. . . Real Estate Law Lecture Notes: Introduction . . . . ..
. . . . .
Lecture
Notes: Introduction
|
[click
one]
Ownership:
We think
of ownership as a bundle of rights:
-
The chief right is
possession. Possession needn't include actual occupancy, but may be evidenced
by cultivation, enclosure, and construction of improvements. Most important
feature of possession is the right to exclude others, for example, trespassers,
by a legal suit for eviction and damages.
-
Right to use the
land for pleasure or profit.
-
Rights to dispose
of ownership (alienation) by sale, heritance, gift, partition, pledge.
-
Right to permit uses
by others.
All ownership
rights are subject to the sovereign rights of government. (Government can
condemn property for a public purpose, appropriating the land. If the government
condemns the land and takes it, it is required to pay for the land. Landowners
of condemned property can bring the matter to court on the price,but likely
can't prevent the taking. In addition, government can control the use of the
land, through zoning regulations, building codes, and the like. )
Acquiring ownership:
-
Inheritance
and devise: One can inherit land as a beneficiary of a decedent, either
through a will, or by means of intestate succession where there is no
will. A deed is prepared through the probate court.
-
Gift:
One can receive a gift of a deed and ownership of land. The grantor of
the gift wll deliver possession and a signed deed.
-
Contract
and sale: One may sign a purchase contract and buy land under the terms
of the contract. The seller will sign a deed and deliver possession.
-
Adverse
possession: One may obtain legal ownership of land by possessing it adverse
to the interest of the owner of record. Generally statutes will create
the "prescriptive" period of time and the adverse possessor
(or squatter) will have to occupy the land in an open way, not sneaky,
and continuously. (But tacking by one individual on a related individual's
initial adverse possession may be allowed, to make up the entire prescriptive
time.) Frequently the prescriptive period is 20 years, depending on the
state. Note that the adverse possessor is not in legal possession but
is in possession nevertheless, so could exclude others, except the owner,
from the land. After a person becomes the legal owner through adverse
possession, they cannot show documentary proof of ownership. For that,
they will have to file a suit to "quiet title," to prove they
are the legal owner through adverse possession. The judgment would give
them the ability to sign a deed if they ever wanted to sell the property.
Words and Phrases
to Know: alienation, condemnation, appropriation, adverse possession,
prescriptive period, tacking, suit to quiet title.