Flashcards in Chapter 7 - Estates and Interests Deck (30)
Rights with legal property. Access, air rights, water rights, mineral/subsurface rights. Almost always sold with property, but buyer's attorney will order title and survey to check while contract of sale is being drawn.
Person receiving benefits from a certain act.
Bundle of Legal Rights
1. Right of possession - physically occupy land and use in any legal way.
2. Right of quiet enjoyment - possess and use without interference from other people or society.
3. Right of disposition - transfer all or part of rights to others
4. Right of exclusion - stop others from entering or using property.
5. Right of control - physically change or alter property.
Fructus naturales, fruits of industry. Anything planted or cultivated annually - traditionally real property but can be removed (personal property). The product (like the apples picked from an apple tree) is personal property.
Fee on Condition
Grantor puts condition in deed giving them right of reentry if condition isn't met. Must go to court to reclaim title. Also possible where grantor retains title until condition is met - age, marital status, etc.
Fee Simple Estate
Fullest freehold estate - uncertain duration, you own everything. AKA fee title, fee simple absolute.
Personal property that has been permanently attached to land or improvements - built in bookcases, furnaces, ceiling fans, kitchen appliances. Complicated process of annexation (attachment to land) and severance (removal from land) means it's best to have everything spelled out in listing agreement.
Co-ownership. Each co-owner has equal and undivided interest in property and right of survivorship (all four unities). In NY, survivorship must be explicitly stated in the deed.
Legally, the surface of the earth, subsurface to the center of the earth, and the air above the land within reasonable limits to permit air travel.
Gives holder a temporary but exclusive right to possession and occupancy without conveying title.
Life Estate/Life Estate Pur Autre Vie
Freehold estate lasting as long as a specified person ("measuring life") lives. Conventionally, the tenant and measuring life are the same. In Life Estate Pur Autre Vie (another life), they are different. EX: measuring life is grantor's sick relative, tenant/rights are for their caretaker.
Remember Littoral = Lakes and other stationary bodies of the water as well as those controlled by tides - lakes, oceans, seas.
Specific pieces of land or lots
Joint tenancy/tenancy in common - individual co-owner can end co-ownership. Co-owners can divide property so each owners a portion in severalty, or one can sue others to divide property or sell all and divide proceeds.
Property that is not attached to the land and can be moved.
Interest giving holder the right to possess and occupy property - either leasehold or freehold estate.
Grantor puts condition/requirement in deed that terminates estate automatically if condition/requirement isn't met, and title reverts back too grantor or heirs.
Land, attachments, and the rights associated with the property - air, surface, subsurface/mineral, water.
Right of Survivorship
When one owner dies the other co-owners absorb their rights.
Remember Riparian = Rivers and other flowing water.
Ownership on one's own, severed from interests of others.
Tenancy by the Entirety
Co-ownership. Spouses - fifth unity + other four (possession, title, interest, and time). Assumed with married couples unless specified otherwise.
Tenancy in Common
Co-ownership. Requires only unity of possession - two or more owners have undivided interest in entire property, but may be in unequal portions. Interest passes to heirs.
Equipment and other personal property installed by commercial tenants for business purposes. Remains personal property of tenants.
In co-onwership, each co-owner has right to possess the whole property, not just a portion of it.
Unities of Possession, Interest, Time, and Title
One or more is required for all types of co-ownership.
1) unity of possession - same undivided right to possess the shoe property.
2) unity of interest - equal ownership interests
3) unity of time - all acquired interests at same time
4) unity of title - acquired by the same deed/will
Invasion of land by person
Invasion of land by object