7.ESTATES AND INTERESTS

REAL ESTATE A piece of land, including the air above it and the ground below it, and any buildings or structures on it. Everything both natural and man made.
1. REAL PROPERTY The interests, benefits, and rights inherent in real estate ownership; land and anything else of a permanent nature that is affixed to the land.
CATEGORIES OF REAL PROPERTY
1. RESIDENTIAL
2. COMMERCIAL
3. INDUSTRIAL (warehouse,storage)
4. AGRICULTURAL
5. SPECIAL PURPOSE (schools,tennis clubs,churches..)
BUNDLE OF LEGAL RIGHTS :
1. RIGHT OF POSSESSION Holding, controlling, or having custody of property for one's use, either as an owner or as a person with a legal right.
  1. RIGHT OF QUITE ENJOYMENT The right of an owner or any other person legally entitled to possession to use a property without interference.
2. RIGHT OF DISPOSITION allows the owner to transfer all or some of the rights to other people.
3. RIGHT OF EXCLUSION allows the owner to stop others from using the property or even from entering the property.
  1. RIGHT OF CONTROL allows the owner to physically alter or change the property.
TRESPASSING is a physical invasion of land by another person who has no lawful right to enter it.
1. ENCROACHMENT synonym for trespass,but the term refers to objects,such as buildings.
NUISANCE interferes with the quiet enjoyment of land from outside causes such as loud noises,obnoxious odors..
APPURTENANCES A right, privilege, or improvement belonging to and passing with the land.
1. WATER RIGHTS Common Law rights held by owners of land adjacent to rivers, lakes, or oceans, including restrictions on those rights and land ownership.
  1. RIPARIAN like river,These rights include access to and use of the water.
  2. LITTORAL right to lake,ocean..
LAND The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
AIR RIGHTS The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
APPROPRIATIVE RIGHTS government permits allow the holder to take water from particular body of water for a specified use,such as crop irrigation.
PERCOLATING water rights,involve the use of underground water.
MINERAL RIGHTS The privilege of gaining income from the sale of oil, gas, and other valuable resources found on land.
RULE OF CAPTURE says whoever drills a well on his/her land owns all the oil or gas the well produces even though it may have migrated from under a neighbors land.
SUBJACENT SUPPORT The support that the surface of the earth receives from its underlying strata.
ATTACHMENTS the things attached to the land,whether natural or man made.
1. IMPROVEMENTS man made attachments like buildings,roads,driveways,fences..
  1. FIXTURES are items of personal property that have been permanently attached to the land or its improvements. FIXTURES become as personal property but can become real property.
    1. ANNEXATION when personal property becomes PHYSICALLY ATTACHED.
      1. SEVERANCE when fixtures detached from the land and so revert back to personal property.Like chandelier..
        TRADE FIXTURES any equipment or personal property a COMMERCIAL TENANT INSTALLS for BUSINESS PURPOSES.They remain personal property.
FRUCTUS NATURALES real property like apple tree
1. FRUCTUS INDUSTRIALES (EMBLEMENTS) personal property.
PERSONAL PROPERTY is also called CHATTEL,chattel is any property that is movable and not fixed to the land.
ESTATE possessory interest in real property.
1. FREEHOLD ESTATE is a possessory interest of uncertain duration;it may end but no one know when.
  1. FEE SIMPLE ESTATE is the fullest freehold estate interest that exists in real property.Its also called FEE SIMPLE ABSOLUTE.
    1. QUALIFIED FEE ESTATE means that a grantor puts a condition or requirement in the deed that terminates the estate automatically if the condition or requirement is not met and reverts title back to the grantor. (runs with the land)
      1. FEE ON CONDITION ESTATE means that a grantor puts a condition or requirement in the deed that gives the grantor the "right to reentry" if the condition or requirement is not met.
        LIFE ESTATE An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
        LIFE TENANT the holder of lie estate.
        CONVENTIONAL LIFE ESTATE,the measuring life and the life tenant are the same person.
        PUR ATRE VIE For the life of another. Used to refer to properties granted not in perpetuity but only for the lifespan of a specific individual.
INTEREST a person with a property right or a claim against property is said to have an interest in the property.
REVERSIONARY adjective referring to property which passes to another owner on the death of the present one.
REMINDER the grantor grants the life estate to one person then to another person,the remainderman upon the death of the measuring life.
LEASEHOLD ESTATE A tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest.
OWNERSHIP IN SEVERALTY simplest form of ownership.Sole form of ownership,meaning the only one person or legal entity holds the title to that property.
1. CO-OWNERSHIP is any form of ownership where two or more persons share title to real property,with each person having an undivided interest in the property.UNDIVIDED INTEREST gives each co-owner the right to possesion of the whole property,not just part of it.
  1. TENANCY IN COMMON co-ownership with two or more persons having an undivided interest in the entire land,but no rights of survivorship. ONLY UNITY OF POSSESSION.
    1. JOINT TENANCY when each co-owner has an equal undivided interest in the land and right of survivorship.REQUIRES FOR UNITS oF POSSESION,INTEREST,TIME ans TITLE.
      1. TENANCY BY THE ENTIRETY involves only owners who are husband and wife with each having equal and undivided share of property.WITH FIVE UNITIES.
UNITIES
1. UNITY OF POSSESSION
  1. UNITY OF INTEREST
    1. UNITY OF TIME
      1. UNITY OF TITLE
SOLE PROPRIETORSHIP is a business owned by a single individual(or husband and wife for tax purposes) in severalty.
1. PARTNERSHIP is an association of two or more individuals as co-owners of a business as specified in the partnership agreement.
  1. GENERAL PARTNERSHIP is an association of two or more individuals as co owners of business where all partners share in the financial liability both individualy and as a member of the partnership.
  2. LIMITED PARTNERSHIP is an association of two or more persons as co owners of a business with one or more general partners and one more limited partners.

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7.ESTATES AND INTERESTS

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