National-Ownership of Real Property

5 categories of real property

1. Residential 2. Commercial 3. Industrial 4. Agricultural 5. Special Purpose

In common law, the four main groups of rights that comprise the bundle of rights are:

1. Rights of Possession-allow an owner to occupy the property he owns. 2. Rights of Control-allow the owner to control the way in which his property is used. 3. Rights of Quiet Enjoyment-insure that an owner will be able to use and enjoy his property without the interference of other parties. 4. Rights of Disposition-allow the owner to dispose of his property as he chooses, that is, sell will, or give away the property. 5. Exclusion-keeps others from entering or using the property. In LA, the bundle of rights may be compared to the rights of usus, fructus, and abusus.

Components of Real Estate/Real property consists of:

1. land 2. improvements 3. plants, trees and crops

Allodial System

America uses the allodial system. system of land ownership which recognized the right of individuals to own land absolutely, without obligation to political superiors.

A non-freehold estate is

a leasehold

Ownership in severalty (In LA called sole ownership)

a person owning property by himself is aid to own it in severalty.

Fixture (in LA, component by attachment)

an item of personal property which has been permanently attached to real property such that it is considered a part of the real property.

Trade fixtures

are an exception to the rule of fixtures. Things attached to real property for the purpose of carrying on a business. Unlike, ordinary fixtures, trade fixtures are considered personal rather than real property, regardless of any permanence implied by method of attachment. Trade fixtures belong to lessee in leases.

Joint tenancy

cannot leave to heirs in wills. characterized by possession, interest, time and title or PITT. All members of a joint tenancy myust acquire their interest at the same time, aech tenant holds an equal share, and it has the right of survivorship. This type of ownership is illegal in LA.

A determinable fee estate is ownership with

conditions

Scarcity

dependent upon human demand and the uses of the land.

non-navigable waterways

does not stop at the water's edge. Own to the middle if non-navigable. Hold title to the waterway up to its midpoint, or from bank to bank if the waterway runs through owner's property

Situs

every parcel of land occupies a specific location.

Which estate is always inheritable?

fee simple

Fee simple absolute

fee simple ownership lasts forever and may be passed from heir to heir.

Ownership of a condominium unit is best described as

fee simple title in the unit and a specified undivided interest in the common areas

Fructus Industriales

fruits of industry, or emblements, are essentially farm crops, things that are grown and harvested every year.

Fructus Naturals

fruits of nature, are naturally growing things on the land that do not need annual cultivation.

Modification

improvements modify or affect not only the properties they're built on, but also other surrounding properties.

Fixity of Investment

improvements on the land represent capital invested in the land.

doctrine of prior appropriation

in states where water is scarce, the ownership and use of water is often determined by this doctrine. the right to use water for any purpose other than limited domestic use is controlled by the state rather than by the adjacent landowner.

Percolating waters

include underground water resources such as springs, geysers, and streams.

Littoral rights

lapping waters = own to the point of high tide

non-freehold estates (leasehold estate)

leasing, an interest in real property that does NOT last indefinitely. Leaseholds are limited to a specific period of time.

Fee simple estate (in LA called full or pefect ownership)

most complete form of ownership recognized by law.

Condominiums

own real estate. involves several owners holding fee simple title to individual units in a property and proportional shares in the whole property's common elements, that is, the land, walls, structures, stairwells, swimming pools, etc. A condominium owner owns property in severalty, as sole owner of his unit, AND as a co-owner of the common elements.

Co-operatives

own stock. Members of a cooperative own shares of stock rather than real property.

Co-ownership (In LA called ownership in indivision)

ownership by two or more people, right of ownership are shared.

freehold estates

ownership, a person owning some or all of the rights contained in the Bundle of Rights is said to have a freehold estate. Ownership interest in real property extending for an indeterminable length of time.

Physical characteristics of land

permanence, immobility, complexity and uniqueness

riparian rights

rights that apply to land adjacent to running water

Economic characteristics of land

scarcity, modification, fixity of investment and situs

life estates (equivalant to usufruct in LA)

second type of freehold estate. The owner (recipient) holds title as long as he or some other specified person is alive.

tenancy in common (In LA called co-ownership)

simplest form type of co-ownership. Most common way people own property together. Each tenant, or owner, holds title to a specific share of the property. There are as many titles to the property as there are tenants.

homogeneity or nonhomogeneity

terms used to refer to the uniqueness of land because each parcel of land is unique to itself

remainderman

the person who will own the property upon the death of the life estate owner.

Ownership

the right to use something to the exclusion of other persons.

Land

the surface of the earth, but the definition does not stop there. In defining land we must include the soil and anything that is permanently attached to the earth's surface, such as trees and water. We also include in this definition the air space above the land and substances below the earth's surface, in theory, to the center of the earth itself.

Tenancy by the Entirety (like community property in LA)

this is a voluntary community property. based on the common law principal that the husband and wife constitute a legal entity. The entire estate is adi to be owned by both spouses as a single person. In order for property to be transferred, both spouses must sign.

navigable waterways

those accessible to commercial boat traffic, are pubicly owned (only own to water's edge with reasonable use)

Ownership along navigable waterways is:

to the water's edge

Limited Partnership

type of partnership that includes one or more general partners as well as its silent, or limited partners. Can only loose what you invested.