable to interests in land, requiring that instruments such as deeds, real-estate sales contracts and certain leases be in writing to be legally enforceable.

 

4. Match the sentence halves to complete these definitions.


Instruments

1.A lease is an instrument which grant

 

 

2.A licence is an instrument which gives

 

3.A deed is an instrument which transfers

 

People

4 A tenant is someone who leases or rents

5 A landlord is someone who owns

6 An heir is someone who is entitled
to inherit

7 A grantor is someone who conveys

8 A grantee is someone who acquires

9 A licensee is someone who receives


a) title to a property from one owner to another.

b) temporary possession of a property without conferring ownership.

c) the right to use property for a certain purpose without conferring either possession or ownership.

 

d) part or all of a deceased person's estate.

e) an interest in real property to another.

f) property from a landlord.

g) permission to enter another person's property temporarily.

h)property, and rents it out or leases it to others for money.

i) an interest in property from another by deed or other written instrument.

 


5. Find two adjectives in the text with negative prefixes (e.g. un-, in-).

6. Choose the correct prefixes (Il/-, in-, im-, ir- or un-) to complete these
sentences. Use your dictionary if necessary.

1._______ Under the……legal lease doctrine, a lease of …... safe and …..

sanitary premises that violate the local housing code is deemed an ……. legal, and thus ……..enforceable, contract, allowing the tenant to withhold rent but remain in

possession.

2. If the tenant is ….. able to pay rent when due, but on or before such due date

he/she gives the landlord written notice that it is ….. possible for him/her

to pay said rent on time and the reasons, the landlord shall attempt to work out a procedure for paying such rent.

3. Freehold usually permits the owner to use the land for a particular purpose,
allowed by government and planning laws, for an … definite or …. limited period.

4. The term estate at will refers to an estate in which a person holds or

occupies property with the permission of the owner, for a term of ……. specified

or …… certain duration; i.e. there is no fixed term to the tenancy.


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