·      Long standing building owners with windows the right to maintain the sunlight that entered their buildings 

·      Includes anything below the land

o   Useful when valuable resources such as gold or oil lie below the surface

o   You can dig as far as you want but you have to make sure that you do not go into a neighbors property 

·      You can enjoy the benefit of being the payee on a promissory note

·      Annuity

o   A stream of income 

1.   Inconjuction with a will or in place of it

2.   Can put in

a.   Car

b.   Golf clubs

c.    Dog

d.   Cash

e.   House

ú  This will help so you don’t have to do probate

·      Because then you would have to open up a court case and show that you have rights to this property

·      Probate is expensive 

Acquisition of Real Property 

(4 types)

1. Inheritance

2. Gift

3. Purchase

4. Adverse Possession

To take care of the property 

Until the title is passed to the beneficiary 

1.   Occupy continuously for 5 or more years

2.   Against the wishes of the owner

3.   Pay taxes

4.   Enclose the property

5.   Improve the property  

·      Default if there is no form of ownership listed

·      Own property jointly but upon death that persons interest passes on to his or her heirs

·      Lawsuit for Parton

o   The proceeds of the sale will be split and they will sell everything 

1. Community Property- Any asset or income earned during M

2. Spousal Property- Any property acquired by a spouse before M or during M if acquired by gift, bequest, devise

3. At divorce à CP divided equally

4. At divorce à each spouse keeps his/her own SP 

When CP goes to SP or visa versa 

At what time does the CP enhance the property

Husband has home in Maine that was left to him worth $100,000

Wife goes and does interior design in it makes home worth $150,000

·      Husband will get $125,000

·      Wife will get $25,000

·      He gets $100,000 from home and ½ of the $50,000 

·      Is ownership option for two or more people who are co-owners of a business

o   If co-partner dies the heirs get assets

·      You can only use this for partnership business 

·      Indefinite Duration

·      No Restrictions

·      This is the “default estate”

Fee Simple on Condition Subsequent 

·      Potential infinite duration

·      Can be terminated or limited by deed language

·      Look for “upon condition” or “provided that”

·      The right to transfer or convey property

·      Restriants on alienation could happen

o   IF this is harmful to society 

·      Doctrine of waste is that he exercises reasonable care

·      Who can bring a lawsuit if broken would be the person who has the remainder interest 

·      The parties make arguments to see who owns a piece of property

o   You could just show the deed

o   You have 5 years from when the incident occurred like when you found out about the chickens

o   Need clear and convincing evidence 

·      Trying to determine who owns the real estate

·      Do this in house

·      But hires a title report company to look it over again 

·      This means suit pending

·      Only when the property is the enity being sued

Writ of Attachment

·      When sueing but not over the home 

·      Outstanding liens, mortgages, easements, rights of way, and abstract of judgment

·      Bonified Purchaser for Value

·      Takes the property without any actual or constructive notice of a superior interest 

·      When a document has been recorded with the County Recorder this is the notice for it 

·      Middle man hand the deed and cash over to make sure that the seller has clear title and that the purchaser and has money in the bank 

·      When the actual real estate is consummated 

·      Private Mortgage insurance

o   This says that if you default on the loan then the bank can take it

o   If you cant come up with the down payment 

The bargain for exchange 

Ex. Money or a goat 

·      Includes 2 implied covenants (aka a promise)

o   Property cannot previously be conveyed

o   Free from encumbrances 

·      Property cannot previously be conveyed

·      Free from encumbrances

·      Any later claims of interest in the property 

·      The right to cross someone’s property for a limited or particular purpose 

Easement Appurtenant 

Easement in Gross 

·      This does not run with the land

·      Right to enter land but only for “personal benefit”

·      Does not benefit the holder in the sue of his own property

§  If the HCE is bought by someone else the easement still applys it runs with the land