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ECU FINA 2244 - Chapter 8 Outline

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CHAPTER 8Real and Personal PropertyI. Real Property Pg. 194A. Definitions: 1. Property: Expectation legally protected for own advantage and control, others cannon control2. real property: Land attached or under. Personal refers to your goods. Intellectual- intangible 3. property interestB. Elements of Real Property Law1. Deeds: Writings that transfer ownership from person to persona. characteristics of deeds: Identification of original owner grand tour and new owner grand te, description of the land, conditions of transfer, ownership is being transferred b. quitclaim deed: interest of the sellerc. general warranty deed: Sellers interest and promising good clear title to the property vs. special warranty deed: Property is not offering any promises or warranty prior to ownership2. Title: Formal write of ownership, right to possess and control property, enjoy, exclude. Clear title- sole ownership. Title search prior to and title insurance Pg. 194-1953. Estates: Interest in landa. fee simple: Right to an exclusive possession for an indefinite time and can dispose of the land how you would likeb. fee simple limitations: Extends to the center of the Earth4. Forms of ownership Pg. 196a. tenancy in common: Each tenant has an undivided interest in the property. If cannot be agreed upon, may be sold by court order, If somebody passes away, their heirs inherit the portionb. joint tenancy: Purchase of property by two or more people withthe same interest in undivided possession, married people, rightof survivorship, if somebody passes away the other owner absorbs ownershipc. life estate: An Individual can be a tenant for life, elderly individual, when they pass away, others take possessiond. trusts: Owning property that separates legal ownership: on paper from beneficial ownership: receiving the benefit of some property, property is placed in the trust and the trustee has ownership and makes decisions. The trustee owes fiduciary duties- honestly and loyalty and acts for the beneficiary. 5. Servitudes: Limitations or requirements on the use of property that come with the property. Pg. 197a. Definitionb. Easements: give a right to inner land owned by another, can be permanent or for a set timei. Positive: Can go on property for certain purposes, EX crossing the landii. Negative: Giving up a right, EX: giving up plantsiii. Profits: Right to remove something of value from the property: Rudy or Emeralds iv. easement by prescription: Legally recognized, repetitive use of somebody else’s property without permission v. adverse possession: Use of someone else’s land that can lead to ownership Pg. 199a. conditions: Actual possession, open and visible, hostile without permission of owner, exclusive not shared with others, continuous not interrupted 20 years in NC. Use it or lose itb. Moranc. Covenants: Contract, binding obligation that goes with property, transferred to a new owner, must abide by rules, Subdivisions, they are light contracts in nature – Thayer Pg. 200-2016. Landlords and Tenants Pg. 202a. Who is a tenant? Party with possessive rights for a fixed time, signed leaseb. What is a lease? An agreement with a leasehold of an estate and contains conditions of possessionc. What must a lease contain? Identifes parties, describes what is being leased, length of time, rent, and any rules or expectationsd. Rights of a tenant: Possession, right to keep others oute. Rights of a landlord: Right to enter to make repairs, if fails to do so- constructive eviction f. Constructive eviction: Landlord fails to make repairs, condition that lingers that are unfit, breech of the lease, g. Duties of a tenant: Duty to pay rent, not abuse property, not commit waste and destruction of valuable property of the estate h. Commercial leases: More complex with terms, shell building. Gray shell- without interior finish, vanilla- finished interior but must be modified, mustbe clear who pays, specific financial, late charges - Nielsen: Pg. 203C. Public Control of Real Property1. Eminent domain Pg. 206a. Definition: Governments power to take private property for public use without owners consent. Governmentis our Sovereign. Cannot be taken without just compensation. Can be used if it is used for economic use. b. Fifth Amendment protection: Police powers to protect and promote the general welfare. Government must show ration reasoning. EX: Zoning-building height and size, population size limitc. Eminent domain to benefit private parties 2. Police powers Pg. 207 a. compensation for reduction in property value: No, Promote and protect general welfare. Government must show rational evidence b. zoning: Land control, height and size limit, population size etc. c. Saadala: D. Torts Against Property Pg. 2091. trespass to land: Unauthorized access. Assisting somebody in danger. If you were injured on the property you do not receive compensation - Kulig2. nuisancea. public: Unreasonable interference with a right held in common by the general public b. Sowers Pg. 213c. Private: Substantially interfers with the use and enjoyment of landII. Personal PropertyA. What is personal property? Goods and Chattels, IPod and carB. Torts Against Personal Property1. Trespass to personal property: Any intentional interference with somebody else’s stuff2. Conversion: Intention and unlawful control of somebody else’s property that interferes with the owns right that it involves payment. Depends on extent of control, timeframe, and if there isdamage or inconvenience to the ownerIII. Torts Against Property Owners Pg. 213A. Premises Liability: NC you owe reasonable care to lawful visitors, not trespassers. 1. DiPietro: Child injured on turf, no2. Erichsen: Beaten and robbed in a parking lot, store not ensure to criminal activity but has reasonable care B. NC Premises Liability: you owe a duty of reasonable care toward all lawful(non-trespassing) visitors to your property, whether they are customers or personal guests. Generally true in most


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