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Chapter 7 Real Estate Property Rights, Fixtures and Ownership. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner. Major Topics. What is real property? Legal methods of Property description Holding title to the real property Property owner rights

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chapter 7 real estate property rights fixtures and ownership
Chapter 7Real Estate Property Rights, Fixtures and Ownership

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

major topics
Major Topics
  • What is real property?
  • Legal methods of Property description
  • Holding title to the real property
  • Property owner rights
    • Surface, Water, Air
    • Duration of ownership
    • Fixtures
    • Subsurface
  • Forms of ownership

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

real property includes more than just land
Real Property Includes More Than Just Land
  • Surface of Land
  • Attachments to that surface
  • Area beneath surface
  • Rights in the air

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

water rights
Water Rights
  • Riparian System
  • Doctrine of prior appropriation
  • The state owns the land ownership of land located beneath the river

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

fixtures
Fixtures
  • Items that are attached to real property and have become integral part of the building’s function
  • An item classified as fixture is transferred as part of real property
  • Determining whether an item is a fixture or not:
    • Intent
    • Attachment
    • Uniqueness or adaptation to the property
    • Ownership

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

subsurface rights
Subsurface Rights
  • Mineral Rights
  • Oil and Gas

Air Rights

Right to Light

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

legal description necessary for transfer of property
Legal Description Necessary for Transfer of Property
  • Importance of legal descriptions
  • Metes and Bounds System
  • Rectangular Survey System
  • Plat Maps and Survey
  • G.P.S.

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

metes and bounds
Metes and Bounds

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

rectangular survey system
Rectangular Survey System

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

plat maps and survey
Plat Maps and Survey
  • Most common in major urban areas, esp. residential
  • A survey is done to establish the proposed land development
  • The general shape of the lot is drawn on the plat map
  • The Plat map is typically recorded in the local county courthouse and a book and plat number assigned

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

plat map illustrated
Plat Map Illustrated

1

2

3

4

5

Casey Hambleton Lane

120.9’

175.5’

175.8’

8

9

10

6

7

120.6’

For Apple Orchid Plat #389 Book# 210 Page 17

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

geographic positioning systems
Geographic Positioning Systems
  • Latitudes and Longitudes
  • G.P.S. (Global Positioning System) accuracy of 2 feet

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

the freehold estates
The Freehold Estates
  • Fee simple or Fee simple absolute
  • Fee simple determinable
  • Fee simple subject to a condition subsequent
  • Fee simple defensibles
  • Life estate
    • Tax benefits

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

co ownership business ownership
Co-Ownership & Business Ownership
  • Tenants in common
  • Joint tenancy
  • Tenancy by the entirety
  • Community Property
  • Trust
  • Multi-Unit Ownership
    • Condominiums and Landominiums
    • Cooperative
    • Townhouses or Landominiums
    • Time Sharing
  • Business (Investors):
    • General Partnerships
    • Limited Partnerships
    • Corporations and S-Cooperations
    • Limited Liability Corporations
    • Real Estate Investment Trusts

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

tenancies in common
Tenancies in Common
  • ‘Tenants in common’ hold title together to same property
  • Each has an individual interest in the property

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

joint tenancies
Joint Tenancies
  • Four unities of a joint tenancy:
    • Time, Title, Interest & Possession
  • Joint tenants must own equal shares
  • Joint tenants must have equal right of possession

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

tenancy by the entirety
Tenancy by the Entirety
  • A joint tenancy with one additional unity: Marriage
  • A tenancy by the entirety with right of survivorship between husband and wife
  • Not recognized by all states of U.S.

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

community property
Community Property
  • A system of marital property ownership (Spanish origin)
  • Both spouses contribute equally to the benefit of the property as “community property”

Trust

  • Three-party arrangement in which legal and equitable title to property are separated
  • Owner (trustor) transfers title to trustee with the responsibility of administering the property and distributing income to the beneficiaries of the trust

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

condominiums
Condominiums
  • A condominium owner holds a ‘fee simple’ interest in the unit he/she occupies
  • Right to sell, lease, mortgage and convey by will the condominium interest
  • When the development includes separate fee simple ownership of lots upon which the condominium unit is placed and also shared common areas, the it is referred as “landominium”
    • Created by CCR

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

cooperatives
Cooperatives
  • The dwellers of a multi-housing own an undivided interest in their unit through their ownership of a corporation (shares) that owns the entire land and building
  • Cooperative affords existing owners more control over the transfer of the units

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

time sharing properties
Time-Sharing Properties
  • A time share interest in real property for a limited duration at a fixed time each year (recreational lease)
  • Most commonly seen in resort areas to allow the exclusive use of the premises for vacational purposes

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

general partnerships
General Partnerships
  • Partnership (UPA): “voluntary association of two or more persons as co-owners in a business for profit”
  • Partnership (IRS): “a syndicate, group, pool, joint venture, or other unincorporated association”

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

limited partnerships
Limited Partnerships
  • At least one partner has full and complete liability and is known as “general partner”
  • Liability of other “limited partners” is limited to their capital contribution to the partnership

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

corporations
Corporations
  • A corporation is a non-human entity with permanent legal existence and is owned by individual investors

S Corporation

  • Internal Revenue Code permits slight variation on the “double taxation” by flowing its income and losses through its shareholders

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

limited liability companies llc
Limited Liability Companies (LLC)
  • A statutorily-created entity offering limited liability of corporation and flow-through advantage of partnership
  • Pays no federal taxes on its income. All income and losses flow through owners (members/shareholders)

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

reits
REITs
  • Real Estate Investment Trust: A statutory entity that permits investors to hold diversified real estate holdings by being beneficiaries in a trust
  • REITs might be “public” or “private”

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

non possessory interests in land
Non-Possessory Interests in Land
  • Easements
  • Profits
  • License
  • Security
  • Liens
  • Covenants and Deed Restrictions

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

easements
Easements

“A right to another’s property”

  • Easement appurtenant
  • Easement in gross
  • Express easement
  • Implied easement (or Easement by necessity)
  • Easement by prescription

road

Easement across A

Water

Servient

Tenement A

Dominant

Tenement B

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner