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.