Property Recap

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18 Terms

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Right to Exclude

The inherent right of a property owner to exclude anyone or anything from their property.

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Right by Occupancy

The right that exists as long as a person retains actual possession of the property, allowing for a reasonable time to arrange for transportation of the property.

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Right to Use

The right of a property owner to use their property in any manner they see fit.

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Ad Coelum Doctrine

A common law rule stating that a landowner owns everything above and below the surface of their land.

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Rule of Capture

The principle that ownership of unowned property is awarded to the first possessor, often applied in cases of water, oil, gas, and ocean fishing rights.

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Law of Finders

The principle that the finder of lost property may keep it until the true owner reclaims it, with the finder potentially receiving a reward.

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Gift

A transfer of personal property that requires donative intent, delivery to the donee, and acceptance by the donee.

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Adverse Possession

A legal concept where if a trespasser openly, continuously, exclusively, and adversely possesses a property for a statutory period, they may gain legal title to it.

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Tenancy in Common

Co-ownership of property where each owner has the right to sell, lease, or encumber their share without permission from other co-owners.

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Joint Tenancy

Co-ownership with the right of survivorship, where the interest of a deceased co-owner is automatically absorbed by the surviving co-owner.

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Metes and Bounds

A method of describing land boundaries using compass headings and distance measurements, satisfying the statute of frauds if it ends where it starts.

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Exceptions to the Statute of Frauds

Court may order specific performance if purchaser partly performed, based on detrimental reliance and evidence of an agreement substituting a written one.

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Marketable Title

Seller must provide a title reasonably free from doubt, with an express or implied obligation to deliver it at closing.

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Equitable Conversion

Buyer is considered the equitable owner of the property after an enforceable sale contract, with the seller having the right to be paid the purchase price.

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Constructive Eviction

Landlord's actions render premises untenable, leading to lease termination and relief from rent, requiring substantial interference, notification, vacating, and breach of lease promise.

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Implied Warrant of Habitability

Landlord's promise to maintain premises in livable condition, different from quiet enjoyment, and violation may render the property uninhabitable.

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Recording Statutes

Race, notice, and race-notice statutes determine priority of title based on recording claims, with a bona fide purchaser having certain protections.

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Deeds

Merger Doctrine states contract merges into deed, Quitclaim contains no title promises, and Warranty Deeds offer present and future warranties for the grantee.