LEB Part III.docx - LEB Part III REAL PROPERTY Land and things attached to land are called real property Air rights o Air rights are not violated by

LEB Part III.docx - LEB Part III REAL PROPERTY Land and...

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LEB Part III REAL PROPERTY Land and things attached to land are called real property Air rights o Air rights are not violated by airplanes flying at reasonable heights o If a flight is close enough to interfere with owners use of land there is a violation Subsurface rights o Property rights go to center of the Earth Owner has rights to minerals beneath the surface Can be owned separately Things Attached o Vegetation considered real property o Fixture: item that was originally personal property but that has been attached to the land in a relatively permanent fashion – title to them passes to buyer (ex. Buildings, fences, ceiling fans) Attachment: attached to a building if it can't be removed without damaging building Specialized Use: specifically made or altered for instillation in a particular building Freehold Estates: can legally exist for an indefinite period of time o Fee Simple – complete ownership Unlimited duration Owner can do whatever he choses to with and on the property Legal/does not interfere with neighbors o Life Estate – not complete ownership Person may own land for life Ownership rights terminate after life Important for conveyance purposes Non Freehold: owner (lessor/landlord) grants to another (lessor/tenant) the temporary right to possess the property in return for the payment of rent Nonpossessory Interests o Easements: the right to make some limited use of another’s real property without taking possession of it Appurtenant: specifically for use in connection with another tract of land “Runs with the land” In Gross: benefit for person or company Does not “run with the land”
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By Implication: created where surrounding circumstances reasonably indicate that the parties probably intended to create such an interest By Prescription: When someone actually does something on another’s land for a period of time Similar to adverse possession Profit: Right to go upon land and take something from it A right to take minerals, which is profit, must be distinguished from an actual sale of the see simple interest in the minerals in the ground License: Landowner’s permission for someone else come upon his or her land Does not create interest in real property because owner can revoke at any time Mortgage: interest created by mortgage is a lien
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  • Spring '08
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