BL-Chapter 48 - 1 CHAPTER 48 REAL PROPERTY Real Property...

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CHAPTER 48 REAL PROPERTY Real Property Real property is immovable or attached to immovable land or buildings. Land Buildings Subsurface Rights Plant Life and Vegetation Fixtures Land and Buildings Land is the most common form of real property. Landowner usually purchases surface rights- right to occupy the land Landowner may use and enjoy the property, subject to applicable government regulation. Buildings constructed on land are real property Subsurface Rights Mineral rights to the earth located beneath surface. E.g., rights to gold, oil, natural gas. Often sold separately from surface rights. 1
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Air Rights Owners of real property may sell or lease air space parcels above their land. E.g., restaurant buying air space to build over highway; developer in city purchasing air rights from nearby properties to obtain variance for taller structure. Valuable in large cities. Plant Life and Vegetation Plant life and vegetation growing on the surface of land are considered real property Includes both natural and cultivated plants. E.g., trees, crops. Sold with land. Considered real property until harvested. Plant life that is severed from the land is considered personal property Fixtures Personal property so closely associated with real property that it cannot be separated without damaging real property. E.g., kitchen cabinets, carpet, doorknobs. Becomes part of the realty. 2
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Included in sale of building unless otherwise agreed. Estates in Land Ownership rights in real property. Bundle of legal rights that the owner has to possess, use, and enjoy the property. Type of estate is determined from the deed, will, lease, or other document that transferred the ownership rights. Freehold Estate An estate where the owner has a present possessory interest in the real property; the owner may use and enjoy the property as he or she see fit, subject to laws There are three types: estates in fee, fee simple defeasible, and life estate Estates in Fee Fee simple absolute Fee simple defeasible An estate fee that is the highest form of ownership of real property because it grants the owner the fullest bundle of legal rights that a person can have in real property Type of ownership that people connect with “owning” real property 3
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The fee simple owner has the right to exclusively possess and use his property to the extent that the owner has not transferred any interest in the property (ex. lease) If a person owns real property in fee simple, his ownership: 1. Is Infinite in duration (fee) 2. Has no limitation on inheritability (simple) 3. Doesn’t end upon the happening of any event (absolute) Fee Simple Absolute Highest form of ownership of real property. Ownership:
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This note was uploaded on 04/21/2011 for the course BUS LAW 320 taught by Professor Soos during the Spring '10 term at Rutgers.

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BL-Chapter 48 - 1 CHAPTER 48 REAL PROPERTY Real Property...

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