Overview of Easements (Servitudes), Licenses and Restrictive Covenants Relating to Land Stephen C
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The Real Estate Marketplace Glossary: How to Talk the Talk
Federal Trade Commission ftc.gov The Real Estate Marketplace Glossary: How to Talk the Talk Buying a home can be exciting. It also can be somewhat daunting, even if you’ve done it before. You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders, inspections, warranties, walk-throughs, settlement sheets, escrow accounts, recording fees, insurance, taxes...the list goes on. No doubt you will hear and see words and terms you’ve never heard before. Just what do they all mean? The Federal Trade Commission, the agency that promotes competition and protects consumers, has prepared this glossary to help you better understand the terms commonly used in the real estate and mortgage marketplace. A Annual Percentage Rate (APR): The cost of Appraisal: A professional analysis used a loan or other financing as an annual rate. to estimate the value of the property. This The APR includes the interest rate, points, includes examples of sales of similar prop- broker fees and certain other credit charges erties. a borrower is required to pay. Appraiser: A professional who conducts an Annuity: An amount paid yearly or at other analysis of the property, including examples regular intervals, often at a guaranteed of sales of similar properties in order to de- minimum amount. Also, a type of insurance velop an estimate of the value of the prop- policy in which the policy holder makes erty. The analysis is called an “appraisal.” payments for a fixed period or until a stated age, and then receives annuity payments Appreciation: An increase in the market from the insurance company. -
The Anti-Lien: Another Security Interest in Land*
The Anti-Lien: Another Security Interest in Land* Uriel Reichmant The law recognizes various security interests in land, which are de- signed to provide two distinct advantages over unsecured interests: the right to priority over general creditors in bankruptcy proceedings, and the right to satisfy the debt from a specified parcel of property. This article proposes recognition of an intermediate concept between secured and unsecured debt: an interest in land that secures to some extent the repayment of a debt, but does not possess the twin characteristics of full security interests. This interest in land, the "anti-lien,"1 is a preventive measure; the debtor's power of alienation and power to grant another security interest are suspended while the debt remains outstanding. The anti-lien creditor has no powers or rights other than this passive rem- edy; for all other purposes, he is treated as a simple debt creditor. The few cases that have dealt with contracts containing anti-lien re- strictions have limited the analysis to a narrow question: did the con- tract create an equitable lien (that possesses the characteristics of a traditional security interest) or merely a personal obligation? Framing the question in this way eliminated consideration of the anti-lien alter- native-an alternative that is potentially useful when a regular security interest is unavailable or economically impractical. This paper attempts to explain deficiencies in the application of the equitable lien analysis to the anti-lien situation and argues the case for the anti-lien concept. Just a decade ago, documents evidencing an anti-lien approach were widely used in California. -
JUDGMENT AXA General Insurance Limited and Others (Appellants)
Michaelmas Term [2011] UKSC 46 On appeal from: [2011] CSIH 31 JUDGMENT AXA General Insurance Limited and others (Appellants) v The Lord Advocate and others (Respondents) (Scotland) before Lord Hope, Deputy President Lord Brown Lord Mance Lord Kerr Lord Clarke Lord Dyson Lord Reed JUDGMENT GIVEN ON 12 October 2011 Heard on 13, 14 and 15 June 2011 Appellant 1st Respondent Richard Keen QC Alan Dewar QC Jane Munro James Mure QC (Instructed by Brodies (Instructed by Scottish LLP) Government Legal Directorate Litigation Division) 2nd Respondent 3rd-10th Respondents Ruth Crawford QC Aidan O’Neill QC John MacGregor Chris Pirie (Instructed by Office of (Instructed by Thompsons the Solicitor to the Solicitors Glasgow Advocate General for Scotland) Scotland Intervener (First Minister Intervener (Attorney of Wales) General for Northern Ireland) Theodore Huckle QC John F Larkin QC Clive Lewis QC Donal Sayers BL (Instructed by Welsh (Instructed by Solicitors Assembly Government for the Attorney General Legal Services for Northern Ireland) Department, Cardiff) Intervener (Friends of the Intervener (Department of Earth Scotland Ltd) Finance and Personnel (Northern Ireland)) Simon Collins Paul Maguire QC Paul McLaughlin BL (Instructed by Patrick (Instructed by Campbell & Co Solicitors) Departmental Solicitor’s Office) LORD HOPE 1. The appellants are insurance companies, whose business includes the writing of employers’ liability insurance policies. They undertake to indemnify the employer in respect of any liability incurred by it for harm or injury arising out of the employer’s negligence. They have brought these proceedings to challenge the lawfulness of an Act of the Scottish Parliament which was passed on 11 March 2009, received the Royal Assent on 17 April 2009 and came into force on 17 June 2009. -
Guidance Note
Guidance note The Crown Estate – Escheat All general enquiries regarding escheat should be Burges Salmon LLP represents The Crown Estate in relation addressed in the first instance to property which may be subject to escheat to the Crown by email to escheat.queries@ under common law. This note is a brief explanation of this burges-salmon.com or by complex and arcane aspect of our legal system intended post to Escheats, Burges for the guidance of persons who may be affected by or Salmon LLP, One Glass Wharf, interested in such property. It is not a complete exposition Bristol BS2 0ZX. of the law nor a substitute for legal advice. Basic principles English land law has, since feudal times, vested in the joint tenants upon a trust determine the bankrupt’s interest and been based on a system of tenure. A of land. the trustee’s obligations and liabilities freeholder is not an absolute owner but • Freehold property held subject to a trust. with effect from the date of disclaimer. a“tenant in fee simple” holding, in most The property may then become subject Properties which may be subject to escheat cases, directly from the Sovereign, as lord to escheat. within England, Wales and Northern Ireland paramount of all the land in the realm. fall to be dealt with by Burges Salmon LLP • Disclaimer by liquidator Whenever a “tenancy in fee simple”comes on behalf of The Crown Estate, except for In the case of a company which is being to an end, for whatever reason, the land in properties within the County of Cornwall wound up in England and Wales, the liquidator may, by giving the prescribed question may become subject to escheat or the County Palatine of Lancaster. -
Contracts Becomes in the Purchaser with Notice a Specific Duty to Perform the Covenant
Sec. 3 PRIVATE ADJUSTMENTS S437 contracts becomes in the purchaser with notice a specific duty to perform the covenant. (2) The other theory explains the enforcement of restrictive equitable servitudes as an extension of the legal doctrine of negative easements to new situations. Few if any courts follow either the “contract” theory or the “property” theory of equitable servitudes consistently, but the general view that one takes of the theories may affect results. Thus, the fact that the English courts came not to apply Tulk to affirmative covenants and, as we shall see infra, p. S444, did not allow the benefit of equitable servitudes to be held in gross, may reflect [p*962] a “property” theory of equitable servitudes. In England, as we have seen supra, p. S418, the benefit of an easement may not be held in gross, and courts throughout the Anglo-American world have had difficulty with enforcing easements that compel the holder of the burdened land to do something. See note 3, supra. Other questions the answers to which might depend on whether one espoused a “contract” or a “property” theory of equitable servitudes are: (1) Is the original convenantor still bound on the contract after he or she has sold the land? (The original covenantor is bound as surety where the covenant is contained in a lease. See DKM3, p. 693. By and large, the original covenantor is not bound after he or she has conveyed away a fee estate. 2 A.L.P. § 9.18.) (2) What formalities must be followed in creating the covenant? (You will recall that the Statute of Frauds has different requirements for contracts concerning land and conveyances of interests in land. -
Upper Hiwassee/Coker Creek Assessment
Cherokee National Forest USDA Forest Service Southern Region Roads Analysis Report Upper Hiwassee/Coker Creek Assessment September 2005 BACKGROUND On January 12, 2001, the National Forest System Road Management rule was published in the Federal Register. The adoption of the final rule revised the regulations concerning the management, use, and maintenance of the National Forest Transportation System. The purpose of this road analysis is to provide line officers with critical information to develop road systems that are safe and responsive to public needs and desires, are affordable and efficiently managed, have minimal negative ecological effects on the land, and are in balance with available funding for needed management actions. SCOPE The Upper Hiwassee/Coker Creek Assessment area is approximately 44,747 acres in size with approximately 21,468 of those acres National Forest System land (48% ownership). The majority of the assessment area (17,754 ac) is in Management Prescription (MP) 9.H of the Cherokee National Forest Revised Land and Resource Management Plan. Other MPs represented include: 4.F (443 ac), 7.B (2,126 ac), and 8.B (1,145 ac). Figure 1 displays the location of the analysis area within the Ocoee/Hiwassee Ranger District of the Cherokee National Forest. OBJECTIVES The main objectives of this road analysis are to: • Identify the need for change by comparing the current road system to the desired condition. • Inform the line officer of important ecological, social, and economic issues related to roads within the analysis area. EXISTING SYSTEM ROAD CONDITIONS Most of the study area is on National Forest System land, and of the roads assessed in and near the boundary of this study area, most are National Forest System Roads (NFSRs) under the jurisdiction and maintenance of the Forest Service. -
Easements by Way of Necessity Across Federal Lands
Washington Law Review Volume 35 Number 1 3-1-1960 Easements by Way of Necessity Across Federal Lands Marjorie D. Rombauer Follow this and additional works at: https://digitalcommons.law.uw.edu/wlr Part of the Property Law and Real Estate Commons Recommended Citation Marjorie D. Rombauer, Comment, Easements by Way of Necessity Across Federal Lands, 35 Wash. L. Rev. & St. B.J. 105 (1960). Available at: https://digitalcommons.law.uw.edu/wlr/vol35/iss1/5 This Comment is brought to you for free and open access by the Law Reviews and Journals at UW Law Digital Commons. It has been accepted for inclusion in Washington Law Review by an authorized editor of UW Law Digital Commons. For more information, please contact [email protected]. COMMENTS EASEMENTS BY WAY OF NECESSITY ACROSS FEDERAL LANDS Is an easement across federal lands implied when the United States has granted a tract of land to which the grantee would otherwise have no practical means of access? In the recent case of Bydlon v. United States,' the Court of Claims implied an affirmative answer in holding that the ancient doctrine of ways of necessity applied to Government grants to create access easements by air. The purpose of this Comment is to determine the validity of that conclusion and the extent to which it may be utilized to give life to dormant easements. Particular attention will be given to the possible existence of such easements across national forest lands. THE BYDLON CASE The seed of the Bydlon decision was planted in 1949 when the Presi- dent issued an executive order prohibiting flights of planes at altitudes under 4,000 feet over "roadless areas" of the Superior National Forest in northern Minnesota.2 The order effectively deprived owners of prosperous resorts on the Canadian border of the only practical access to their properties, since they were surrounded by international waters to the north and "roadless areas" on all other sides and customarily flew their customers in by seaplane. -
The Law of Property
THE LAW OF PROPERTY SUPPLEMENTAL READINGS Class 14 Professor Robert T. Farley, JD/LLM PROPERTY KEYED TO DUKEMINIER/KRIER/ALEXANDER/SCHILL SIXTH EDITION Calvin Massey Professor of Law, University of California, Hastings College of the Law The Emanuel Lo,w Outlines Series /\SPEN PUBLISHERS 76 Ninth Avenue, New York, NY 10011 http://lawschool.aspenpublishers.com 29 CHAPTER 2 FREEHOLD ESTATES ChapterScope ------------------- This chapter examines the freehold estates - the various ways in which people can own land. Here are the most important points in this chapter. ■ The various freehold estates are contemporary adaptations of medieval ideas about land owner ship. Past notions, even when no longer relevant, persist but ought not do so. ■ Estates are rights to present possession of land. An estate in land is a legal construct, something apart fromthe land itself. Estates are abstract, figments of our legal imagination; land is real and tangible. An estate can, and does, travel from person to person, or change its nature or duration, while the landjust sits there, spinning calmly through space. ■ The fee simple absolute is the most important estate. The feesimple absolute is what we normally think of when we think of ownership. A fee simple absolute is capable of enduringforever though, obviously, no single owner of it will last so long. ■ Other estates endure for a lesser time than forever; they are either capable of expiring sooner or will definitely do so. ■ The life estate is a right to possession forthe life of some living person, usually (but not always) the owner of the life estate. It is sure to expire because none of us lives forever. -
Get a Glossary of Terms Used in the Title Industry
GLOSSARY A Abstract Plant – A geographically arranged abstract plant, currently kept to date, that is adequate for use in insuring titles, so as to provide for the safety and protection of the policyholders. An abstract plant as further defined in Rule P-12 and as further provided for in the Insurance Code, Chapter 2501.003 and Chapter 2502, must include an abstract plant for each county in which a title insurance agent or direct operation maintains an office. Abstract of Title - A compilation of all the recorded documents relating to a parcel of land. Usually kept by the land owner and used as the basis for an attorney as to the condition of title. Still in use in some states, and in some areas of Texas, but mostly replaced by issuance of title insurance. Abstract of Judgment – A lien created by a statutory filing of a court judgment in the real property records. This lien, commonly referred to as an AJ (in Texas), attaches to all non- exempt real property of the person or entity that the judgment was against. Acceleration Clause (in a mortgage) – Specifies conditions under which the lender may advance the time when the entire debt which is secured by the mortgage becomes due. For example, most mortgages contain provisions that the note shall become due immediately upon the sale of the securing land without the lender's consent or upon failure of the landowner to pay an installment when due. Access – The right to enter and leave a tract of land from a public way. Can include the right to enter and leave over the lands of another. -
Property Ownership for Women Enriches, Empowers and Protects
ICRW Millennium Development Goals Series PROPERTY OWNERSHIP FOR WOMEN ENRICHES, EMPOWERS AND PROTECTS Toward Achieving the Third Millennium Development Goal to Promote Gender Equality and Empower Women It is widely recognized that if women are to improve their lives and escape poverty, they need the appropriate skills and tools to do so. Yet women in many countries are far less likely than men to own property and otherwise control assets—key tools to gaining eco- nomic security and earning higher incomes. Women’s lack of property ownership is important because it contributes to women’s low social status and their vulnerability to poverty. It also increasingly is linked to development-related problems, including HIV and AIDS, hunger, urbanization, migration, and domestic violence. Women who do not own property are far less likely to take economic risks and realize their full economic potential. The international community and policymakers increasingly are aware that guaranteeing women’s property and inheritance rights must be part of any development agenda. But no single global blueprint can address the complex landscape of property and inheritance practices—practices that are country- and culture-specific. For international development efforts to succeed—be they focused on reducing poverty broadly or empowering women purposely—women need effective land and housing rights as well as equal access to credit, technical information and other inputs. ENRICH, EMPOWER, PROTECT Women who own property or otherwise con- and tools—assets taken trol assets are better positioned to improve away when these women their lives and cope should they experience and their children need them most. -
Water Law in Real Estate Transactions
Denver Bar Association Real Estate Section Luncheon November 6, 2014 Water Law in Real Estate Transactions by Paul Noto, Esq. [email protected] Prior Appropriation Doctrine • Prior Appropriation Doctrine – First in Time, First in Right • Water allocated exclusively based on priority dates • Earliest priorities divert all they need (subject to terms in decree) • Shortages of water are not shared • “Pure” prior appropriation in CO A historical sketch of Colorado water law • Early rejection of the Riparian Doctrine, which holds that landowners adjacent to a stream can make a reasonable use of the water flowing through your land. – This policy was ill-suited to Colorado and would have hindered growth, given that climate and geography necessitate transporting water far from a stream to make land productive. • In 1861 the Territorial Legislature provided that water could be taken from the streams to lands not adjacent to streams. • In 1872, the Colorado Territorial Supreme Court recognized rights of way (easements), citing custom and necessity, through the lands of others for ditches carrying irrigation water to its place of use. Yunker v. Nichols, 1 Colo. 551, 570 (1872) A historical sketch of Colorado water law • In 1876 the Colorado Constitution declared: – “The water of every natural stream, not heretofore appropriated, within the state of Colorado, is hereby declared to be the property of the public, and the same is dedicated to the use of the people of the state, subject to appropriation as hereinafter provided.” Const. of Colo., Art. XVI, Sec. 5. – “The right to divert the unappropriated waters of any natural stream to beneficial uses shall never be denied. -
UNDERSTANDING INDEFEASIBILITY UNDER the VICTORIAN TRANSFER of LAND ACT by BERNARD O'brien*
UNDERSTANDING INDEFEASIBILITY UNDER THE VICTORIAN TRANSFER OF LAND ACT By BERNARD O'BRIEN* INTRODUCTION The central concept in Torrens system legislation is the principle of indefeasibility. It is commonly thought that once a title is recorded on the register, not only is the title created by the act of registration, but upon registration the statute will guarantee the validity of that title and confer upon it an immunity from any attack. Whilst it seems to be universally acknowledged that indefeasibility will result from the registration of title, controversy nonetheless exists as to when indefeasibility will attach to a registered title. The line of battle is drawn between those who favour the view of immediate indefeasibility and those who prefer the concept of deferred indefeasibility. It is dubious whether the various protagonists in this debate can be all grouped behind such simple labels. For instance, the deferred indefeasibility camp in turn divides according to two basically different approaches. There are those who rest their case on the basis that the registration of a void instrument cannot confer an indefeasible title in favour of the registrant even when that person is a bona fide purchaser for value.1 Alternatively, there are those who place paramount importance on s.43 of the Transfer of Land Act 1958 as being fundamental to the statutory scheme of indefeasibility.2 That section can be briefly described as providing that when a transferee of a registered proprietor deals with the registered proprietor he shall be relieved of the requirements of notice. The proponents of this view argue that this provision implies that indefeasibility only attaches to those titles which have been registered by a person who has acquired his title and entered the transaction on the faith of the register.