Module #5 - Property Law Flashcards
What is property?
a relationship between people with respect to things
aka a certain right towards things
Property Laws and what they determine
who is wealthy/who has power
property=claim to have a certain right towards things
House example of a owners rights
bank, city, neighbours
bank can have the right to someones house (mortgage), city can prevent someone from running a restaurant in their house, neighbours can discuss lawn issues with me
Real property
land and buildings and anything attached to them
FIXED AND NOT MOVEABLE
Personal Property
Evertything that is not real property - tangible (laptop, jacket) and intangible (patents, trademarks)
Fixtures
goods that are attached to real property
example: shingles on a roof
How to determine what is a fixture
degree of permanence and degree of damage if removed
Two big property questions
who has rights to the property? and what rights do they have?
Possessory interests - fee simple
ownership of land and buildings
Possessory interests - life estate
a perosn has right to possession during their lifetime, but not after they die
Non-Possessory Interests: Easements
basically a service company being allowed access to your property but not to live in it
Non-Possessory Interests: Rights of Way
owner grants rights for another to pass over their land
entering and exiting a property
Non-Possessory Interests: Licenses
a right to profit from land
Non-Possessory Interests: Restrictive Convenants
clauses that prevent, prohibit, restrict, or limit the actions of a person named in a contract.
think avoiding the unusual or unattractive
Non-Possessory Interests: Mortgages
give the bank the right to enforce the mortgage
interest applied, you give bank the mortgage
Aspects of Joint Tenancy (joint ownership)
think equality
-right of survivorship (one person dying=rights transferred)
-always equal
Aspects of Tenancy in Common (co-ownership)
no right of survivorship and potential unequal interests