Term
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Definition
| rights that are legally protected |
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Term
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Definition
| things that are immovable such as land, things under the land, such as oil & minerals, and things solidly attached to the land such as trees and buildings. |
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| Personal Property (aka chattel) |
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Definition
| physical things that are movable such as furniture and clothing |
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Term
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Definition
- documents that serve as evidence of land ownership
- A "deed" is the primary way to transfer ownership interests (title) in property.
- Deeds are in writing and transfer or convey title from the current property owner to the new owner. |
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Term
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Definition
1. Quitclaim deed
2. Warranty deed
3. Special Warranty deed |
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Term
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Definition
| a deed that conveys the grantor’s complete interest or claim in real property but that does not warrant that the title is valid. |
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Term
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Definition
| a deed containing one or more covenants of title; a deed that expressly guarantees good, clear title and that contains covenants concerning the quality of title, including defense of title against all claims. |
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Definition
- grantor makes no warranty against defects existing before the time of his ownership.
- guarantees the title only against defects arising during the period of his tenure or ownership of the property |
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Definition
| No other persons can claim valid ownership |
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Term
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Definition
| the amount, nature, and quality of a person’s interest in land or other property. |
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Term
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Definition
| an absolute ownership interest in an estate (real property) without restrictions; the strongest form of property ownership |
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Term
| 3 Forms by which property can be held "jointly" |
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Definition
1. Tenancy in Common
2. Joint Tenancy
3. Tenancy by the entirety |
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Term
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Definition
- each tenant (owner) has an undivided interest in the property
- if one owner dies title does not pass to other owner, their interest passes to their estate or to their heirs they named |
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Term
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Definition
- purchase of property by 2 or more persons who have the same interest in the undivided possession of property
- right of "survivorship" = if own owner dies, the deceased owner's interest ends and the survivor is left in sole posession |
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Term
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Definition
- available only for married couples and only in a little more than half of the state
- tenant cannot force an end to the joint tenancy except by divorcing the other tenant |
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Term
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Definition
| a form of property ownership created by the common law that separates the legal and beneficial ownership of property |
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Term
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Definition
hold legal title to the property and can make all decisions with respect to it.
- has duty to manage the property for the benefit of the beneficiary |
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Term
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Definition
| holds an equitable title to the property |
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Term
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Definition
| - may be used in place of a partnership or corporation, w/ the beneficiaries receiving certificates of beneficial ownership that can be traded like stocks & bonds. |
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| Advantages of Business Trusts over partnership & corporation |
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Definition
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Term
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Definition
| limitations or requirements about the use of property (impose limits on the owner of the property) |
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Term
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Definition
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Term
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Definition
- a right to enter land owned by another and make certain use of it
- a "burden" on another person's estate, that is, the right to use it w/o payment
- attached permanently to the property unless a specified time frame is set |
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Term
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Definition
| The right to remove valuable things from one's estate, such as oil, minerals, or trees (the "right" is referred to as a "profit") |
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Term
| Adverse Possession & Easement by Prescription |
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Definition
- a way in which a party may come to own property or an easement
- occurs when the court grants a legal easement to a party that has no right to occupy or use an estate but had done so w/o permission |
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Term
| General conditions needed for Adverse Possession |
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Definition
1. Actual
2. Open
3. Hostile
4. Exclusive
5. Continuous |
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Term
| Actual (condition for adverse possession) |
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Definition
| the adverse user in fact uses or possesses the property in question |
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Term
| Open (condition for adverse possession) |
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Definition
| the use or possession must be visible so that the owner is on notice |
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Term
| Hostile (condition for adverse possession) |
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Definition
| the use or possession is w/o permission of the owner |
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Term
| Exclusive (condition for adverse possession) |
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Definition
| the use or possession is not shared w/ others who also have no right to use the property |
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Term
| Continuous (condition for adverse possession) |
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Definition
| the use or possession must go on w/o major interruptions for as much time as required by law to obtain the easement by prescription or title by adverse possession |
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Term
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Definition
| a statute setting maximum time periods from the occurrence of an event, during which certain actions can be brought or rights enforced. If an action is not filed before the expiration of that time period, the statute bars the use of the courts for recovery. |
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Term
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Definition
| an agreement between 2 or more parties in which one or more of the parties pledges that some duty or obligation is or is not to be done. |
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Term
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Definition
| when we rent property, our interest is called "leasehold" |
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Term
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Definition
| the owner of real property (an estate) that has been leased to another party, the tenant. |
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Term
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Definition
| one who possesses (rents) real property for a period of time, usually under a lease. The property or estate is normally owned by the landlord. |
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Term
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Definition
- an agreement, usually a contract, that gives the right to a party to take exclusive possession of property for a specific time for a certain payment.
- normally creates a landlord and tenant relationship.
- the lease agreement creates a "leasehold" out of an estate and contains conditions |
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Term
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Definition
- right of possession during lease term
- certain exceptions for when Landlord may have access to the property
- the lease is assumed to have "implied warranty of habitability" |
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Term
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Definition
- Tenant does not have right to abuse property and make changes that will affect it beyond the lease term
- Waste =intentional destruction/removal of valuable property, such as trees, from the premises.
- may not be a nuisance to neighbors
- may not engage in illegal activities on premises |
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Term
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Definition
| If government can show that it needs the land for public purpose, it may use its power of "eminent domain" to condemn property to force the sale of property or to force the granting of an easement |
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Term
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Definition
| a general power of the states to enact laws to protect public safety, health, and order so long as due process and equal protection are not violated. |
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Term
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Definition
- Controls on how land can be used (whether businesses can be built there, strip clubs, schools, gas stations, etc)
- limit building size, require green areas, set population density limits, etc |
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Term
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Definition
| unauthorized intrusion by a person or a thing on land belonging to another (intent to trespass is NOT relevant) |
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Term
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Definition
| in tort law, when an activity reduces the right of one person, or a small number of persons, to enjoy property without unreasonable interference. |
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Term
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Definition
| in tort law, when an activity reduces the right of the public in general to enjoy property without unreasonable interference. |
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Term
| Trespass to Personal Property |
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Definition
| an unlawful interference with the rights of another person to possess their personal property, such as movable objects. |
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Term
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Definition
| the unauthorized taking of property, permanently or temporarily, that deprives its rightful owner of its lawful use. |
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Term
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Definition
| an unauthorized taking of another’s property that denies the rightful owner the full use & benefit of the property. |
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Definition
| an intentional tort, or a tort based on negligence, when the owner or party with responsibility for maintaining certain property fails to provide adequate safety for visitors to the property against criminal attacks or accidents. |
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Term
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Definition
| a person who has an invitation, express or implied, to enter on to another’s premises, such as a business visitor. |
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