Bundle of Rights is one way to explain property ownership. Bundle of Rights Theory an individual holds a free hold estate of inheritance, that individual owns the whole bundle of rights. Some rights are considered too been known as bundle of sticks and they represent and identifiable rights. In the rights, there are two types of property real and personal property. Estates in land: life estate, leasehold estate, real estate, fee simple. It includes nonpossessory interest such as easement and liens. It talks about fixtures, property rights, mineral rights, air rights and surface rights. Mineral rights are the legal claim to the minerals below the surface of the land. The only way that the seller does not get claim on the minerals if they agree …show more content…
Leasehold estates have four categories: estate for years, estate from year to year referred as to estate from period to period, tenancy at will, and tenancy by sufferance referred to holderover tenant. Estate for years can be a residential lease because it can continue for a definite period of time, if it more than for one year it recognized as a commercial or industrial lease. Estates from year to year, if a tenant maintains the possession of the property after their years are up and the tenet continue to own the property and pay rent. Real estate rights that can be own by one or more people considers to be co-ownership or co-owners. Co-ownership consists of joint tenancy, tenancy in common, tenancy by the entirety, and community property. Another right called nonpossessionary rights consists of easements and liens. Physical and Economic are two types of characteristic real estate commodity. Physical characteristic is defined as land itself and on site-improvement. The three types of physical characteristics of land are immobility, indestructibility, and nonhomogeneity. Land cannot be destroyed or moved. Immobile means it cannot be move from one place to another, because land cannot be move it is immobile. Indestructible in the sense that movement of the surface does not destroy the full package rights describe land. Land is considered
Compensation must be provided to the person whose property is being bought. Each country should work to set a standard for what is a fair market price, to prevent any people from inadequate compensation. The value of the property must be taken into account, and the effect this will have on their way of life. If a person is, for example, losing their home, the government must provide enough money to ensure that individual is able to relocate comfortably.
A freehold covenant is a promise or an obligation made by a land owner to another regarding the use of the land. It is a type of contract within the doctrine of privity and usually the rights and obligations it creates normally bind those that are contracted to it and no one else. A covenant is usually made by deed. A “restrictive covenant” to which the doctrine of (Tulk v Moxhay)1 applies does not need to be created by a deed; it can include “a mere agreement and no covenant”. They are used to preserve some rights of enjoyment or to keep a building or a particular group of buildings to be preserved and kept in a particular way, for example, no erected satellite dishes or fences around the front of the building.
This essay is about the land rights of of Australia and how Eddie Marbo was not happy about his land been taken away from him. In May 1982 Eddie Marbo and four other people of the Murray Islands began to take action in the high court of Australia and confirming their land rights. Eddie Marbo was a torres islander who thought that the Australian laws were wrong and who went to fight and try and change them. He was born in 1936 on Mer which is known as Murray Island. The British Crown in the form of the colony of Queensland became of the sovereign of the islands when they were annexed in1978. They claimed continued enjoyment of there land rights and that had not been validly extinguished by the sovereign. (Australian Bureau of Statistics 2012)
Does the introduction of a system of registration of title remove the need for the law to recognise possessory or equitable interests in land? Why? Why not?
It is often conceptualized that property is the rights of 'ownership'. In common law property is divided into real property, which is the interests in land and improvements there, and personal property, which are interests in anything other than real property. Personal property is divided into tangible property (such as a bike, car and clothse), and intangible property (such as bonds and stocks), which also includes intellectual property (copyrights, trademarks etc). The modern property rights conceive of possession and ownership as belonging to legal individuals, even if the individual is not a real person. Hence, governments, corporations and other collective forms of ownership are shown in terms of individual ownership.
in which property is owned by the state or group, to be shared in common
In Nils Christie’s “Conflicts as Property”, Christie develops an argument in which depicts the concept of perceiving conflict as property and the measure that it impacts individuals and the legal system. This summary will further examine and comply with Christie’s perception, that conflict can be seen as property. In order to examine the argument and perspective of the author, understanding his implementation is of great importance. The ways in which professionals in the area of law can be perceived as “professional thieves”, and the example of laws pertaining to domestic violence, will be further discussed to validate the key concept of conflict as property. In summary; Christie believes that conflict is adverse to growth of the society
In order to address the existing complexities in respect to the acquiescence of co-ownership beneficial interests in land, it is important to identify their differences. A co-ownership beneficial in an interest of land can be established thro...
apartments in certain areas of a city. The goal is usually to protect the rights
Locke uses the term property in two ways in the Second Treatise of Government. Locke usually uses the term in a broad sense, which includes anything that belongs to a person. This includes their own life and liberty as well as their material possessions. In this sense, Locke calls these natural rights 'property'. Under this definition, Locke says the main reason people leave the state of nature is the preservation of their property.
Objectives • To evaluate the difficulty of mining and reclamation To calculate costs, expenses, income, and profit from a hands-on mining exercise. • To evaluate the effectiveness of reclamation and its added costs to mining. To describe the increasing rarity of some non-renewable mineral resources. Introduction Minerals play an important role in our day-to-day life, but we often do not contemplate how the minerals are obtained. Minerals are scattered all over the world, just like any other resource.
Servitudes provide the legal basis of planning surrounding property and they help to determine how property is to be physically laid out, regulated and operated. This can be in both a residential or commercial setting. A servitude is a limited real right where a load is placed on immovable property. It is a limited real right due to the fact that servitudes are a real rights extracted from the full dominium of the owner and are exercised by another person which makes the content of the servitude to be the entitlements the owner has given to the other person. This means that the entitlements that the owner has over the land are limited in favour of either another person or the owner of another property .
When valuing the property, the figures should not be the only issue but also the demographic factors and the services offered. When valuing the property, everything within the property should be assessed. The items inside a house should be valued by the size, the cost and the age of existence, this includes the furniture’s and any other utensils that may be available. For items like the computer, the cost and the make are of importance. The car should also be valued if it forms part of the property and the model and the year of make are of essence. The surrounding of the property should also be put into consideration; the geographical location of the property should be put into consideration (Tucker Sundeep, 2006).
Understanding what is meant by land is relatively simple. This comprises all of the natural resources that a particular producer has at their disposal. Most often this means immediate natural resources, like oil or the property on which the production facility is located. This can also include the water or ocean that is close to the facility. The factor of production called land most often comprises the natural and raw materials which are used in production and are at the disposal of the production facility.(2)
One of the special concepts in land law is of overriding interests. The standard practice in the English land law is all the interest and rights affecting or is binding over particular a land should be registered in the Register. However, the concept of overriding interest denotes that there are interests which are binding on the owner (the registered proprietor) regardless of not being formally registered. It was introduced because in that era it was though that it would be unreasonable and unjust to overlook such rights and interest enjoyed. Overriding interests need not be registration to bind the legal owner of the land. Therefore, if the land is sold to another person the interests and rights would not be lost. It can be said that overriding by nature are unregistered if they are registered they will cease to be an overriding interest.