The law school of America. Today's lesson will play
uninterrupted right after a brief message from our sponsor.
The lowest School of America in English, common law, real
property. Real estate Realty, were movable
properties land, which is the property of some person and all
structures also called improvements or fixtures
integrated with or affixed to the land including crops
buildings, Machinery. Wells, damn.
Eames puns, mine's canals and Roads among other things.
The term is historic arising from the now-discontinued form
of action, which distinguish between real property disputes
and personal property disputes. Personal property was and
continues to be all property that is not real property.
In countries with personal ownership of real property civil
law, protects the status of real property and real estate markets
where estate agents work in the market of buying and selling
real estate. Out of civil law calls real
property heritable property and in french-based, law, it is
called immobiliare immovable property.
The conceptual difference was between immovable property which
would transfer title along with the land and movable property,
which a person would retain title to in modern legal
systems. Derived from English, common
law, classification of property is real or personal may vary
somewhat according to jurisdiction or even within
jurisdictions, according to purpose as in defining whether
How the property may be taxed. Bethel 1998 contains much
information on the historical evolution of real property and
property rights. Identification of real property
to be of any value. A claim to any property must be
accompanied by a verifiable and legal property description.
Such a description usually makes use of natural or man-made
boundaries, such as seacoast's Rivers streams, the crests of
ridges lakeshore's, highways roads and rail road tracks,
Purpose-built markers such as Karen's surveyors posts iron
pins or pipes concrete monuments, fences, official
government, surveying marks such as one's a fixed by the national
geodetic, survey and so forth. In many cases a description
refers, to one or more Lots on a plant, a map of property
boundaries, kept in public records, these legal
descriptions are usually described in two different ways,
metes and Bounds and lot and block a third way, is the public
land survey system as you And in the United States meets the term
meets refers to a boundary defined by the measurement of
each straight run specified. By a distance between the
terminal points and an orientation or Direction a
direction. Maybe a simple Compass bearing
magnetic or a more precise orientation, determined by
accurate. Survey methods bounds, the term
bounce refers to a more General boundary description such as
along, a certain Watercourse, a stone wall, an adjoining public,
roadway, and adjoining property. Or an existing building.
The system is often used to define larger pieces of
property. For example, farms and political
subdivisions, for example, Town boundaries, where precise
definition is not required, or would be far too expensive or
previously designated boundaries can be incorporated into the
description. The laden block system is
perhaps the simplest of the three main survey systems to
understand for a legal description in the lot and block
system. A description must identify the
Visual lat the Block in which the lot is located, if
applicable a reference to a plat, it subdivision or a face
there of a reference to find the cited plat map, for example a
page and or volume number. And a description of the maps,
place of official recording. For example, recorded in the
files of the County engineer, the public land survey system.
Plss is the surveying method developed and used in the United
States to divide real property for sale in settling the LSS
used nominally rectangular shapes to divide the basic unit
in the plss is the section of land.
Typically One Mile Square, a six by six mile grid of sections of
land form. What is referred to as a
Township townships, are laid out, east and west of a
principal Meridian, and north, and south of a baseline.
Estates in ownership interests, defined the law recognizes
different sorts of interests called Estates in Real Property,
the type of estate is generally determined by the language of
the deed. Ed lease bill of sale will land
grant Etc through which the estate was acquired.
Estates are distinguished by the varying property rights that
best in each and that determine the duration and transferability
of the various Estates. A party enjoying, an estate is
called a tenant, some important types of Estates in land include
fee. Simple and estate of indefinite
duration that can be freely transferred, the most common and
perhaps most absolute type of estate under which the tenant
enjoys, the Great Discretion over the disposal of the
property fee. Simple conditional and estate
lasting forever. As long as one or more
conditions stipulated by the Deeds, grantor does not occur if
such a condition does occur the property reverts to the grantor
or a remainder interest is passed on to a third party, the
tail and a state, which upon the death of the tenant is
transferred to his or her heirs. Life is date and estate lasting
for the Natural Life of the grantee called a life, tenant if
life. Estate can be sold a sale does
not change its duration which is limited by the Natural Life of
the original grantee. A life is day.
Pur autre V is held by one person for the Natural Life of
another person, such an estate, may arise.
If the original life tenant sells her life estate to
another, or if the life estate is originally, granted Pura
travaille, leasehold an estate of limited term as set out in
the contract called a lease between the party.
Granted, the leasehold called the lessee and another party.
Called the lessor having a longer estate in the property,
for example, an apartment dweller with a one-year lease,
has a leasehold estate in her apartment lessees.
Typically agree, to pay a stated rent to the lessor though, a
leasehold relates to real property.
The leasehold interest is historically classified as
personal property. A tenant enjoying an undivided
estate in some property. After the termination of some
estate of limited term. Is said to have a future
interest two, important types of future interests are Reversion a
reversion arises. When a tenant grants in a state
of lesser maximum term than his own ownership of the land,
returns to the original tenant. When the grantees estate
expires, the original tenants, future interest is a reversion
remainder. A remainder arises when a tenant
with a fee. Simple Grant, someone a life
estate or conditional fee, simple and specifies, a third
party to whom the land goes. When the life is State ends or
the condition occurs. The third party is said to have
a remainder. The third party may have a
legal, right. Right to limit the life, tenants
use of the land. Estates may be held jointly as
joint tenants with rights of survivorship or as tenants in
common, the difference in these 2 types of joint ownership of an
estate in land is basically the in heritability of the estate.
And the shares of interest that each tenant owns in a joint
tenancy, with rights of survivorship deed or J TW R OS,
the death of one tenant, means that the surviving tenants
become the sole owners of the estate.
Nothing passes to The Heirs of the deceased tenant in some
jurisdictions. Actions the specific words with
right of survivorship must be used or the tenancy will be
assumed to be tenants in common without rights of survivorship.
The co-owners always take a j, TW R OS, deed in equal shares.
So each tenant must own, an equal share of the property,
regardless of any contribution to purchase price.
If the property is some days older subdivided, the proceeds
must be distributed equally with no credits given for any excess
than anyone co-owner may have contributed to purchase the
property, the death of a ER of a tenants in common t.i.
C deed will have a heritable portion of the estate in
proportion to his ownership interest which is presumed to be
equal among all tenants unless otherwise stated in the transfer
deed. However, if take property is
sold or subdivided in some states, provinces Etc, a credit
can be automatically made for unequal contributions to the
purchase price. Unlike a partition of a j, TW R
OS, deed real property may be owned jointly with several
tenants through devices, such as the I am housing cooperative and
building Cooperative bundle of Rights real property is unique
because there are multiple rights associated with each
piece of property. For example, most u.s.
jurisdictions recognize the following rights right to sell,
right, to lease, right, to acquire minerals, gas oil, Etc,
within the land right to use, right to possess right to
develop Etc, these multiple rights are important because
owners of the real property can generally do what they choose.
With each, right? For example, the owner could
choose to keep all the rights but least the right to drill for
oil to an oil company or the owner could choose to keep all
the rights but least the property to a tenant.
In other words, the owner oh can elect to keep lease or sell the
rights to the land. Other ownership types, allodial
title, real property that is independent of any Superior
landlord, allodium is land held. Absolutely in one's own, right?
And not of any Lord or Superior land, not subject to feudal
duties or It has an estate held by absolute ownership, without
recognizing any Superior, to whom any duty, is due on account
thereof jurisdictional peculiarities in the law of
almost every country. The state is the ultimate owner
of all land under its jurisdiction because it is The
Sovereign or Supreme lawmaking Authority, physical and
corporate persons do not have allodial title, they do not own
land but only enjoy states in the land.
Also known as Equitable interests United States, each
year, U.s. State except Louisiana, has its
own laws governing real property in the Estates there in grounded
in the common law in Arizona. Real property is generally
defined as land and the things permanently attached to the land
things that are permanently attached to the land which also
can be referred to, as improvements include homes
garages and buildings, manufactured, homes can obtain
an Affidavit of a fixture. Australia, New Zealand, in many
countries, the torrents title system of real estate ownership
is Managed and guaranteed by the government and replaces
cumbersome tracing of ownership, the Torrens title system
operates on the principle of Title by registration.
For example, the into feasibility of a registered
interest rather than registration of title, the
system does away with the need for a chain of title, for
example, tracing title through a series of documents and does
away with the conveyancing costs of such searches, the state,
guarantees title, and is usually supported by a compensation
scheme for those who lose their title due to the states.
Operation. It has been in practice in all
Australian States and in New Zealand, since between 1858 and
1875, has more recently been extended to straight a title and
has been adopted by many states provinces and countries and in
modified form in nine states of the USA United Kingdom in the
United Kingdom. The crown is held to be the
ultimate owner of all, real property in the realm.
This fact is material. When for example, property has
been disclaimed by its erstwhile owner.
In which case the law of escheat applies.
In some other jurisdictions, not including the United States real
properties, help. Absolutely England and Wales.
English law has retained the common law distinction between
real property and personal property, whereas the civil law
distinguishes between movable and immovable property in
English law. Real property is not confined to
the ownership of property in the building cited are on often
refer to as land. Real property, also includes
many legal Relationships between individuals or owners of land
that are purely conceptual one. Such relationship is the
easement where the owner of one property has the right to pass
over a neighboring property. Another is the various
incorporeal her edit events such as Prophet saw prendre, where an
individual may have the right to take crops from land.
That is part of another's, estate English law.
Retains a number of forms of property, which are largely
unknown. In other common law,
jurisdictions, such as the ad boson, chancel repair liability
and Lordships of the These are all classified as real property
as they would have been protected by real actions in the
early. Common law, economic aspects of
real property land. Use land valuation and the
determination of the incomes of landowners are among the oldest
questions. In economic theory, land is an
essential input factor of production, for agriculture.
And agriculture, is by far, the most important, economic
activity, in pre-industrial societies, with the Advent of
Ation important new uses for land emerge, as sites for
factories, warehouses offices, and urban agglomerations.
Also the value of real property taking the form of man-made
structures and Machinery, increases relative to the value
of land alone, the concept of real property eventually comes
to Encompass, effectively, all forms of tangible, fixed Capital
with the rise of extractive Industries.
Real property comes to Encompass, natural, Capital with
the rise of Tourism. And Leisure, real property comes
Include Scenic and other amenities values starting in the
1960s as part of the emerging field of Law and economics,
economists and legal Scholars began to study the property
rights enjoyed by tenants under the various Estates and the
economic benefits and costs of the various estates this
resulted in a much improved, understanding of the property
rights, enjoyed by tenants under the various Estates these
include the right to decide how a piece of real property.
Is used exclude others from enjoy.
On the property transfer, alienate some or all of these
rights to others on mutually agreeable, terms, nature, and
consequences of transaction costs.
When changing and transferring a States, for an introduction to
the economic analysis of property law, see Chevelle, 2004
and Cooter and Newland 2003 for a collection of related.
Scholarly articles, see, Epstein, 2007, election, 1993
broadens, the economic analysis of Real property with a variety
of facts drawn from history and ethnography.
The lowest School of America, this has been a Creative,
Commons, licensed podcast, the content used in the podcast is
licensed by the Wikimedia Foundation Incorporated under a
Creative Commons attribution/share-alike license.
The text has been modified for audio the content of these
podcasts is for informational purposes only and do not
constitute professional advice. These podcasts are not
associated with the Wikimedia foundation in any context,
the law school of America.