chapter property 2.docx - Real Property Ownership real...

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Real Property Ownership – real property refers to land or real estate, which generally includes the earth beneath and air above - Also includes fixtures – tangible personal property that is attached to land, buildings, or other countries - However, today, limited by legal rules and laws facilitating air travel above surface and mmining and oil drilling below o For eg. environmental protection laws prohibits it (Eg. you can’t do anything with property, can’t dump any chemicals in ground) -> use of property is not absolute Interests in Land - Fee simple – legal interest in real property closest to full ownership o Essentially owns the land (subject to limits below) and can dispose of it in any way he sees fit o Ownership of land can also be divisible Division of ownership – can be owned by several people, where owners havec undivided interest in entire building (each owns portion, but respective shares cannot be singled out or identified in any distinct ways) - Owners are known as tenants – anyone who has any right or title in land - There are two forms of co-ownership, both of which require cooperation among owners to use or sell the property o Tenancy in common – co-ownership whereby each owner of an undivided interest can dispose of that interest Meaning does not have to consult with other co-owner in how they deal with land (Eg. selling, can do whatever they want) If one owner dies, goes to heirs Generally for investment purposes o Joint tenancy – co-ownership whereby survivor inherits undivided interest of decreased (heirs have no claims) More common for husband/wife, partners Limits on Ownership – restrictions on land use imposed by statute and common law include - Municipal governments have the authority to control land use through planning schemes and zoning regulations (Eg. if a portion was designated for residential, can’t be for commercial) - Common law of nuisance limits use of land that interferes with other owners’ enjoyment of land - Family law designate property as matrimonial, to be shared by both spouses, despite ownership registered by one spouse (both spouse must agree to disposition) - Provincial government o Expropriation - Many government agencies have authority to take away land for purposes (Eg. highways, subway, governing building) -> you get compensation (reasonable price), but you can’t avoid it o Environment regulations affect use of land by limiting / prohibiting discharge of harmful substances and may require owners to clean up caused by previous owners o Liens on fixtures – may mean you can’t change certain things, must have ac ertain shape o Can make use of privately owned land for particular purpose, such as pipeline - Now, if you own a property, you only own surface (not underground) Other limits on ownership result from contracts made by landowner -> eg. landowner has option to “sell” part or all of rights to the land in exchange for payment of money or other benefit. For eg.
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  • Winter '09
  • Briggs
  • Land, Real property law

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