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| Property law |
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| Part of the common law series |
| Acquisition of property |
| Gift · Adverse possession · Deed |
| Lost, mislaid, or abandoned |
| Treasure trove |
| Alienation · Bailment · License |
| Estates in land |
| Allodial title · Fee simple · Fee tail |
| Life estate · Defeasible estate |
| Future interest · Concurrent estate |
| Leasehold estate · Condominiums |
| Conveyancing of interests in land |
| Bona fide purchaser |
| Torrens title · Strata title |
| Estoppel by deed · Quitclaim deed |
| Mortgage · Equitable conversion |
| Action to quiet title |
| Limiting control over future use |
| Restraint on alienation |
| Rule against perpetuities |
| Rule in Shelley's Case |
| Doctrine of worthier title |
| Nonpossessory interest in land |
| Easement · Profit |
| Covenant running with the land |
| Equitable servitude |
| Related topics |
| Fixtures · Waste · Partition |
| Riparian water rights |
| Lateral and subjacent support |
| Assignment · Nemo dat |
| Other areas of the common law |
| Contract law · Tort law |
| Wills and trusts |
| Criminal Law · Evidence |
An estate is the net worth of a person at any point in time. Property law is the area of Law that governs the various forms of Ownership in Real property (land as distinct from personal or movable possessions Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive A gift, in the Law of Property, has a very specific meaning In order for a Gift to be legally effective the grantor must have intended to give the gift In Common law, adverse possession is the process by which title to another's Real property is acquired without compensation, by as the name A deed is a Legal instrument used to grant a Right. Deeds are part of the broader category of documents under seal. In the Common law of Property, personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are A treasure trove may broadly be defined as an amount of gold silver gemstones money jewellery or any valuable collection found hidden underground or in places such as cellars Alienation, in Property law, is the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another Bailment describes a legal relationship in Common law where physical possession of personal Property ( Chattels) is transferred from one person (the The verb license or grant license means to give permission The noun license is the document demonstrating that permission Allodial title is a concept in some systems of property law It describes a situation where Real property ( Land, Buildings and Fixtures) is owned Fee simple is an estate in land in Common law. It is the most common way Real estate is owned in common law countries and is ordinarily the most Fee tail or entail is an obsolete term of art in Common law. It describes an estate of Inheritance in Real property which cannot A life estate is a concept used in Common law and Statutory law to designate the ownership of land for the duration of a person's life A defeasible estate is created when a grantor transfers land conditionally In Property law and Real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of A concurrent estate or co-tenancy is a concept in Property law, particularly derived from the Common law of Real property, which describes A condominium, or condo, is a form of Housing tenure and other Real property where a specified part of a piece of real estate (usually of an apartment In law conveyancing is the transfer of title of Property from one person to another or the granting of an Encumbrance such as a Mortgage or A bona fide purchaser ( BFP) referred to more completely as a bona fide purchaser for value without notice is a term used in the Law of Real property Torrens title is a system of land title where a register of land holdings maintained by the state guarantees an indefeasible title to those included in the register Strata title is a form of ownership devised for multi-level apartment blocks. Estoppel by Deed - A doctrine where rules of evidence prevent a litigant from denying the truth of what was said or done A quitclaim deed is a term used to describe a document by which a person (the "grantor" disclaims any interest the Grantor may have in a piece of Real property A mortgage is the pledging of a property to a Lender as a security for a Mortgage loan. Equitable conversion is a doctrine of the Law of Real property under which a purchaser of real property becomes the equitable owner of title to the property at the An action to quiet title is a Lawsuit brought in a Court having Jurisdiction over land disputes in order to establish a party's title to Real property In Property law and Real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of A restraint on alienation, in the Law of Real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling The rule against perpetuities is a rule of law in effect under the property, Trusts, Estate, and Contract law of many Common law The Rule in Shelley's Case is a rule of law that may apply to certain Future interests in Real property and Trusts created in Common law jurisdictions In the Common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to Real estate by descent A nonpossessory interest in land is a term of the Law of Property to describe any of a category of rights held by one person to use land that is in the possession For railroad track easement see Track transition curve. An easement is the right or freedom to do something or the right to prevent Profit, but an entirely different meaning of the term analogous to an Easement. A covenant running with the land, is a Real covenant, in the Law of Real property. An equitable servitude is a term used in the Law of Real property to describe a Nonpossessory interest in land that operates much like a Covenant running In the law of real property fixtures are anything that would otherwise be a Chattel that have by reason of incorporation or affixation become permanently attached to Waste is a term used in the Law of Real property to describe a Cause of action that can be brought in Court to address a change in condition A partition is a term used in the Law of Real property to describe an act by a Court order or otherwise to divide up a Concurrent estate into Riparian Water rights (or simply riparian rights) is a system of allocating water among those who possess land about its source Lateral and subjacent support, in the Law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining An assignment (Latin cessio) is a term used with similar meanings in the Law of Contracts and in the law of Real estate. Nemo dat quod non habet, literally meaning "no one give what one does not have" is a legal rule sometimes called the nemo dat rule that states that the purchase of A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Tort law is the name given to a body of law that creates and provides remedies for civil wrongs that do not arise out of Contractual duties In Common law, a will or testament is a document by which a person (the Testator) regulates the rights of others over his or her Property The law of trusts and estates is generally considered the body of Law which governs the management of personal affairs and the Disposition of Property of The term criminal law, sometimes called penal law, refers to any of various bodies of rules in different Jurisdictions whose common characteristic is the potential The Law of evidence governs the use of Testimony (eg oral or written statements such as an Affidavit) and exhibits (e For the film entitled Net Worth see Net Worth (film. In business net worth (sometimes called net assets) is the total Assets It is the sum of a person's assets - legal rights, interests and entitlements to property of any kind - less all liabilities at that time. In Business and Accounting, assets are everything owned by a person or company (all tangible and intangible property that can be converted into cash. Property is any physical or virtual entity that is owned by an individual The issue is of special legal significance on a question of bankruptcy and death of the person. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their Creditors Creditors may file a bankruptcy petition against (See inheritance. "Heir" and "Heiress" redirect here For the men and women fragrances endorsed by Paris Hilton see Heiress (fragrance. )
Depending on the context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). An estate in land is an interest in Real property that is or may become possessory In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( Personal property is a type of Property. In the Common law systems personal property may also be called chattels or personalty. The term is also used to refer to the sum of a person's assets only.
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Inheritance
In the context of probate, the estate of a deceased person consists of all the property, whether real or personal, owned by the person at the time of death. Probate is the Legal process of settling the estate of a deceased person specifically resolving all claims and distributing the decedent's Property In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( Personal property is a type of Property. In the Common law systems personal property may also be called chattels or personalty. Assets that pass to somebody else by operation of law (for example, property held on a joint tenancy basis), do not form part of the deceased estate, even though the person had rights to that property during his or her lifetime. The phrase " by operation of law " is a Legal term that indicates that a right or liability has been created for a party irrespective of the intent of that party because A concurrent estate or co-tenancy is a concept in Property law, particularly derived from the Common law of Real property, which describes Also, if the deceased owned life insurance and nominated a beneficiary of the policy, the proceeds of that policy would not pass into the deceased's estate, but would go directly to the nominated beneficiary. Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the Similarly, superannuation death benefits can go directly to a deceased's dependent, bypassing the deceased's estate. A pension is a steady income given to a person upon Retirement, typically in the form of a guaranteed annuity. (See will and intestacy) The estate (or assets) of a deceased person is administered by an executor (in the case of a will) or administrator (in the case of intestacy). In Common law, a will or testament is a document by which a person (the Testator) regulates the rights of others over his or her Property Intestacy is the condition of the estate of a person who dies owning property greater than the sum of his or her enforceable debts and funeral expenses without having made a An executor, in the broadest sense is one who carries something out (in other words one who is responsible for executing a task For other uses see Administrator. In law an administrator (or administratrix) can be a person appointed by the Court The function of the executor and administrator is to protect the assets of the estate, pay out all expenses and the deceased's liabilities and distribute the balance in accordance with the directions in the will, or as required by law.
Bankruptcy
Under US bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors. The United States Constitution (Article 1 Section 8 Clause 4 authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout [1] The estate (or assets) of a bankrupt person is administered by a trustee in bankruptcy. A Trustee in Bankruptcy, in the United States is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case The legal position in all common law countries is similar in this respect. Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive
Legal estate in land
In land law, the term "estate" is a remnant of the English feudal system, which created a complex hierarchy of estates and interests in land. An estate in land is an interest in Real property that is or may become possessory In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( Feudalism, a term first used in the early modern period (17th century in its most classic sense refers to a Medieval Europe Political system composed The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system. Allodial title is a concept in some systems of property law It describes a situation where Real property ( Land, Buildings and Fixtures) is owned Fee simple is an estate in land in Common law. It is the most common way Real estate is owned in common law countries and is ordinarily the most An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur auter vie (a life interest for the life of another person) or a fee tail estate (to the heirs of one's body) or some more limited kind of heir (e. A life estate is a concept used in Common law and Statutory law to designate the ownership of land for the duration of a person's life Fee tail or entail is an obsolete term of art in Common law. It describes an estate of Inheritance in Real property which cannot g. to heirs male of one's body).
Fee simple estates may be either fee simple absolute or defeasible (i. Fee simple is an estate in land in Common law. It is the most common way Real estate is owned in common law countries and is ordinarily the most Defeasible reasoning is the study of forms of Reasoning that while convincing are not as formal and rigorous as Deductive reasoning. e. subject to future conditions) like fee simple determinable and fee simple subject to condition subsequent; this is the complex system of future interests (q. In Property law and Real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of v. ) which allows concepts of trusts and estates to elide into actuarial science through the use of life contingencies. Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the Insurance and Finance
Estate in land can also be divided into estates of inheritance and other estates that are not of inheritance. "Heir" and "Heiress" redirect here For the men and women fragrances endorsed by Paris Hilton see Heiress (fragrance. The fee simple estate and the fee tail estate are estates of inheritance; they pass to the owner's heirs by operation of law, either without restrictions (in the case of fee simple), or with restrictions (in the case of fee tail). The phrase " by operation of law " is a Legal term that indicates that a right or liability has been created for a party irrespective of the intent of that party because The estate for years and the life estate are estates not of inheritance; the owner owns nothing after the term of years has passed, and cannot pass on anything to his or her heirs.
Legal estates and interests are called rights "in rem", and said to be "good against the world".
Equitable estates
Superimposed on the legal estate and interests in land, English courts also created "equitable interests" over the same legal interests. An equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire These obligations are called trusts which will be enforceable in a court. A court is a forum used by a power base to adjudicate disputes and dispense civil, labour administrative and criminal Justice under its A trustee is the person who holds the legal title to property, while the beneficiary is said to have an equitable interest in the property. Trustee is a Legal term that refers to a holder of property on behalf of a beneficiary. A beneficiary (also in Trust law, referred to as the Cestui que use) in the broadest sense is a Natural person or other legal entity
References
- ^ Bankruptcy Code . Title 11 of the United States Code outlines the role of Bankruptcy in the United States Code.
See also
Estate tax and Death duty redirect here Inheritance tax, estate tax and death duty are the names given to various taxes which The estate tax in the United States is a Tax imposed on the transfer of the "taxable estate " of a deceased person whether such property is transferred "Heir" and "Heiress" redirect here For the men and women fragrances endorsed by Paris Hilton see Heiress (fragrance.Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic