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Interests in Real Estate. Limitations on the Rights of Ownership Police Power Eminent Domain Taxation Escheat Police Power Eminent Domain Taxation Escheat.

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Presentation on theme: "Interests in Real Estate. Limitations on the Rights of Ownership Police Power Eminent Domain Taxation Escheat Police Power Eminent Domain Taxation Escheat."— Presentation transcript:

1 Interests in Real Estate

2 Limitations on the Rights of Ownership Police Power Eminent Domain Taxation Escheat Police Power Eminent Domain Taxation Escheat

3 Estates in Land An estate in land defines the degree, quantity, nature, and extent of an owner’s interest in real property. Freehold and leasehold estates An estate in land defines the degree, quantity, nature, and extent of an owner’s interest in real property. Freehold and leasehold estates

4 Fee simple estate Fee simple defeasible Life estate grantor life tenant remainderman Remainder vs. reversion Legal life estate – established by state law lower, curtesy, and homestead Fee simple estate Fee simple defeasible Life estate grantor life tenant remainderman Remainder vs. reversion Legal life estate – established by state law lower, curtesy, and homestead

5 Encumbrances (non-governmental) Liens Deed restrictions Easements – right to use the land of another for a particular purpose appurtenant easement easement in gross Creating an easement – see book Liens Deed restrictions Easements – right to use the land of another for a particular purpose appurtenant easement easement in gross Creating an easement – see book

6 Party wall easement Easement by necessity Easement by prescription tacking – see book Easement by condemnation – gained through right of eminent domain Terminating an easement – see book Party wall easement Easement by necessity Easement by prescription tacking – see book Easement by condemnation – gained through right of eminent domain Terminating an easement – see book

7 License Encroachment – if you don’t do something about the problem then an easement by prescription may be established. License Encroachment – if you don’t do something about the problem then an easement by prescription may be established.

8 Water Rights Riparian rights – applies to rivers, streams, etc. Littoral rights – applies to lakes, oceans, etc. See the book for important points Accretion, erosion, and avulsion Doctrine of prior appropriation Riparian rights – applies to rivers, streams, etc. Littoral rights – applies to lakes, oceans, etc. See the book for important points Accretion, erosion, and avulsion Doctrine of prior appropriation

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