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Chapter 4Chapter 4

Charles J.Jacobus

Thomas E.Gillett

© 2008 by South-Western, Cengage Learning

Georgia Real EstateGeorgia Real EstateAn Introduction to the ProfessionAn Introduction to the Profession

Seventh EditionSeventh Edition

Chapter 4Chapter 4

Rights and Interests in LandRights and Interests in Land

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Exclusive Right to Use of LandExclusive Right to Use of Land

Feudal SystemFeudal System Allodial SystemAllodial System

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Government Rights in LandGovernment Rights in Land

PPEETTEE

olice Powerolice Powerminentminent DomainDomainaxationaxationscheatscheat

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Government Rights in LandGovernment Rights in Land

Regulation of private property for the safety, health, morals and general welfare of the public.

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Government Rights in LandGovernment Rights in Land

Government’s right to take private property

Public Purpose

Just Compensation

Process is condemnation

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Government Rights in LandGovernment Rights in Land

Tax private property

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Government Rights in LandGovernment Rights in Land

If no will or heirs, If no will or heirs,

ownership passes to the government.ownership passes to the government.

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Fee Simple Bundle of RightsFee Simple Bundle of Rights

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Bundle of Property RightsBundle of Property Rights

MortgageLease

Impose covenants or conditionsGrant easement

Grant licenseBuild or remove structures

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Bundle of Property RightsBundle of Property Rights

Occupy as residenceUse as place of business

FarmMine/drill for oil, etc.

Place of recreation

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Bundle of Property RightsBundle of Property Rights

Maintain privacyNon-trespass

Sell or refuse to sellGiveWill

Abandon

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Removing Sticks from the Fee Removing Sticks from the Fee Simple BundleSimple Bundle

The fee simple bundle shrinks as an owner voluntarily removes rights.

EncumbrancesEncumbrances

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EasementsEasements

Grant

Reservation

Condemnation

Necessity

Prescription

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EasementsEasementsEasement Appurtenant: 2 properties

Servient Estate

Dominant Estate

Easement in Gross: 1 propertyCommercial Easement in Gross

Personal Easement in Gross

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EasementsEasementsParty Wall Easement

Termination of EasementsEnd of necessity

Merger

Release

Abandonment

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Commonly Found EasementsCommonly Found Easements

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Commonly Found EncroachmentsCommonly Found Encroachments

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LiensLiens

Monetary Encumbrance Voluntary vs. Involuntary

Special vs. General

Lienor vs. Lienee

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LiensLiens

Types of LiensProperty Tax Liens

Mechanic’s Liens

Perfecting the lien

Judgment Lien

Mortgage Lien

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Qualified Fee EstatesQualified Fee Estates

Subject to limitations imposed by the Grantor

Fee Simple Determinable Estate

Fee Simple to Condition Subsequent

Fee Simple upon Condition Precedent

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Life EstatesLife Estates

For the duration of someone's lifeOrdinary Life Estate: Based on the life of the life tenant

Reversion

Reservation

Life Estate Pur Autre Vie: Based on someone else's life

May not commit waste

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Statutory EstatesStatutory Estates

Created by state lawDower: Wife’s interest in her husband’s estate

Curtesy: Husband’s interest in his wife’s estate

Community Property

Homestead Protection: protection from judgments

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Freehold EstatesFreehold Estates

OwnershipRequires actual ownership

Indefinite duration

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Leasehold EstatesLeasehold Estates

Non OwnershipLessee: Tenant

Lessor: Landlord

Types of Leasehold EstateEstate for Years

Periodic Estate

Estate at Will

Tenancy at Sufferance: Holdover Tenant

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Rights and Interests in LandRights and Interests in Land

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OverviewOverview

License: Personal privilege to use land

Chattel: Personal PropertyChattel Mortgage

Common Law vs. Statutory Law

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Key TermsKey Terms

Chattel

Easement

Eminent domain

Encroachment

Encumbrance

Estate

Fee simple

Lien

Title