CH 3 OWNERSHIP RIGHTS and LIMITATIONS.pdf.docx

CH 3 OWNERSHIP RIGHTS and LIMITATIONS.pdf.docx - Unit 3...

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Unit 3 Ownership Rights and Limitations Introduction A frequently asked question is, “Who owns this property, and what is their interest in it ?” An interest includes any of the various rights, privileges, powers, and immunities with respect to any kind of property, including real property. In fact, ownership of real estate is legally described in terms of these rights and not in terms of what is owned. Real property interests can be categorized in a number of different ways. One way to divide real property interest is into possessory and non- possessory interests. A possessory interest means the present right to physically occupy land and to exclude others from that same land . A non- possessory interest is one that cannot presently be exercised today but which may or will become possessory in the future or under appropriate circumstances. Another way to categorize the interests that someone can own in land is into present interests and future interests. A present interest in land, as the term implies, is one that can be exercised by the owner today. A future interest is one that cannot be exercised today, but which might be exercised in the future. Present interests are usually possessory and are often called present possessory interests. While future interests, because they cannot be exercised today, are non-possessory interests. However, they can be bought, sold, and transferred as if they were possessory. All land in the United States is subject to various obligations and public restrictions imposed by federal, state, and local governments. Public restrictions on use of real property are those associated with government intervention. Both the federal and the state governments adopted a series of new laws that required governmental decision to take the environmental consequences of human activity into account before a particular decision was made. ____________________________________________________________ 65
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Texas Law of Contracts, 7 th Edition Learning Objectives After completing this Unit, you should be able to: 3A Classify the types of interests in real estate. 3B Recall the benefits of homesteads. 3C Recognize the types and characteristics of possessory interests (estates) in real property. 3D Recall the rights of the mineral estate holder. 3E Identify and categorize financial encumbrances. 3F Identify and categorize non-possessory interests, such as easements, water rights, and restrictions. 3G Recognize the powers of government that affect private use of real estate. 3H Name federal and state environmental protection laws. Texas Homesteads Texas and many other states have homestead laws to protect individuals and families against foreclosure from creditors . In Texas, a homestead is a legal status for real property created by the Texas Constitution. [Article 16, Sections 50, 51, and 52]. Because homestead rights are constitutional, an owner cannot waive them by any agreement. An owner is defined as a person who has the right to possess, use, and convey, individually or with the joinder of another person, all or part of the homestead. [TAC Rule §153.1 (13)].
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  • Fall '19
  • Life Estates, mineral estate, Linda Smith

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