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Real Estate Land Interests (Future Interest (Remainder (two types of…
Real Estate Land Interests
Nonpossessory Land Interests: granting partial ownership of the property
Easements
Distinctions:
Appurtenant
benefit a particular part of land
continues in perpetuity
elements: requires at least two parcels of land
Dominant tenant: land that is benefited by the easement
Servient Tenement: land that is burdened by the easement
can be both
transfer: run with the land- once created, the easement automatically transfers when the property is transferred even if the easement is not mentioned in the conveyance.
Gross
Affirmative
Right to use someone's land
Negative
Grants a right restraining or preventing the use of land owned by another that would otherwise be permissible
not allowing you to build over a height because it blocks the dominant's view
servient property value will decrease, vice versa for dominant property
conservation easement
prohibits someone from changing the facade of the building
purchase and development rights
landowner sells the development rights of a property to another (often non profit land trusts, public agency)
Appurtenant types:
Express Grant or Reservation
landowner grants an easement in writing
oral agreement between parties is not worth anything
must comply with statutes of fraud and be definite and reasonable
Implications
when the parties have not expressly granted an easement in writing
how they arise
the two plots were together and it was divided
use of easement was continuous and apparent
ex: there's no need to ask for an easement for new sewer lines, the easement is implied
easement was reasonably necessary- without it it would be very expensive
Prescription
trespassed for long enough you have gotten an easement (usually 20 years but CA is 5)
adverse to the landowner (not permitted)
open and notorious
the person is not hiding and if the owner was paying attention, they would see it
continuous
doesn't apply to public land
Tacking- adds someone else's years onto yours if they no longer use it
stop the easement?
post a sign permitting use
create an interruption that would have a reasonable time to remove (fence)
Necessity
an implied easement created due to necessity, otherwise it would be unusable
requirement
a unity of ownership of dominant and servient estate prior to division
both parcels used to be owned by someone
severance and transfer of estates
easement was absolutely necessary
a continuing absolute necessity
rights and obligations
Dominant can make limited improvements, servient has no obligation to repair it
Profits
the right to enter another's land and take something from it
profits are not exclusive
classified
appurtenant
adjoining land
gross
freely transferable
EX: timber, or gravel
Licenses
permission to enter one's property
removable at anytime by the landowner
no formalities needed
Covenants
Present interests
Leasehold: an estate that is considered to be personal property for a defined duration
Tenancy for years
Periodic tenancy
Tenancy at will
Tenancy at Sufferance
Nonfreehold
Freehold: an interest in land that is unlimited in duration
Fee Simple
Absolute
no restrictions
can sell/ transfer/ whatever
properties
complete ownership of property
it is the default
example statements: "To Fields" or "To Fields and his heirs"
Defeasible
two types
Fee Simple subject to a condition subsequent
grantor gives grantee full title so long as grantee complies with restriction
Grantor must perform an action (through a quiet title) to terminate ownership interest
the grantor can choose whether or not to terminate
Future Interest Created
Grantor retains Right of reentry/power of termination
Language
on the condition that
but
provided that
Fee simple Determinable
grantor gives grantee full title so long as grantee complies with restriction
grantee's interest terminates automatically if factor is not met
Future Interest?
retains possibility of reverter interest
in the event of a reverter and grantor dies, grantor's heirs can inherit the property
language found
So long as
until
unless
during
for the time that
Present Interest: Fee Simple Determinable
o Future Interest: Possibility of Reverter
Present Interest: Fee Simple Subject to Condition Subsequent
o Future Interest: Right of reentry
where an interes in land can be terminated by the occurrence of a certain event ; when you want to put a condition to the transfer of ownership
Fee Tail
Similar to fee simple absolute interest with distinction that only lineal descendants of the grantee may inherit
used to maintain large estates as a unit for generations and preserve family's wealth and social standing
"Fields grants to Kaitlyn and their heirs of her body"
Life Estates
Holder
owner owns property for the life of the person who granted the life estate
Pur Autre Vie
where life estate is measured by the life of a third person (human or non human)
Future Interest
Reversion
Remainder
Executory Interest
Future Interest
Reversion
A future interest in the grantor as a fee simple absolute once the life estate terminates
when the grantee dies, it returns to the grantor
Possibility of Reverter
for fee simple determinable
when the event/condition is not certain, it becomes a possibility of a reverter
Right of Entry
Remainder
a future interest created in favor of anyone but the grantor once the life estate terminates
to fields for life then to brian
two types of remainders
Vested
interest passes to third party at termination of freehold estate
to A life, then to B
B has fee simple
A is the cause
Contingent
Remainder interest depends upon occurrence of an event
"To A life, then if B is married, to B"
B controls their destiny
Executory Interest
A future interest held in a third party that cuts off another’s interest
the holder of the life estate controls whether or not the third person gets the property
where a gap in time is placed between the present interest and the future interest
Fields transfers to Kaitlyn, then after one year to Brian
"Field transfers to Kaitlyn for life, but if Kaitlyn does not graduate from law school by age 30 then to Ryan"