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- (exclusive) possession
- use (enjoyment)
- disposition
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(personal freedoms)
-derived primarily from "Bill of Rights," amendments & clauses to U.S. Constitution |
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| Real Property: Rights In 3 Dimensions |
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| rights in land & its perm structures |
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| "Groundles" Building Stories: The Use of Air Rights |
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| object that formerly was personal property but has become real property |
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| lesser bundles held by diff individuals |
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| interests in real property that include possession |
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-ownership subject to a condition or trigger event; property used as dormitory for F students
-greatly reduces value of ownership |
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| uncertain interests held by the previous owner(or heirs) |
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| rights of disposition of the fee simple absolute are unbundled & separated completely |
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| homeowner retains all rights of exclusive possession, use & enjoyment for her lifetime while the university gains the right of disposition |
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| created by action of law; FL surviving spouse life estate, minors remainder estate, if need to sell trustee must be created |
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-possessory INT; estates
1. limited in T
2. right of disposition diminished b/c the property ultimately reverts to the landlord
3. not titled INT |
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| leasehold INT for a specific per of T |
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-lease that has no definite term at the start
-written rental contracts reduces risk for both parties; adds value to property |
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| agreement that the tenant will stay until either landlord/tenant gives notice |
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-tenant that is supposed to vacate does not
-differs from trespassing only in that the tenant previously occupied the property under a legitimate household INT |
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| right to use land for a specific & limited purpose |
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-relationship between 2 parcels of land
-"runs w/the land"; perm & inseparable feature of both parcels involved
-affirmative & negative |
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| benefits from the easement |
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| constrained/diminished by the easement |
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| An Easement Appurtenant Involves a Dominant Parcel & a Servient Parcel |
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-right to use land for a specific, limited purpose unrelated to any adjacent parcel
-no dominant parcel |
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A & C: common driveway easement
C: implied easement of access in favor of B
E: involuntary driveway easement aka easement by prescription
F: implied easement of access to extract oil
G: conservation easement |
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| Rights Included in Various Real Property Interests |
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| owner who created restriction or owner's heirs are the only persons who can enforce the restriction |
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| subdivisionwide restrictions are deemed to serve the interest of all owners present & future in the subdivision lots |
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| INT in real property that serves as security for an obligation |
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| arises out of actions unrelated to ownership of the property |
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| derives directly from events related to a property |
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-local gov services benefiting properties to assure payment
-automatically superior to any other lien |
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-properties that receive primary benefit
-automatically superior to any other lien |
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| INT in property as security for debt |
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| construction & other improvements to real estate |
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| 3 Level of Liens on a Personal Residence |
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| "normal" form of direct co-ownership; as close to fee simple absolute estate as possible |
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-right of survivorship
-INT of decedent co-ownership divides = among surviving co-owners & nothing passes to heirs of decedent |
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| form of joint tenancy for husband & wife |
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| form of ownership combining single person ownership w/tenancy in common |
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| made & enforced by owner association |
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| master deed; doc where 3D descriptions of space occupied by ea unit, common facilities & areas, determination of the proportion of common areas associated w/ea unit, provision for expansion of the property |
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-not a form of true direct co-ownership
-proprietary corp |
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| gave a wife 1/3 life estate in all real property of a decedent husband that was ever owned by him during the marriage, provided that the wife did not join in conveying the property to a new owner |
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| gives a surviving spouse a share of most of the wealth of the decedent |
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| -10 states, Spanish tradition, automatic right of husband & wife in property of ea other |
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-property acquired prior to marriage
-gifts/inheritance received during marriage |
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| 2 Main Forms of Marital Property Rights |
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| multiple individuals have use of property but, unlike traditional forms of co-ownership, the INT are not simultaneous |
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| -oil, gas, coal, other substances that are mined can be separated from land ownership |
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| owner of an oil/gas well could claim all that is pumped from it, regardless of whether the oil/gas migrated from adjacent property |
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