Chapter 6
Owning It: Estates and Interests
IN THIS CHAPTER
Discovering different ownership terms
Finding out about all types of estates
Understanding the rights that go with owning real estate
Owning real estate is different from owning almost anything else. For one thing, you can’t move it anywhere. For another, you can do so many things with it. Real estate is literally the foundation on which people live their lives. It’s exclusively yours and, subject to certain legal limitations, you can pretty much do what you want with it, on it, under it, and over it. When you drive across your neighbor’s property to get to your land, it’s because your neighbor has given you the right to do so. Real estate is a unique commodity, and owning it has its own unique laws and practices.
This chapter discusses the unique aspects of owning real estate and introduces you to the concepts that are specific to real estate ownership and the various rights that come with owning property. I talk about the specific terms that are used to describe real estate ownership and about a concept called the bundle of rights, which is about the rights you get when you own real estate. I also discuss some additional ...
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