Property Law

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What are the elements of real property

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including the soil on the surface of the earth, all of the water, minerals, oil, and gas contained on or below the surface, and most of the airspace above the surface, fixtures: Buildings and other improvements that are attached to real property in such a way that they take on the characteristics of the real property and become part of that real property.

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Adverse Possession

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Acquiring title to real property byoccupying it openly,without the consent of the owner, for aperiod of time (10years in New York) specified by the applicable state statute. The occupation must be: -10 years(continuous)-open and notorious -hostile-Knowledge ofpossession* (Open, Visible, and Notorious: The possessor mustoccupy the property for the entire world to see); -exclusive -actualIs a way to transferreal property

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Types of concurrent ownership

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Fee Simple Absolute:An ownership interest in realproperty that affords the owner the greatest possibleaggregation of rights, privileges, and power. Only anindividual and his or her heirs can hold a fee simpleabsolute.

Fee Simple Defeasible: An ownership interest in real property that can revert to the grantor of the interest(or his or her heirs or assigns) upon the occurrence or nonoccurrence of a specified event.

Life Estate:An interest in real property that affords the holder all rights of possession and use of land but exists only for the duration of the life of some person, usually the holder of the life estate.

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Survey

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Survey:An assessment of property lines to determine the exact amount of land that ahomeowner owns.

Surveys show any easements.

Plat/map:

another word for survey: Plat Legal description- metes and bounds (N10W)

Lot # of recorded plat: Make sure to be precise must be able to distinguish/identify land being conveyed (county, town, marker, lot, metes and bounds)If there is a deed that doesn't meet that criteria it's void

Survey is an opinion

1. State, county, land district and section

2. Town or village

3. Metes/bounds/lot #

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Easements

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Easements are non-possessory rights to use the property of another owner for a stated purpose. Express easements are written and are usually included in a deed or a will. The creation of an express easement is governed by contract law. In contrast to express easements, implied easements can arise over time as a result of circumstances that exist between the parties and the property. Easements are generally affirmative in nature- thus, they confer the right to use the servient land in some specific manner.

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Licences

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A license grants permission to a third party to use the property for a specific purpose. Unlike an easement, the license granted to the licensee may be revoked at the discretion of the licencor unless the license is set forth in a written contract with a specified termination date. The exception to this rule exists when a licensee makes significant expenditures in reliance on the use granted by the license. In such a case, the license resembles an easement more than a license and can be deemed irrevocable.

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Deed

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A document by which legal title to real property is conveyed.A valid deed must contain:(1) the names of the buyer (grantee) and seller(grantor);(2) words evidencing an intent to convey the property;(3) a legally sufficient description of the land; and(4) the grantor’s signature.

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Types of Deeds

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Warranty Deed:A deed in which the grantor guarantees to the grantee that the grantor has valid,clear title to the property conveyed in the deed.Quitclaim Deed:A deed intended to pass any titles,interest, or claim that the grantor may have in the property but not warranting that such title is valid and/or clear of any encumbrances.