real estate

Water Rights and Trespassing

Discussion of drying lakes due to insufficient rainfall.
Description of a scenario involving a person accessing a liquor store:
- Option to drive 15 minutes to the store or walk across recently exposed land to save 5 minutes.
- Legal clarification of water rights:
- Property owners near water own land only up to the high water mark.
- Land uncovered by receding water is owned by the state.
- The individual can pass over the exposed land but cannot possess or alter it.
Example of legal enforcement regarding trespassing in Michigan:
- A grandmother and grandson dug a hole and built a sand castle on exposed land, resulting in a citation for altering a wetland and a $2,500 fine.
- Emphasizes that passing over is allowed, but alteration of state-owned land is not permitted.

Real estate defined as owning:
- Surface of the land.
- Anything permanently attached, typically includes buildings.
- Removal of any improvement must not cause noticeable loss or damage.
Scenario involving a real estate transaction:
- Buyers excited about a house with high-end fixtures (brass plug plates, crystal lighting).
- After closing, the seller removes these items, leaving the buyer with inferior replacements.
Discussion on legal rights in such scenarios:
- Buyers feel wronged and consider legal action.
- Awareness that attached items (like fixtures) are considered part of the property.
- Emphasizes that removing permanently attached items constitutes theft.
- Importance of real estate agents in resolving disputes.

Specification of items that typically cannot be removed:
- Built-in fixtures like ovens, gas stovetops, dishwashers remain with the property.
- Items such as curtains or shades that are custom made for a specific window must stay.
Example regarding mounted flat-screen TVs:
- The TV can be removed, but the wall mount must remain.

Definition and examples of trade fixtures (items necessary for business operations):
- Common examples include pizza ovens and barber chairs.
- Trade fixtures remain the property of the seller upon selling a commercial property.

Differentiation between types of real estate constructions:
- Stick-built homes (constructed on-site with raw materials).
- Factory-built houses (modular houses, built in factory and transported).
Discussion on mobile homes:
- Classified as non-real estate assets, depreciate annually, akin to vehicles.
- Can become real property if permanently affixed to a parcel of land.

Identifies the two main types of estates:
- Freehold estates (ownership interest).
- Leasehold estates (renting).
Detail on Freehold estates:
- Historical roots in the feudal system.
- Current ownership system based on the allodial system.
- Most common: fee simple absolute estate (100% ownership, easily transferable).
- The term "fee" derives from the concept of being free from the king.

Introduction of the term "defeasible": means ownership can be defeated or revoked.
Explanation of a fee simple defeasible estate:
- Ownership is conditional on specific uses.
- Example: Land granted to a farmer so long as it is farmed; changing the use results in reversion of the property.
- Real-life example involves a school property that must remain as intended (playground/school) due to its original deed.

Introduction to life estates:
- A means to inherit property without capital gains tax implications.
- Complexity involved as it refers to transferring property while retaining some rights.
Discussion of familial discussions regarding property transfers.

Emphasizes the role of the Constitution in property law, particularly regarding zoning power.
Zoning as a significant aspect of police power, impacting property usage rights.