Such interests include all equitable interests over land, covering equitable easements and mortgages, restrictive covenants, interests behind a trust and estate contracts. There are possessory types of interests and non-possessory types of interests. Mary would like to lease the property to Jack, who wants to farm the land. The most common right of user would be a right of way. Lecture outlines on land law. A non-possessory interest doesn't include a current right to possess the land. According to 42 USCS § 6232 [Title 42. Being able to identify the various different types of legal and equitable estates and interests in land is vital to being able to answer a question on the topic of interests in land in an exam scenario, and a great first step to take towards mastering this topic. 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In doing so, the appeal Court cited the Dynax Case which had held that, contrary to prior common law conceptualization, contractually created rights to payments of value derived from or out of, or based upon the grantor's ownership and exploitation of an interest in land, were to be considered themselves, interests in land. - Definition and Rights, Trademark Infringement: Laws and Penalties, Patent Infringements: Definition and Cases, What is Copyright Infringement? Let's start by exploring some of the possessory interests possible when owning land. Energy Policy and Conservation; Domestic Supply Availability; Strategic Petroleum Reserve], the term "interest in land" means any ownership or possessory right with respect to real property, including ownership in fee, an easement, a … Ownership interests can be possessory or non-possessory interests. Susie can't will the property to another person. These are known as conditional estates. Sets out requirement for a deed. However, after Marvin's death, I want my land to go to my heirs, rather than Marvin's heirs. Minor interests, or registrable interests, refer to those rights which can be applied to land, yet are secondary to the registered estate. A possessory interest is the intent and right of a party to occupy or exercise control over a particular plot of land. Her adjusted basis of the residence is $485,000. An estate contract is a contract for the sale and purchase of land. Quiz & Worksheet - Types of Real Property Ownership, Over 79,000 lessons in all major subjects, {{courseNav.course.mDynamicIntFields.lessonCount}}, Real Property and Personal Property: Definition and Differences, Involuntary Property Transfer Case Study: Condemnation & Eminent Domain, What is Intellectual Property Law? Right of entry B.Possibility of reverter C.Reservation (interest) D. The Doctr, Which type of property interest gives the holder of that interest the widest and most unfettered degree of rights to property: a. fee simple determinable. Rather than a deed or title, the lease owner will have a lease agreement that dictates the rights and obligations of both the lease owner and the property owner. The features of commonhold can be summarised as follows: Each separate property within the commonhold is called a commonhold ‘unit’. flashcard set{{course.flashcardSetCoun > 1 ? However, examiners will also expect you to be able to explain how to protect these various interests and apply this to the facts of a problem question scenario. Are Microschools and Pandemic Pods Safer School Alternatives During the Coronavirus Pandemic? A leasehold estate in land does not have to take effect ‘in possession’. There are four main types of leases: Get access risk-free for 30 days, LRA 2002, s 27(2) … You have seen how this can happen in Chapter 1 where land is jointly owned by two or more persons. Protecting interests in registered and unregistered land. Under the 2002 Act, a land owner can own either the Freehold estate or the Leasehold estate in land which will then be registered at HM Land Registry. 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