Property Rights

1
Property Rights Legal Descriptions

• Dr. Jim Burton
• Marketing Real Estate
• Richards College of Business

2
Overview

• Real property vs. personal property
• Physical division of property rights
• Estates in land
• Ownership forms
• Legal descriptions

3
Real property vs. personal property

• Real property land attachments
• Personal property
• Fixtures
• Intent of parties
• Manner of attachment
• Adaptability

4
Physical division of property rights

• Surface rights
• Mineral rights
• Air rights
• Water rights

5
Estates in land

• Freehold
• Fee simple
• Qualified or conditional
• Life estate
• Leasehold
• Tenancy for stated period
• Tenancy from period to period
• Tenant at will
• Tenant at sufferance

6
Concurrent Estates

• Tenants in common-undivided
• Joint tenancy-right of survivorship
• Tenancy by the entirety-husband wife
• Community property-marital property

7
Ownership Forms

• Condominium
• Cooperative
• Time-shares

8
Legal Descriptions

• Metes bounds
• Lot block-recorded plats
• Rectangular or government survey