Business Law

Real Property and Land Use Control

land or anything permanently affixed thereto versus fixtures (not real property)

Includes the land (plant & vegetation), airspace (under 400 ft) & subsurface (mineral, oil & natural gas)

Ownership Types: Life Estate

for life of personal only; can’t commit waste

Ownership Types: Tenancy in Common

all share right in whole; doesn’t have to equal

Ownership Types: Joint Tenancy with Right of Survivorship

at death - passes to survivor

Community Property

not recognized in Ohio, but generally property that is acquired during the course of a marriage will be equally divided between the spouses in the event of a divorce

Leasehold Estates

temporary right to possess property

Leasehold Estates: Fixed Term

specified time period

Leasehold Estates: Periodic Term

certain intervals; automatically renews unless terminated

1. under common law, must give one ‘period’s’ notice to terminate the lease.

Non-possessory Rights Easements

granted limited use of property (utilities, driveway for landlocked property) usually not transferrable

2 Ways to create Easements

1. express: created in deed or will

2. Implied - circumstances

2 Types of Easements

1. Appurtenant (adjacent property)

2. In Gross (non-adjacent property)

Non-possessory Rights Profits

right to enter property for the purpose of removing resources

Two types of profits

1. appurtenant

2. in gross

License

revocable right to enter another’s property (ticket to event)

Transfer of Real Property

must be in writing (statute of frauds)

Warranty

1. Habitability - must disclose known hidden defects

2. Stigmatized property - suicide, murder, ghosts

Warranty Deeds

providing good title to buyers

Quitclaim Deed

only providing what you have; no warranty

Adverse Possession

obtain title without deed

Requirements for adverse possession

open and notorious, actual possession, continuous, hostile, and adverse

eminent domain

government can take property with fair payment but only if for public use

limitation of property rights: zoning laws

usage (commercial, residential, industrial, conservation, nuisance, environmental, taxes

Zoning Laws Variances

exceptions to zoning laws

Zoning Laws Special Permits

office in residential area

Zoning Laws Restrictive Covenants

private restriction on use of land (use, home color, pets, fences)