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Property Law Essentials
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Real Property
Real Property refers to immovable property such as land and structures attached to the land. Its ownership rights are of primary concern in property law.
Personal Property
Personal Property encompasses all types of assets other than real estate which can include both tangible objects, like cars, and intangible rights, like stocks and bonds.
Easement
An Easement is a non-possessory right to use and/or enter onto the real property of another without possessing it.
Fee Simple Absolute
A Fee Simple Absolute is the most extensive interest in land that one can possess, involving both ownership and the right to use the property without limitations.
Life Estate
A Life Estate is an interest in real property that lasts for the duration of an individual's life but cannot be inherited.
Tenancy in Common
Tenancy in Common is a form of joint possession where each co-owner has a distinct, undivided interest in property which is not necessarily equal in size.
Joint Tenancy
Joint Tenancy is a form of co-ownership where each party owns the property equally with the right of survivorship, meaning when one owner dies, ownership passes to the surviving owner(s).
Tenancy by the Entirety
Tenancy by the Entirety is a special form of joint tenancy between spouses that protects the property from creditors of one spouse.
Adverse Possession
Adverse Possession allows a trespasser to obtain legal title to land after continuous and notorious possession for a statutory period under certain conditions.
Eminent Domain
Eminent Domain is the power of the state or a state agency to take private property for public use with due compensation.
Condemnation
Condemnation is the legal process by which the government exercises its power of eminent domain to acquire private property for public use.
Covenant
A Covenant is a written agreement or promise between parties that involves obligations to do or refrain from doing something with property, and it can be binding on future owners.
Liens
A Lien is a legal right or interest that a lender or creditor has in another's property, usually as security for a debt.
Zoning
Zoning refers to laws that divide cities or counties into different areas according to permitted uses, height, density, and type of buildings.
Estate in Land
An Estate in Land represents the degree, quantity, nature, and extent of an individual's rights in real property.
Quiet Title Action
A Quiet Title Action is a lawsuit filed to establish ownership of real property and eliminate any challenges or claims to the title.
Encumbrance
An Encumbrance is a claim, lien, charge, or liability attached to and binding real property that may lessen its value or burden or obstruct the use of the property.
Bailment
A Bailment is the delivery of personal property by one person (bailor) to another (bailee) who holds the property for a certain purpose under an express or implied-in-fact contract.
Deed
A Deed is a legal document that passes, affirms, or confirms an interest, right, or property and is signed, attested, delivered, and in some states sealed.
Warranty Deed
A Warranty Deed is a deed that guarantees a clear title to the buyer of real property, ensuring that there are no liens or encumbrances against the title.
Quitclaim Deed
A Quitclaim Deed transfers only that interest in real property which the grantor actually has, without any representation, warranty, or implication that the title is clear.
Constructive Eviction
Constructive Eviction occurs when a landlord's significant interference or failure to perform a duty under the tenant's lease results in premises that are unfit for the intended use.
Assignment
An Assignment in property law is the transfer of rights or interests in a property or contract to another party.
Sublease
A Sublease occurs when a tenant leases out a portion or all of their leased space to another party, creating a new tenant-landlord relationship while the original lease remains in effect.
Fixture
A Fixture is personal property that becomes real property when attached in a permanent manner to real estate, such as a new heating system or built-in cabinets.
Bundle of Rights
The Bundle of Rights is a common metaphor to explain the complexities of property ownership, which includes the right to possess, use, exclude, profit from, and dispose of the property.
Rule Against Perpetuities
The Rule Against Perpetuities is a legal doctrine that prevents the creation of interests in property that last for an indefinite, or excessively long, period of time.
Marketable Title
A Marketable Title is a title to real property that is free of any encumbrances or legal questions that might cast doubt on its validity or impair its transfer.
Servitude
A Servitude is a legal right granted to use the property of another for a specific purpose, such as a right of way or utility easement.
Riparian Rights
Riparian Rights are the rights of landowners whose land is adjacent to a body of water, such as a river or stream, to make reasonable use of the water.
Littoral Rights
Littoral Rights are similar to riparian rights, but they relate to the use and enjoyment of property abutting an ocean, sea, or lake rather than a river or stream.
Chattel
Chattel refers to personal property that is movable, such as household goods, vehicles, and jewelry, as opposed to immovable property like land.
Trespass
Trespass is the unlawful entry onto the land of another. This can include causing an object or substance to enter the land, and does not require any damage to be actionable.
Nuisance
Nuisance is a situation in which the right of an owner to enjoy their property is adversely affected by unreasonable use of a neighboring property, for example, by noise or pollution.
Dominant Estate
Dominant Estate refers to the property that benefits from an easement, as opposed to the Servient Estate which is the property over which the easement runs.
Servient Estate
Servient Estate refers to the property on which an easement is placed for the benefit of another property (the Dominant Estate).
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