Property Rights Flashcards
Real Property
Land owned and everything with it
- land attachments and rights
- immovable property
- fixtures
Examples: land, chandelier, oven, underground pool
Personal Property
Add more to this card
Anything not associated with the land
- moveable property
Examples: car, TV, dining table
Deed
- Receipt for real estate
- Conveys (transfer) legal title/ownership (concept of ownership)
- How real property is transferred
Appurtenances
Items that are attached to the land but go beyond the property structure.
Examples:
Mailbox, solar panels, a deeded parking spot in a condo
Includes right, privileges, and fixtures unless written that it’s excluded
Riparian Right
Ownership rights for landowners whose property borders a river and waterways.
Navigable river have rights up to accretion line (edge)
Non-navigable rivers = rights to the midpoint of water.
Typically used in he 13 colonies
Doctrine of Prior Appropriation
Water rights in Western states determination of ownership to whoever used the water first.
Fixtures
Referred to the individual items that are attached to the property, with the intent of becoming real estate evidenced by
- Atachtment or annexation
- Adaptation
- Agreement
-Fixtures are part of real estate transfer unless excluded in the contract
Example Plumbing and electrical fixture
-If seller removes without excluding in contract = breach of contract
Vertical Interests
Refers to the air and mineral rights above and below land.
Can be sold or leased separately from the surface rights.
-30ft below surface rights
-80-500ft above air rights
Solid Mineral Rights
The landowner has rights to capture, technically until earth’s core.
-Liquid material (material that can’t be contained such as oil or gas), you’ll get a Doctrine of Capture or utilization pooling - landowner does own a fraction of liq material
Implied Easement
-If mineral rights are purchased separately from the land, owner of mineral rights automatically gains the right to harvest the minerals
When defining real property vs personal property, what are the four tests important to know in order to know what to include in the sale?
-Attachment
-Adaptability
-Intention
Agreement
Trade Fixtures
Emblements
Emblements
Exception of Appurtenances
- Crops that are planted and harvested annually or biannually (like corn or wheat).
- Considered personal property because not intended to be permanent
[Note: Trees like apple trees or vineyards are treated as real estate therefore not emblements]
Trade Fixtures
Exceptio to Appurtances:
Items of business property that are somehow permanently attached to the land, but are treated as personal property
- installed for one particular business.
-mostly concern commercial tenants, outlined in lease to avoid disputes
Intention
Intent of person who installed the proeperty, did they want to make property permanent
Agreement
The buyer and seller of a piece of property agree to treat a piece of property as real or personal
All items of real estate are included in a home unless specified in writing (Statute of Frauds)
