1. Ownership and Transfer of Real Property Chapter 17

2. What is Real Property? Land, buildings or fixtures (any personal property permanently attached to the land or building)

3. Real Property Rights Surface rights – right to occupy land and develop/build on it Air space rights – right to air space above the land

4. Real Property Rights Mineral rights – right to dig or mine earth beneath Water rights – right to water on the surface or under the ground

5. Limitations on Ownership Easements – irrevocable rights to some limited use of another’s land/property  Ex. Drive/walk across land, bury water/sewer lines, hang power lines

6. Limitations on Ownership Restrictive covenants – a promise that limits use of the land in some way  Ex. Promise not to tear something down, build certain things, etc.

7. Limitations on Ownership Zoning ordinances – regulates residential, business and industrial districts

8. Limitations on Ownership Duties owed to entrants on land  Trespassers – duty to refrain from intentional harm  Attractive nuisance – something of attraction; could be held strictly liable if not maintained correctly (ie. swimming pool)

9. Transfer of Ownership Deed – legal document used to transfer ownership (like title to a car)

10. Ways to Transfer/Acquire Property 1. Gift, sale, or inheritance 2. Adverse Possession * Continuous possession/occupancy openly for such a length of time that it becomes yours  between 5 to 21 years, depending on state law

11. Ways to Transfer/Acquire Property 3. Dedication – giving real property to the government 4. Eminent Domain – power of the government to take private property for public use  Owner must be given fair market value  Use for highways, airports, parks or schools

12. Leasing Real Property Chapter 17-2

13. A lease is an agreement in which one party receives temporary possession of another’s real property in exchange for rent/consideration What can you lease? Real Property Equipment Cars

14. Relationships in Real Property Leasing Landlord – lessor (receives consideration) Tenant – lessee (receives possession)

15. Periodic Tenancy - when lease is for renewable periods (rent is due at specific intervals) Tenancy for Years – leasehold for a definite period of time

16. Tenancy at Sufferance – when a tenant remains in possession of property after the lease expires Tenancy at Will – possession of property with permission but without formal agreement

17. Statute of Frauds In most states, leases for greater than 12 months must be in writing to be enforceable Just like any other contract, oral leases can be enforceable in court!

18. Tenant’s Rights 1. Right of Possession  Eviction occurs when the landlord strips the tenant of this right  Constructive Eviction can be claimed by the tenant if the landlord has failed to perform certain duties

19. How can eviction occur? Non-payment of rent Expiration of lease Nuisance Destruction or misuse of property

20. 2. Right to use property 3. Right to assign the lease or sublet (in some cases, landlord may choose to revoke this right)  Sublet - Lease all or part of property to 3 rd party (original tenant remains liable)  Assign the lease – give up ALL rights to the lease and property

21. Tenant’s Duties 1. Duty to pay rent 2. Duty to take care of property 3. Tort’s duties (duty of care to those who enter property)

22. Landlord’s Duties 1. Duty to provide a habitable premises 2. Duty to inspect property At reasonable times and With prior notification

23. Landlord’s Duties 3. Duty to conform to governmental requirements Warranty of Habitability – required conditions of a property must be met (pg. 311) Fair Housing Act – illegal to discriminate against a possible tenant (pg. 312)