Real Estate Law Notes
Class 1&2
-Fixture-Any piece of personal property that becomes annexed or affixed to real property that changes into real property with how it is being used
-3 tests for distinguishing between personal and real property- BOOK
-Furnace, hot water, light fixtures, air conditioning unit etc. are all assumed as real property when buying a house.
-Tenant Fixture- owner of property gives tenant a white box and tenant brings in their own cabinets, bar, etc. Tenant retains ownership of these pieces of property with the extent that he fixes any damages while removing them.
CH. 3
-Mineral Rights have two different forms of ownership-BOOK
-Air Rights/Parcel-Come into play in commercial real estate
-Can sell your air rights. Government can use eminent domain to obtain your air rights though
-Can cause minerals to migrate onto your property, but can’t tunnel under another’s land to obtain those minerals
-Minerals can be considered real or personal property- BOOK
-Need a deed with any sale of real property, can have a bill of sale for personal property even when bought with real property
-If you’re an owner of a real piece of property you can sell or lease the minerals in it, but you’re giving them the right to come across the surface and you need to describe that they need to put the earth back how you’d like in the contract or they don’t have to
-Alternative Energy sources and Conservation Easements-Negative easement-whoever owns the land next to me can’t do something
-**Ohio only recognizes conservation easements for the purpose of conserving light for solar energy
-**Individual can’t do that, only state or local government or park district
-In the states, property laws are considered a bundle of rights depending on where you live and what kind of state or federal zoning regulations there are
Water Rights
-River
-Is this river navigable?
-Ohio considers navigable as able to be used for commerce or pleasure
-Fixture-Any piece of personal property that becomes annexed or affixed to real property that changes into real property with how it is being used
-3 tests for distinguishing between personal and real property- BOOK
-Furnace, hot water, light fixtures, air conditioning unit etc. are all assumed as real property when buying a house.
-Tenant Fixture- owner of property gives tenant a white box and tenant brings in their own cabinets, bar, etc. Tenant retains ownership of these pieces of property with the extent that he fixes any damages while removing them.
CH. 3
-Mineral Rights have two different forms of ownership-BOOK
-Air Rights/Parcel-Come into play in commercial real estate
-Can sell your air rights. Government can use eminent domain to obtain your air rights though
-Can cause minerals to migrate onto your property, but can’t tunnel under another’s land to obtain those minerals
-Minerals can be considered real or personal property- BOOK
-Need a deed with any sale of real property, can have a bill of sale for personal property even when bought with real property
-If you’re an owner of a real piece of property you can sell or lease the minerals in it, but you’re giving them the right to come across the surface and you need to describe that they need to put the earth back how you’d like in the contract or they don’t have to
-Alternative Energy sources and Conservation Easements-Negative easement-whoever owns the land next to me can’t do something
-**Ohio only recognizes conservation easements for the purpose of conserving light for solar energy
-**Individual can’t do that, only state or local government or park district
-In the states, property laws are considered a bundle of rights depending on where you live and what kind of state or federal zoning regulations there are
Water Rights
-River
-Is this river navigable?
-Ohio considers navigable as able to be used for commerce or pleasure