Chapter 19 - Chapter 19: Real Property Ownership Real...

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Chapter 19: Real Property Ownership Real property: land or real estate, including buildings, fixtures, and the associated legal rights Fixtures: tangible personal property that is attached to land, buildings or other fixtures Example of fixtures: heating ducts, lights, plumbing - any item attached to land through screws, nails, bolts, or similar means When people own real property they own a defined piece of land, which includes “the Earth beneath and the air above” value of land results from two key attributes: (1) land is permanent and immovable, therefore it is easier to track and control (2) land can be adapted for different purposes, but the total quantity is finite real property is governed by common law, and the law is devoted to protecting rights to property, such as determining who owns a piece of land when more than one person is making a claim for it today, statute law is also a significant factor, due to conservation and environmental protection Interests in Land fee simple: the legal interest in real that is closest to full ownership ownership of land is easily divisible Division of Ownership one piece of land can be owned by several people at once legal use of the word tenant is much broader and includes someone who has any kind of right or title in land When two or more people want to become co-owners, they can choose tenancy in common or joint tenancy For tenancy in common, they each have an undivided interest in the land, and therefore they can each deal with their own interest in any way they see fit without having to consult the other co-owner If one of the tenants pass away then their interest in the land passes on to their heir Joint tenancy is also a form of undivided co-ownership but is distinguished by the right of survivorship If one of the tenants die, his undivided interest goes directly and automatically to the other joint tenants Both forms of co-ownership require cooperation among the owners in order to use or sell the property Division of Ownership in Time
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Ownership in land can also be divided in time Common example = lease Through the mechanism of a lease, the owner gives the tenant possession of the building for a period of time in exchange for rent When the lease terminates at the end of the defined period, the landlord resumes control Limits on Ownership There are numerous restrictions on land use imposed by statute law and common law: 1. Municipal governments have the authority to control land use through planning schemes and zoning regulations (Ex: if an area of town is zoned, it can only be used for residential) 2. Environmental regulations affect the use of land by limiting or prohibiting the discharge of harmful substances 3. Common law of nuisance limits any use of land that unduly interferes with owner’s enjoyment of their land. Ex: a landowner who produces smoke or noise is subject to being sued for the tort of nuisance
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This note was uploaded on 01/09/2011 for the course AFM AFM 231 taught by Professor Darrencharters during the Spring '10 term at Waterloo.

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Chapter 19 - Chapter 19: Real Property Ownership Real...

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