Unit 5 Flashcards
Governmental Powers (PETE)
Police power
Eminent Domain- right of government to acquire privately owned real estate for public use
Taxation
Escheat- state may acquire privately owned real or personal property. Property goes to the state when the owner dies and there is no heir. It is intended to prevent property from being ownerless.
Freehold Estates
Last for an undeterminable length of time. Passed along to heirs.
Life Estate
Bases on the lifetime of a person and terminates when the individual dies.
1. conventional life estate- created by the intentional act of the owner. There is life tenant that assumes ownership until the death of the person against whose life the estate is measure.
2. Pur Autre Vie- For the life of another. Provides for inheritance by the life tenant’s heirs only until the death of the third party.
Remainder Interest- the creator of the life estate may choose not to name a remainder man. ownership reverts to owner upon the end of the life estate
Remainder Interest- The creator of the life estate may name a remainder man as the person to whom the property will pass when the life estate ends.
Legal Life Estate- Not created by the owner established by state law. EX) Dower (deceased husband) and Curtesy (deceased wife)
Leasehold Estates
Length of time can be determined
Fee Simple (absolute)
Highest interest in real estate. Owner is entitled to all rights to the property by law. Passes to heirs. Only limited by public and private restrictions, zoning laws, and restrictive covenants
Defeasible Fee Estate
Fee simple determinable- “So long as”, “while”, “during” If broken the owner gets property returned automatically, does not need to go to court
Fee simple subject to a condition subsequent- “On condition that” If broken must go through the court.
PA Probate, Estates, and Fiduciaries Code
Creates a legal life estate for the surviving spouse of a deceased owner. 1/3 the value the estate.
Encumbrance
Claim, charge, or liability that attaches to real estate. May decrease the value or obstruct the use of the property.
Lien
A charge against property that provides security for a debt or obligation of the property owner. EX) real estate taxes, mortgages, and trust deeds, judgements, and mechanics liens
Covenants, conditions, and restrictions (CC&Rs)
Private agreements that affect land use.
Easement
The right to use the land of another party for a particular purpose. There is a written agreement between the parties that establishes the easement rights.
1. Easement by Necessity: Right of ingress and egress- tenant needs access to the street.
2. Easement by Prescription- In PA 21 years
Continuous
Adverse
Notorious
Open
Exclusive
3. Easement by Condemnation- Created under the governments right of eminent domain. Easement is acquired for a public purpose. Owner must be compensated.
Appurtenant Easement
Runs with the land. Attached to the ownership if one parcel of land and allows the owner the use of a neighbors land. Involves 2 adjacent and separately owned tracts. The tract benefited is known as the dominant tenement. The one burdened is the servant.
Party Wall
Straddles the boundary line between two lots or a shared partition wall between two connected properties. A written party wall agreement must be used to create easement rights.
Easement in Gross
Individual or company interest in right to use someone else land. Utility easement. Only serviant tenants.
Terminating an Easement
- need no longer exists
- termination by merger
- release of the right of easement by the owner of the servient tenement
- abandonment of easment
- nonuse of prescriptive easment
- adverse possession by the owner of the servant tenement
- destruction of the sevient tenement
- lawsuit
- converted into a commercial use