Chapter%2012 - Chapter 12: Property: Personal, Real, and...

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Chapter 12: Property: Personal, Real, and Intellectual David Baumer, Spring 2003 Legal Environment of Business in the Information Age
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Property Classifications of property Tangible property Real Property— tangible property that cannot be moved Personal property—moveable tangible property Intangible property , such as intellectual property, has no physical existence It is useful to think about property as a bundle of rights, rather than the physical objects
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Real Property Real Property Land and anything firmly attached thereto such as Building, trees, mineral deposits The owner or rightful possessor of real property has the right to exclude others from trespassing On the surface, below or above a reasonable amount of airspace above the surface Mineral rights extend to the center of the earth but the rights to exclude in the airspace above the surface only extends a few hundred feet Govt. regulation is usually necessary to negotiate common pool problems otherwise there is wasteful and excessive pumping
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Fixtures A fixture is personal property that becomes real property after attachment Bathroom fixtures, carpet, deck In many cases whether an item is a fixture or personal property is not clear Among the factors used by the courts to determine if property is a fixture are Intent of the party installing the property Degree of attachment Ownership of the real property
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Transfers of Ownership of Real Property Transfers of Ownership must be in writing Owner signs a deed, which signifies ownership of the real property, and delivers the deed to the buyer Transfers of ownership are recorded and part of the public record Those who have claims on the real property, such as creditors who have obtained a judgment or those who own easements to exploit mineral rights, have there claims on the property recorded also There are state by state differences which are important
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Types of Deeds General warranty Seller warrants that there are no hidden liens or encumbrances beyond those described on the deed Offers greatest degree of protection for buyer The seller is liable to the buyer if there are hidden liens or encumbrances Special warranty Seller warrants that there are no hidden liens or encumbrances that have arisen since the seller bought the land Quitclaim seller is not warranting that he owns anything, but is selling anything that he owns w.r.t. the land
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Liens or Encumbrances There are various liens or encumbrances Easement —right to make use of the land of another Those who own mineral rights have an implied right to trespass to exploit their mineral rights Easements can be explicit—the owner and a third party negotiate for the right of the third party to trespass Liens —a debt of the owner that is not satisfied The lien owner is entitled to the proceeds of the sale of the real estate after those in line before him, such as mortgagors, are paid
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Chapter%2012 - Chapter 12: Property: Personal, Real, and...

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