Limitations on Property Rights Flashcards
Encumbrance
restrictions that limit real property rights
Government (public) Limitations
4 ways (P.E.T.E) that feds, local and state regulate what property owners can do with their property
Police Power
Gov Limitations - gov to regulate private activity if it’s in the public’s best interest to do so.
ex: local zoning ordinance and building codes
Eminent Domain
Gov Limitations - force sale of privately owned property if it is in the public’s best interest.
gov has to pay owner fair market value for property.
Condemnation
the act to taking the land from an owner through eminent domain
Severance Damage
gov only takes a portion of the land through eminent domain
Inverse Condemnation
gov action diminishes value to an adjacent property. owner can claim compensation
Taxes
Gov Limitations - municipal property taxes. primary source of revenue for municipal governments
Municipal
relating to a city or town or its governing body
Escheat
Gov Limitations - reversionary interest the state maintains in all privately owned property.
if property owner dies without heirs then the property goes to the state
Zoning
regulating and controlling land use. Towns use master plans drafted by planning commission to plan their future development
Use
Zoning - purpose for which the property will be used.
ex: commercial for business and residential for living
Height
Zoning - building height
Setbacks
Zoning - distance from lot lines before building is permitted
Lot Size
Zoning - minimum permissible lot size