Overview: The right of ownership can vary greatly. In your assignment this week, you will be exploring the rights that come with an inherited property and how the property can be modified/sold as it applies to the wishes of the deceased and the inheritor.
The following Course Outcome is assessed in this assignment:
MT432-1: Analyze ownership rights to real estate.
Read the scenario and then address the checklist items.
Scenario (fictional): Jessie is in the process of selling a home with 5 acres in Minneapolis, Minnesota, he inherited through fee simple. His aunt gave him the property on the condition that the property be used as a schoolhouse in perpetuity. Since he does not want to use it as a schoolhouse, he plans to sell it to the town for their use as a civic meeting place. At the time of preparation of his property for sale, he is growing several crops on the property that his extended family consumes and that he wants to transplant elsewhere.
He wants to keep several items from the property before selling it. He wants to take the hand-blown glass windows, bookcases in the library, and the light fixtures, as well as the shutters and some of the hardwood floors from several rooms, for the new home he is building and then will sell the property he inherited as is to the town.
The real estate agent has doubts about Jessie’s rights and plans going forward. Analyze Jessie’s ownership rights by addressing the items below.
Checklist:
Analyze the type of property and Jessie’s rights in selling the property.
Describe the crop rights involved with the sale of the property.
Analyze which property Jessie can claim as personal property versus fixtures.
As Jessie’s attorney, what would be your initial analysis of the situation?
