LAW 603 Chapter Notes - Chapter 15: Life Estate, Concurrent Estate, Easement

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22 Jul 2016
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LAW603 Chapter 15 Notes – Real Property: Interests and Leases
Real Property: includes land and anything attached to land (ex: fences and buildings)
- “Giant Carrot Theory” : a person who owned a particular piece of land also owned the air up
to the heavens and the ground to the centre of its earth
- Today (modern approach) the landowner can control the airspace only to a reasonable
height (Ex: you can complain about a crane over your head but not a plane)
Interests in Land
Interests in Land: is a right that a person can enforce with respect to a particular piece of land
- Contracts created when transferred land from one person to another (Person A to B)
1. Person A has a contract with person B (B can sue A for failure to transfer land or A can
sue B for failure of paying price)
2. If A continues to use B’s land (after it was transferred to B from A) B can get A evicted.
Property rights are good against the whole world
Estates in Land
Estate: is an exclusive right to possess a property for a period of time
3 Types of Estates
1. Fee Simple: the largest package of rights that a person can hold in land
- Entitled to possess the property for an indefinite duration
- You can sell it, lease it, give it away, or keep it indefinitely (entitled to give it away upon
death)
-Limitations:
oYou must avoid committing torts such as occupier’s liability, nuisance, or Rylands vs.
Fletcher
oUse of land is subject to various forms of regulation (Governments are increasingly
creating regulations to prevent people from using their properties in ways that hurt
the environment)
oEvery municipality in Canada uses zoning and planning regulations to control the
types of activities that occur within the areas (won’t build a casino near a school)
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oYou property may be expropriated: occurs when the government takes property
for a public purpose (for a bridge, widening a highway). In this case you will be
entitled to compensation but you cannot keep the land.
2. Life Estate: entitles a person to exclusive possession of a property for the duration of a
particular life
- The life in question usually belongs to the person who holds the estate but can also belong
to someone else
- A person with a fee simple is general free to use or abuse the property, while a person with
a life estate is entitled to the profits that are generated from the land but cannot commit an
act of waste
-Waste: occurs when a property is changed in a way that significantly affects its value
-Reversion: occurs when the property returns to the person who holds the fee simple
-Remainder: occurs when the property goes to a third party who was selected by the
person who holds the fee simple
3. Leasehold Estate: occurs when a person has exclusive rights to a property for a specific
period of time
- It carries the right of exclusive possession like a fee simple or life interest but is not defined
by a life
- Property can be retained only for a specific amount of time (may be a single term or
renewed automatically)
SUMMARY
Fee Simple: right to exclusive possession during own life and right to dispose of property upon
death
Life Estate: right to exclusive possession during relevant but no right to dispose of property upon
death
Lease: right to exclusive possession during specified period
Shared Ownership
- Individual vs. shared ownership
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