Real estate law RELChapter2

Real estate law RELChapter2 - MANAGEMENT 4803 LEGAL ASPECTS...

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MANAGEMENT 4803 LEGAL ASPECTS OF REAL ESTATE COLLEGE OF MANAGEMENT GEORGIA INSTITUTE OF TECHNOLOGY PROFESSOR LUCIEN J. DHOOGE OVERVIEW OF CHAPTER 2 Chapter 2 is primarily concerned with three topics. These topics are the definition of property, distinguishing between real and personal property and the law of fixtures. Perhaps the best definition of property is that propounded by noted English jurist Sir William Blackstone who defined property as “the free use, enjoyment and disposal of acquisitions . . . without any control or diminution save the laws of the land.” Pursuant to Blackstone’s definition, property may hence be defined as consisting of a bundle of entitlements encompassing acquisition, use, development and transfer. Regardless of the definition to which one adheres, property rights enjoy protected status in the United States pursuant to the Fifth and Fourteenth Amendments to the Constitution. Property may be classified as real or personal in nature. Real property is distinguished by its fixed and permanent nature. Examples of real property include undeveloped land, permanent structures erected on land, plants growing on land, water, air and the subsurface. Personal property is defined as everything that is not real property and is often referred to as personalty or chattels. The hallmark of personal property is its movable nature. Personal property may be further classified as tangible or intangible. Tangible property is personal property that has a physical existence
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