© 2008 by South-Western, Cengage Learning Chapter 4 Charles J. Jacobus Thomas E. Gillett

© 2008 by South-Western, Cengage Learning Georgia Real Estate An Introduction to the Profession Seventh Edition Chapter 4 Rights and Interests in Land

© 2008 by South-Western, Cengage Learning Exclusive Right to Use of Land Feudal System Allodial System

© 2008 by South-Western, Cengage Learning Government Rights in Land PETE olice Power minent Domain axation scheat

© 2008 by South-Western, Cengage Learning Government Rights in Land Regulation of private property for the safety, health, morals and general welfare of the public.

© 2008 by South-Western, Cengage Learning Government Rights in Land Government’s right to take private property  Public Purpose  Just Compensation Process is condemnation

© 2008 by South-Western, Cengage Learning Government Rights in Land Tax private property

© 2008 by South-Western, Cengage Learning Government Rights in Land If no will or heirs, ownership passes to the government.

© 2008 by South-Western, Cengage Learning Fee Simple Bundle of Rights

© 2008 by South-Western, Cengage Learning Bundle of Property Rights Mortgage Lease Impose covenants or conditions Grant easement Grant license Build or remove structures

© 2008 by South-Western, Cengage Learning Bundle of Property Rights Occupy as residence Use as place of business Farm Mine/drill for oil, etc. Place of recreation

© 2008 by South-Western, Cengage Learning Bundle of Property Rights Maintain privacy Non-trespass Sell or refuse to sell Give Will Abandon

© 2008 by South-Western, Cengage Learning Removing Sticks from the Fee Simple Bundle The fee simple bundle shrinks as an owner voluntarily removes rights. Encumbrances

© 2008 by South-Western, Cengage Learning Easements Grant Reservation Condemnation Necessity Prescription

© 2008 by South-Western, Cengage Learning Easements Easement Appurtenant: 2 properties Servient Estate Dominant Estate Easement in Gross: 1 property Commercial Easement in Gross Personal Easement in Gross

© 2008 by South-Western, Cengage Learning Easements Party Wall Easement Termination of Easements End of necessity Merger Release Abandonment

© 2008 by South-Western, Cengage Learning Commonly Found Easements

© 2008 by South-Western, Cengage Learning Commonly Found Encroachments

© 2008 by South-Western, Cengage Learning Liens Monetary Encumbrance Voluntary vs. Involuntary Special vs. General Lienor vs. Lienee

© 2008 by South-Western, Cengage Learning Liens Types of Liens Property Tax Liens Mechanic’s Liens Perfecting the lien Judgment Lien Mortgage Lien

© 2008 by South-Western, Cengage Learning Qualified Fee Estates Subject to limitations imposed by the Grantor Fee Simple Determinable Estate Fee Simple to Condition Subsequent Fee Simple upon Condition Precedent

© 2008 by South-Western, Cengage Learning Life Estates For the duration of someone's life Ordinary Life Estate: Based on the life of the life tenant Reversion Reservation Life Estate Pur Autre Vie: Based on someone else's life May not commit waste

© 2008 by South-Western, Cengage Learning Statutory Estates Created by state law Dower: Wife’s interest in her husband’s estate Curtesy: Husband’s interest in his wife’s estate Community Property Homestead Protection: protection from judgments

© 2008 by South-Western, Cengage Learning Freehold Estates Ownership Requires actual ownership Indefinite duration

© 2008 by South-Western, Cengage Learning Leasehold Estates Non Ownership Lessee: Tenant Lessor: Landlord Types of Leasehold Estate Estate for Years Periodic Estate Estate at Will Tenancy at Sufferance: Holdover Tenant

© 2008 by South-Western, Cengage Learning Rights and Interests in Land

© 2008 by South-Western, Cengage Learning Overview License: Personal privilege to use land Chattel: Personal Property Chattel Mortgage Common Law vs. Statutory Law

© 2008 by South-Western, Cengage Learning Key Terms Key Terms Chattel Easement Eminent domain Encroachment Encumbrance Estate Fee simple Lien Title