outline02 - Chapter 2 Property Rights and Legal...

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Chapter 2 Property Rights and Legal Descriptions Lecture Outline Real vs. Personal Property Real estate—land and things attached to it Property—things that can be owned or possessed Real property—legal interests in land and things attached to it Personal property—legal interests in things other than land and things attached to it (also called chattel) Title (ownership) to real property is transferred from one part to another using a document called a deed. Tenants acquire rights to use property owned by others via leases. Fixtures A personal property item that has become a part of the real property is called a fixture. Tests for fixture status include: o Intent of parties o Test of attachment o Test of adaptability Trade fixtures are always considered personal property, even when the parties agree to include them in a transaction (notice how important the adjective “trade” is!) Mineral and Air Rights Mineral rights refer to the legal interests associated with oil, gals, coal, or other minerals that may be located beneath the surface of a parcel of land. Air rights refer to the legal interests associated with the space above the surface of a parcel of land. Water Rights Water rights refer to the legal interests associated with water that flows across, touches, or is located in or under a parcel of land. o Owners of land that touch a navigable body of water are called littoral proprietors. o Owners’ of land that joins non-navigable bodies of water may or may not have rights to use the water, depending on the state in which the property is located. States that follow the riparian rights doctrine allow owners of land touching the water to use all the water needed as long as the use does not deprive other landowners who are entitled to some of the water. States that follow the prior appropriation doctrine recognize that
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outline02 - Chapter 2 Property Rights and Legal...

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