Property Lecture #1 and #2

In the first video, our attorney, Virginia Tehrani, discusses the basics definitions of personal and real property, current interests in property (present estates), future interests in property (future estates), concurrent interests in property (co-tenant estates), and deeds. For current interests in property (present estates), Virginia compares and contrasts ownership rights and interests drawn from the following types of ownership: fee simple interests- absolute ownership interests in real property, defeasible fees, the fee simple determinable subject to reverter, the fee simple determinable subject to an executory interest, the fee simple subject to a condition subsequent (FSSCS), and the life estate.

For future interests in property (future estates), Virginia tracks the grantor’s future interests, including the possibility of reverter, right of reentry, and reversion interests, along with executory and remainder interests of third parties. She also throws in a brief description of the rule against perpetuities. For concurrent interests (co-tenant estates), we discuss tenancies in common with their unity of possession, joint tenancies with rights of survivorship with their four unities, and tenancies in the entirety. Finally, we discuss deeds (titles to real property). Virginia highlights the creation of a valid deed, the transfer of real property, and the types of deeds, including the general warranty deed, the quitclaim deed, and the special warranty deed. She then details the recording statutes, chain of title, bona fide purchasers for value (BFP’s), and title problems and insurance.

In the second video, Virginia takes on the sale and transfer of real property by describing all the pieces of the brokerage relationship with real estate agents, the Federal Fair Housing Act, the sales contract, implied warranties, the seller’s duties to disclose, option contracts, breach of sales contracts, merger, closings, and title insurance. She then pieces together the intricacies of mortgages, including the parties to a mortgage, priority of mortgage interests, transfers, of interests, and default. Virginia then explains the other means of acquiring title, such as the old rule of adverse possession and the transfer by will. We discuss use restrictions on real property, such as easements, restrictive covenants, and zoning rules and regulations, and finally, Virginia highlights the basics of landlord/tenant law, including tenancies, duties, and warranties.

Join us for a detailed lecture with real-world examples that make it easier to understand the language and terms of PROPERTY.