7. Estates and Interests Flashcards
Land
= surface of the earth, area below surface, above surface and structures attached to surface, air above surface
Real Property
= land, it’s attachments and all of the rights
Real estate
= physical land and everything permanently attached to it - man made and natural
Personal Property
= Chattel
- items not attached to property and movable (vehicle, furniture, boat etc )
- tangible = can be touched
- intangible= can not be touched(rights, savings account)
- can be transferred via bill of sale or by bequest (will)
Real Estate classifications
- Agriculture: land /land improvements used for agricultural production. Everything on the land used for production is agricultural property: house animal, feed animals, barns, etc. except: owners private residence, owners garage, owners shed
- Commercial:office space, industrial property, apartment complexes etc.
- Industrial: storage facility, warehouse, purchased by investor
- Residential: single family, multi family, condo, co-op, mobile home
- Special purpose:school building, gold course, religious facility, sports club, publically owned
Bundle of legal rights
= real property rights transferred with sale
- if owner has all rights he is said to have a fee simple title / ownership without limitations/restrictions
1. Right of possession: right to possess, occupy or own property and use land in any way legally
2. Right of quiet enjoyment: use land without interference from other people, you can do anything on the property you enjoy doing
3. Right of Disposition: right to sell, gift rent (jeopardized by lien)
4. Right of exclusion: right top decide who enters (expect: easements rights , legal search, rental right)
5.Right of control: right to physical alter or change property
Fee simple
- Fee simple= if owner has all rights he is said to have a fee simple title / ownership without limitations/restrictions
Right of possession
= right to possess, occupy or own property and use land in any way legally
Right of quiet enjoyment
=use land without interference from other people, you can do anything on the property you enjoy doing
Right of Disposition
= right to sell, gift rent (jeopardized by lien)
Right of exclusion
= right top decide who enters (expect: easements rights , legal search, rental right)
Right of control
= right to physical alter or change property
Interferences with Real Property Rights
- Trespassing: physical invasion of land by another person
- Encroachments: physical invasion of land by an object (tree growing over)
- Nuisance: interferes with quiet enjoyment from outside caused- loud music, odor. continuing unreasonable use of land by neighbor
Appurtenances
= rights that go with real property
- can be sold separately and can be limited by past transactions
1. Air rights
2. Mineral rights
3. Water rights
Water rights
- Littoral Water Rights: water has ebb and flow ( ocean, large lake) , owner owns land up to mean high water mark
- Riparian Water Rights: water os flowing (river, stream), non navigable stream: owner owns land under the water to the middle; navigable stream: owner owns to edge of water
- Appropriate Water Rights: government granted water rights independent of land ownership, can not interfere with land
- Percolating Water Rights: groundwater, don’t own but are granted to install well to gather water for personal use
Mineral Rights
- landowner owns all solid minerals in and under surface, considered real property until extracted from earth
- liquid minerals follow rule of capture- first person to capture has ownership BUT property owner has Supportive rights: Lateral support= support from adjacent land and subjacent support =support from underlying earth