Real Estate Law Cengage Learning房地产法圣智学习.pptVIP

Real Estate Law, 6th ed., by Siedel and Aalberts Real Estate Law, 6th Edition by George J. Siedel, III and Robert J. Aalberts Real Estate Law What is Law? System of rules and principles devised by organized society for the purpose of controlling human conduct. Sources of Law US Constitution – Sets up 3 branches of government. Powers are express and implied. Bill of Rights Remaining amendments State Constitutions Statutes Judicial Administrative Important Principles Common Law – court-made law Stare decisis – courts must rely on earlier decisions involving similar facts and higher court decisions trump Equity – to provide relief to parties who had just claims but who can not be adequately compensated with monetary damages The Court System Nature of Property Property refers to rights and interests of ownership. Rights include: Possession Control within the law Enjoyment within the law Exclusion Ability to convey Real Property vs. Personal Property Real Property – Immovable, fixed and permanent Governed by case law and state statutes Oftentimes conveyed with a deed Often taxed Personal property – everything that is not real – main characteristic – it is moveable, may be tangible or intangible Governed by UCC Article 2 Sometimes a bill of sale is required Oftentimes NOT taxed Fixtures Annexation = Attachment. Two types of annexation Permanent – Removal would cause serious damage i.e. furnace, pipes. Constructive – Property may not be physically attached, but look at its relationship with the real property i.e. screens for storm windows, garage door opener Cont. Fixtures Adaptation – Adaptation of article to use in property i.e. plumbing apparatus designed for use in a plumbing system, air conditioning unit installed into a specific site. Some courts look to see if articles are necessary or beneficial to enjoyment of real estate. Intent – Most important. Did he/she intend to make article a permanent part of the real estate? Best if expressed in a contract. Cont. Fix