Other Interests

Question 1

Escheat (Last resort)

Answer 1

A. When an owner of property dies and no one claims it after a certain period of time with no heirs and no wills, the state will re enter and claim the property. The state says this is a limited right to remove thus is a Profit.

Question 2

Profit- Easement

Answer 2

A. A limited right of a transfer that gives the right to come onto the land of another to remove stuff (Oil, Minerals, Crops, Timber, gravel)

1. MUST be in Writing
2. MUST include a term associated (For the next x years.)

a. Profits of necessity (Require an easement to go along them)
b. Profits could be an easement in gross or easement appurtenant)
c. Buyers can request to terminate a profit.
d. profit does not render a title unmarketable but still can be rescinded.

Question 3

License

Answer 3

A limited right of use in the land of another than can be created/ rescinded orally.

2. They DO NOT need to be in writing
3. Almost all licenses are fully revocable at ANY time by the licensor for ANY reason or NO reason at all

a. If kicked out for No reason then you CAN get your money back

b. If you get kicked out for ANY reason, you CAN NOT get your money back.

4. Oral license can turn into an irrevocable easement right of way.
   a. EXCEPTION: to the rule that Licenses are fully revocable at any time:
   When a licensee has expended money, time or labor, in a way known to the licensor that license will become irrevocable for so long as necessary.