Presentation on theme: "CHAPTER 2: PROPERTY RIGHTS AND LEGAL DESCRIPTIONS LEGAL FORMS OF LAND DESCRIPTION FORMS OF CO-OWNERSHIP."— Presentation transcript:
1CHAPTER 2: PROPERTY RIGHTS AND LEGAL DESCRIPTIONS LEGAL FORMS OF LAND DESCRIPTION FORMS OF CO-OWNERSHIP
2Legal Forms of Land Description Metes and BoundsSubdivision Plat Lot and Block NumberGovernment Rectangular Survey
3Methods of Land Description: Metes and Bounds Metes=distances and bounds=boundariesUsed for surveying land in the original 13 colonies and to describe irregular parcels of land originally described by rectangular survey.The beginning point is marked by a monument (natural or artificial) and may also point out one or two other markers as a means of triangulation.
4Methods of Land Description: Metes and Bounds A sequence of directed distances:Compass directed “walk around property”Establishing point of beginning is criticalOldest form of acceptable land descriptionMost flexible formMost difficult to interpretShould be made or interpreted only by surveyors
6Methods of Land Description: Subdivision Plat Lot and Block Number Subdivision survey map in public records identifies lot by block and lot numberLot and block number sufficient to describe parcelDominant form of urban land descriptionMap shows numerous features
8Methods of Land Description: Government Rectangular Survey Employed in most states to describe rural and suburban land with major exceptions being the 13 original colonies along with Hawaii and TexasSurveying with this system began in 1785 by direction of Congress and falls under the responsibilities of the Bureau of Land Management and Department of the Interior.Surveyors were instructed to locate and mark by monuments a series of 35 points.To date, 1.5 billion acres have been surveyed from the Florida Keys to Point Barrow, Alaska and East Liverpool, Ohio to San Diego with 2.6 million section corners marked.
9Methods of Land Description: Government Rectangular Survey Basic reference pointsBaselinePrincipal meridianMeasures of distanceRange lines (east and west boundaries of a township - numbered consecutively from the principal meridian)Tier lines (north and south boundaries of a township)UnitsTownship - six mile square (can be squarely oriented north-south or can be six miles square but not both)Section - a one mile square with 36 sections in a townshipCheck - a 24 mile square composed of 16 townships - used to correct for the expansion of the southern boundaries
10Baselines and Principal Meridians of the United States
12Tallahassee Jacksonville Township: Range 27 E, Tier 24 S Orlando Tallahassee Principal MeridianTallahasseeR26E2721WT 2 NJacksonvilleBase LineT 1 NT 1 ST 2 STownship:Range 27 E,Tier 24 SR2E1WOrlando612345789111012181314151617192021222324252627282930313233343536T 24 ST 23 SNW 1/4of NE 1/4NW1/4SWSE
14Other Forms of Land Description Reference to documents other than mapsInformal referenceAssessor’s parcel numberNote that these are NOT legal forms of land description
15Advances in SurveyingThe development of Global Positioning system in the 1980s for the military and its eventual civilian use has changed the nature of the way we navigate, create maps, and describe land.Descriptions of land boundaries can be much more precise due to GPS technology but can also initiate more disputes over land boundaries
16Forms of OwnershipSole ownership (estate in severalty)Tenants in commonJoint tenancyCommunity propertyPartnershipCorporation
17Advantages of Sole Ownership FlexibilityNo sharing of profits
18Disadvantages of Sole Ownership Capital intensiveNo shared expertise in decisionsFull responsibility and liability
19Tenants in CommonEach owner has an undivided interest in the whole property.Each owner’s interest does not have to be the same size.Each owner can independently sell, mortgage, give away, or dispose his individual interest.Tenancy in common is established in the deed by naming co-owners as tenant in common.Each co-owner is responsible for his proportionate share of property taxes, repairs, upkeep, etc.If a co-owner dies, his interest passes to his heirs or named devisees.No right of survivorship (the remaining co-owners do not acquire the deceased’s interest unless they are named in the will).
20Three owners with unity of possession Tenants in CommonTenants in CommonOne parcel of land;Three owners with unity of possessionCABWhat happens if C dies?C’s heirsBA
21Joint TenancyRight of survivorship - when one joint tenant dies, his rights to the property are extinguished and the other joint tenants are left as owners.Four unities must be present:Unity of time - joint tenancy must be created simultaneouslyUnity of title - joint tenants acquire their interests from the same source (ex. Same deed or will)Unity of interest - joint tenants own one interest together and each joint tenant has exactly the same rightsUnity of possession - all joint tenants have use of the entire property, and no individual owns a particular part of it (Note: unity of possession is the only unity essential to tenancy in common)
22Three owners, four unities (PITT): Possession, Interest, Time, Title Joint TenancyJoint Tenancy with Right of SurvivorshipABCOne parcel of land;Three owners, four unities (PITT):Possession, Interest, Time, TitleIf C dies?CAB
23Co-ownership in Marriage Tenancy by the EntiretyCommunity PropertySeparate PropertyNote: in the event of divorce, these forms of ownership convert to tenancy in common.
24Advantages of Tenancy by the Entirety Protects one spouse from conveying or mortgaging the couple’s property without the knowledge of the otherProvides some protection against forced sale of property to satisfy a debt judgment against one of the spousesFeatures an automatic right of survivorship
25Disadvantages of Tenancy by the Entirety Provides for no one except the surviving spouseMay create tax problemsDoes not replace the need for a will to direct how the couple’s personal property should be disposed
26Community PropertyTen states recognize community property (comes from Spanish and French laws)Spouses contribute equally and jointly to the marriage and should share equally in any property purchased during the marriage.Each spouse can name in his or her will the person to receive his or her 1/2 interest. It does not have to go to the remaining spouse but does in most cases by default if no other heir is stated.
27Separate PropertyProperty owned before marriage and property inherited after marriage by gift, inheritance, or purchase with separate funds is known as separate property and is exempted from community property.
28Other Forms of Ownership PartnershipCorporationTrust