Personal Property Ch. 22
Creation of easements (3)
1. by grant 2. by reservation 3. by prescription
adverse possession
A legal doctrine that allows a person to acquire ownership of another's property by possessing real property in the following manner: Actual, Hostile, Open, notorious, visible, Exclusive, for the Statutory period of time
RESTRICTIVE COVENANTS
Agreements between landowners restricts use of their land
Fee Simple Defeasible
Estate ends at the occurrence of a specified condition or event
Fee simple absolute
Highest ownership form Right to possess and use for unlimited period of time
special warranty deed
Makes the same promises as the general warranty deed, but only as to the time that the grantor owned the real property. This type of deed in some states is called a limited warranty deed.
Easement Appurtenant
Owner of land given an easement over an adjacent piece of land
Fixtures
Personal property attached to land or a building in such a way or under such circumstances considered part of real property (Stays with the real property when transferred to new owners or when have new tenants) TESTS: 1.attachment 2.adaptation 3.intent
Ways to Acquire of Personal Property
Possession and capture, Purchase, Production, Gift, Inheritance or will, Divorce, Confusion, Accession, Found Property
general warranty deed
Provides highest protection to buyer (grantee). guarantees or promises or covenants
Quitclaim deed
Provides least protection to grantee. There are no warranties. Transfers to grantee whatever title grantor has to the property, if any
Licenses
Right to enter upon another's property for a specified and usually short period of time, for example a ticket to a football game at a stadium
Future Interests
Right to possess real property in the future not currently
PROFITS NON-POSSESSORY INTEREST
The right of the holder of a profit to remove something from another's real property, for example minerals.
Remainderman
The third person with remainder right
Tenancy in Common
Two or more parties own property at same time. Right to convey interests during lifetime or Right to pass by will or Property passes by inheritance laws if no valid will. All co-tenants absolute right to partition (division of property)
co-tenancy as cotenants
Two or more persons with concurrent rights and interests in same property
Joint Tenancy
Two parties own real property in common. Unique feature - right of survivorship when one of the parties dies. Must use appropriate legal language/terms to create. If one transfers interest to another prior to death of either co-owners
Easement in Gross-
allows person who does not own adjacent land the right to use another's land
Easement
an interest in land gives the holder right to make limited use of another's property without taking anything from it. Common driveway - affirmative
Eminent Domain
authority of government to take private land for public use, must give reasonable compensation
Easement by Prescription
created when someone makes use of someone else's real property openly, hostile to owner's rights, without permission and for the number of years specified by state's law.
Life tenant
entitled to use the real property during own life-time or during the life-time of some other specified
Life estate
estate lasts for the life of a named person.
Fair Housing Act
federal law prohibits discrimination in the housing market
Wrongful accession
if improvement done without permission, the owner does not have to pay for the increased value of his property.
Mistaken accession
if improvement made by person who thinks he had permission, the owner may have to pay for the increased value of his property.
Intentional confusion
innocent party acquires title to all.
community property
married couples only. Each spouse equal interest in property acquired during marriage. Spouse cannot transfer ownership without other spouse. Upon death of one spouse other spouse receives one-half of community property. Covers marital property. only 9 states in west and south have community property laws
Accession
occurs when the value of property increases because it is added to or improved by natural or manufactured means, such as the use of labor and/or materials to add to the value of personal property owned by another
Tenancy by the Entirety
only for married couples. Neither spouse can transfer interest without other's consent. Cannot transfer by will if other spouse still living. After death of one spouse property automatically passes to surviving spouse. *Unique feature - creditor of either spouse cannot reach the property to collect debt on one spouse
Non-Freehold Estates
owner permits someone to use and possess the property without giving up ownership rights. Example: A lease
cooperatives
owns apartment complex. Persons live in complex owners of stock in corporation. Do not own individual unit, but long-term lease renewable - proprietary lease. Cannot sell or sublease unit without approval of other owners
Remainder
right to possession goes to a third person after expiration of a limited or contingent estate
Reversion
right to possession that returns to the grantor after expira-tion of a limited or contingent estate
condos
someone owns the building, tenant owns the unit and everything in it.
Mistaken confusion
the owners share title to goods in proportion to the amount of goods contributed.
Estate pour autre vie
time of estate measured by life of a third person not that of the life tenant
Current Estates (6 types)
two or more parties own real property at same time.
Treasure Trove -
valuable items like gold, silver coins, and old money, etc. found in place where apparently hidden and items so old that original owner probably dead. Traditional common law - finder is owner. Law in two states - goes to owner of property where treasure trove found.