Meiners 10e ppt Ch. 8

Meiners 10e ppt Ch. 8 - Real and Personal Property Property...

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
Real and Personal Real and Personal Property Property Chapter 8 Chapter 8
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Law of Property Oldest part of  common law Concepts from  common law  developed in England  from 12 th  to 16 th   centuries Right guaranteed and  protected by  government Real Property:  immovable (i.e. land) Personal Property  ( chattel):  moveable  (i.e. furniture and  clothing) Contract law is used  to make arrangements  about the property  use.
Background image of page 2
Real Property Real Property Land under - oil, minerals attached - buildings,  trees Property - “legally  protected expectation of  being able to use a thing  for one’s advantage.’’ Governmental regs. may  restrict property  owner’s land use (i.e.  Endangered Species Act  re: rare plants and  animal protection)
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Ownership of Land Deeds most common way to transfer ownership quitclaim deed vs. warranty deed state that the ownership is being transferred, possibly  subject to certain conditions Titles comes from receipt  of valid deed; is means by which  owner has legal possession of the property  “formal right of ownership” Titles are recorded by state officials (usually county)
Background image of page 4
Forms of Ownership Fee Simple  - indefinite time  and right to dispose of it up in the air “to the skies”  (but airplanes can use it) down to the core “to the  center of the earth” these rights can be sold  separately subsurface mineral rights often  legally separated Can be inherited, transferred,  sold in part, or sold in whole  (entirety)
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Forms of Ownership Joint tenancy Each tenant has  same interest in undivided  possession  of property Right of survivorship – if one tenant dies, ownership  passes to other owner Tenancy in Common Each tenant (owner) has  undivided interest in  property If one tenant dies, that interest passes to  estate/heirs Life Estates have use of land for life of “tenant for life”- but can’t  ruin it!
Background image of page 6
Evolving Property Law: Condominiums Not seen much before 1960s Fee simple estate applies Living space in building is owned in  fee simple (numerous conditions  attached) BUT land building sits on, as well  common (for condo owners) by  another person (business) Most states have statutes to  simplify the legal process of  modern living arrangements  consistent with traditional property  law.  Property law adjusts to modern  conditions.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Servitudes Servitudes property requirements imposed by an owner positive and negative requirements easements and covenants most important 
Background image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 36

Meiners 10e ppt Ch. 8 - Real and Personal Property Property...

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online