REAL2040 Real Estate Law

Questions 1

At present, the property is owned by husband and wife. It is not clear who will own the property afterwards. The husband and wife own property, where they can opt to transfer ownership to their children or sell it. Death is something that the current owners of this property cannot run away from. When it comes, the property has to be transferred to other owners as heirs or buyers. However, the case study has not indicated if the current owners, who is a couple have children. Assuming that this couple will sire children, they become the probable owners of their parents’ property. However, if either of the partners dies, the remaining one will own the property.

This is a real property, but it the property rights do not yet exist. Therefore, either of the partners will have the privilege of ownership in the future.  If the husband dies, the next heir will be the wife. Alternatively, if the wife dies earlier her husband will own the property. Hence, the remainders is the future interest based on this case study.

The remainders are fall into two categories. The first one is contingent remainder, and it is based on the future. For instance, if the husband dies, the wife will own the property. However, the heirs are after the wife are unknown, and therefore they are considered the contingent remainders.

Question 2:

The four partners should take the title to the property as cooperative. By allowing cooperative ownership allows each member to have rights to the property. Every cooperative member understands their amount of investment. They have equal rights, but what will only vary is the amount of their investments. After owning the property, the four cooperative members can then allow tenants to purchase its stocks.

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