1 / 18

Chapter 2

Chapter 2 . Property Rights and Legal Descriptions. 1. Real Property vs. Personal Property. Real estate Land and things attached to it Property Things that can be owned or possessed Real property Legal interests in real estate. 2. More on Real Property vs. Personal Property.

korbin
Download Presentation

Chapter 2

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 2 Property Rights and Legal Descriptions 1

  2. Real Property vs. Personal Property Real estate Land and things attached to it Property Things that can be owned or possessed Real property Legal interests in real estate 2

  3. More on Real Property vs. Personal Property • Personal property • Legal interests in things other than land also called “chattel.” • Deed • Document used to transfer title (ownership) to real property • Lease • Right to possess but not own real property 3

  4. Fixture A personal property item that has become a part of the real property is called a fixture. Tests for fixture status include: Intent of parties Test of attachment Test of adaptability 4

  5. Mineral and Air Rights Mineral rights The legal interests associated with oil, gas, coal, or other minerals located beneath the surface Air rights The legal interests associated with the space above the surface 5

  6. Water Rights Water rights: the legal interests associated with water that flows across, touches, or is located in or under a parcel of land. Littoral proprietors Non-navigable bodies of water Riparian rights doctrine Prior appropriation doctrine 6

  7. Underground Water • Underground or subterranean stream • Water that flows in a defined channel • Percolating water • Water in pockets not clearly located • See: • Close-Up “The Last Chance Ditch” • Close-Up “Who Can Use the Shore?” 7

  8. Estates in Land: Freehold Estates See Figure 2.1 Types of Estates in Land Freehold estates Present interests Fee simple absolute estate Qualified fee estate Life estate Future interests include: Reversion interest Remainder interest 8

  9. Estates in Land: Leasehold Estates • Leasehold estates • Tenancy for a stated period • Tenancy from period to period • Tenancy at will • Tenancy at sufferance • Owner holds leased fee with a right of reentry • See Close-Up “The Empire State Building” 9

  10. Concurrent Estates Tenancy in common Two or more owners hold undivided interests in the whole property Joint tenancy Two or more owners hold equal undivided interests in the whole with right of survivorship 10

  11. Concurrent Estates: Marital Property • Tenancy by the entirety • Marital property with right of survivorship • Community property • Property brought to the marriage is separate property • Property acquired during marriage is community property belonging equally to both parties 11

  12. Other Forms of Joint Ownership Condominium Buyer owns unit Owns common areas as tenant in common Cooperative Corporation owns property Buyer owns share of Corporation and a proprietary lease 12

  13. Timeshares • Timeshare • Fee interests • Own property for specified time during the year • Right to use • Lease property for specified time period during the year 13

  14. Legal Descriptions Three methods of legal descriptions 1. Metes and Bounds 2. Rectangular Survey 3. Recorded Plats 14

  15. Metes and Bounds Start at a designated point of beginning and, through specific distances (metes) and directions (bounds), locate the boundary lines of the parcel. Distances are measured in feet (to the nearest tenth or hundredth). Directions are measured in degrees, minutes, and seconds. Property corners are marked by reference points. 15

  16. Rectangular Survey Principal meridians are north-south lines Base lines are east-west lines Range lines are parallel to meridians and six miles apart Township lines are parallel to base lines and six miles apart Townships are six miles square with 36 one square mile sections Divisions of section 16

  17. Combined Descriptions Point of beginning might be described using the rectangular system, and then a metes and bounds description 17

  18. Reference to Recorded Plats Many jurisdictions require developers to prepare accurate engineering drawings of their subdivision projects called plats. These plats are then recorded as legal documents that can be referred to as needed to identify individual parcels of land that are included in the plat. With a properly prepared and recorded plat, a legal description for a property can be as simple as “Lot 4 of Block G of Grassy River Estates.” 18

More Related