Chapter 1 – Introduction to Real Estate

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Presentation transcript:

Chapter 1 – Introduction to Real Estate Real Estate Law Chapter 1 – Introduction to Real Estate

What is property? Your “stuff” is your property But property is more than just stuff More important – the rights associated with stuff Right to use Right to modify Right to sell Right to give away Right to leave in will Right to profits Copyright © 2016 Wm. Bruce Davis. All rights reserved.

Bundle of rights Think of property as a bundle of rights It is the rights that are the property It is impossible to list all of the rights Eg – oil beneath the property was once considered a defect Some rights are created by transactions More on this later Copyright © 2016 Wm. Bruce Davis. All rights reserved.

Bundle of rights, II The bundle can be divided and transferred to others Tenant - landlord Tenant receives some rights Right to be there Right to exclude others Right to quiet enjoyment (whatever that is) Etc. Landlord retains some rights Right to receive rent Right to sell property Right to leave in will Copyright © 2016 Wm. Bruce Davis. All rights reserved.

Ownership = holding all available rights If you completely own property, you have all of the available rights There is one very special right in the bundle that you can never have This right is held by the “king” (the government) The king “always” has had this right Copyright © 2016 Wm. Bruce Davis. All rights reserved.

Master Stick I refer to this right as the “Master Stick” in the bundle It is this stick that gives the government powers over your property that always exist Tax the property Limit what can be done with the property Force a sale to the government (eminent domain) Etc. Copyright © 2016 Wm. Bruce Davis. All rights reserved.

How did the government get the master stick? In essence, it always had it and retained it In Ohio, land was transferred to individual owners from the federal government Much of Ohio lands were transferred as payment for services rendered during the Revolutionary War These transfers did not include rights associated with the master stick Roots in the Battle of Hastings, 1066 Copyright © 2016 Wm. Bruce Davis. All rights reserved.

Real v. Personal Property Real property Dirt and everything more less permanently attached to it Land Buildings Trees Etc. Personal property Everything else Copyright © 2016 Wm. Bruce Davis. All rights reserved.

Language Real Property Personal Property Realty Real Estate Land Often just “property” Personal Property Personalty Chattels Copyright © 2016 Wm. Bruce Davis. All rights reserved.

Fixtures Real property includes things that are more or less permanently attached to dirt These are called Fixtures A fixture is something that was once personalty that has become realty Many people (including realtors) misunderstand fixtures Copyright © 2016 Wm. Bruce Davis. All rights reserved.

The full set of PowerPoint slides is available upon adoption The full set of PowerPoint slides is available upon adoption. Email bhall@cap-press.com for more information. Copyright © 2016 Wm. Bruce Davis. All rights reserved.