1 / 36

CHAPTER 2 Property Rights and Legal Descriptions

CHAPTER 2 Property Rights and Legal Descriptions. This chapter introduces the basic legal distinctions between real and personal property, as well as the many different legal interests an owner may have in real property. What is Real Property?. Real property Personal property

amos
Download Presentation

CHAPTER 2 Property Rights and Legal Descriptions

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CHAPTER 2Property Rights and Legal Descriptions This chapter introduces the basic legal distinctions between real and personal property, as well as the many different legal interests an owner may have in real property.

  2. What is Real Property? • Real property • Personal property • Methods of transfer

  3. Fixtures: An item that was once personal property but that has become attached to the real estate so that it is now considered real property. • Tests for fixtures: • Intent of the parties • Attachment • Adaptability

  4. Mineral and Air Rights: • Separate ownership • Limitation of air space to a reasonable distance • Right to sunlight

  5. Water Rights: • Littoral Rights • Riparian Rights Theory • Reasonable Use • Prior Application Theory • Underground Water

  6. Water Rights • Water is valuable, particularly in areas where it is scarce! • Navigable bodies of water: • Land that joins have littoral right: Where land borders on lake or sea, it is said to carry littoral rights. That is the right of land owner to use and enjoy the water touching his/her land provided he/she does not alter the water’s position by artificial means. • Own to high-water mark

  7. Navigable bodies of water (cont’d): • Government (Corps of Engineers) owns water/land underneath water. • Generally plenty of water for all • Non-navigable water: • Land owner owns land underwater, but state owns water. • How should water be allocated?

  8. Non-navigable bodies of water (cont’d): • Riparian Rights Theory- Ownership of land that borders on a river or stream carries the right to use the water in common with the other land owners whose land boarder the same water course. • Eastern U.S.- Use all water needed, but not an unreasonable amount, don’t deprive other landowners who are also entitled to some of the water.

  9. Eastern U.S. (continued) • Prior Application Theory • Western U.S.- Area is generally, more arid. • “First-come, First served” • Not enough water for everyone, so first landowner might as well use all they need. • A system of water law used in most of the western states based on water scarcity. Under this system a water right is a separate legal right apart from the ownership of land. It is determined on a hierarchy which is based on the priority of the time a claim was established. The first claim has priority over all other subsequent claims. If any water remains after the first claimant or appropriator has received his or her share, the second appropriator receives his or her share and so on until the water supply is exhausted. This system is subject to administrative control by state agencies, and by the federal government where federal water is involved.

  10. Underground Water: • Subterranean Streams- Clearly defined channels- use is generally not limited. • Percolating Waters- “Pockets” of water- states generally apply reasonable -use test; shouldn’t deplete water supply of adjoining landowners.

  11. ESTATES IN LAND: Severalty (Fig. 4.1) • FREEHOLD ESTATES: Inheritable • FEE SIMPLE ABSOLUTE ESTATES • ALIENABLE • DEVISABLE • DESCENDIBLE • Qualified Estate: Defeassible estate • Qualified fee determinable • Reversion • Qualified fee conditional • Power of termination

  12. LIFE ESTATES: NONINHERITABLE FREEHOLD ESTATES • PUR AUTRE VIE • FUTURE INTERESTS • REMAINDER • VESTED • CONTINGENT • REVERSION • ESTATE PLANNING

  13. LEASEHOLD ESTATES:NONFREEHOLD ESTATES • TENANCY FOR A STATED PERIOD • TENANCY FROM PERIOD TO PERIOD • TENANCY AT WILL • TENANCY AT SUFFERANCE

  14. CONCURRENT ESTATE: • TENANCY IN COMMON • JOINT TENANCY • RIGHT OF SURVIVORSHIP • TENANCY BY THE ENTIRETY • COMMUNITY PROPERTY

  15. Condominium Ownership: • Declaration • Bylaws • Individual unit deed Cooperative Ownership: Time-sharing: • Fee interest time-share • Right-to-use time-share

  16. Legal Descriptions: • Need for accuracy • Metes and bounds • Rectangular survey system • Combined use of metes and bounds and rectangular survey • References to plats

  17. Metes and Bounds • Distances • Direction or courses

  18. Rectangular survey system • Origin • Principal meridians and base lines • Townships • Ranges • Sections • Subdivision of a section • Aerial Photographs

  19. Combined use of metes and bounds and rectangular survey systems • Example of combined survey system • Aerial Photograph

  20. Reference to plats

More Related