ownership types

7/25/2019 Ownership Types

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Real Property Types


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Real Property A physical component real property with

ecological and spatial characteristics and a unique location

The characteristics give the land its utility and make it important for particular

purposes

Land surface agriculture, forestry, urban, wetlands, parks, scientific and naturalareas, highway rights-of-way

ubsurface minerals, iron ore, copper-nickel

upersurface !air" building space, airspace, sunshine, wind, scenery, odor

#ildlife e$otic, game, non-game, pests, endangered

urface water navigable, non-navigable


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Real Property A behavioral component legal entity and legal

rights

%ntity

Legal &ights

to ac'uire and convey any or all rights

to use and 'uiet en(oyment)

to e$clude


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Real Property Rights

* legally defined entity possessing rights

Legally defined rights - interests

Legally defined real property

%videnced by legally defined documents

Tenants in common

+ee simple absolute

Legal description

#arranty deed


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Property and Property Rights


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Real Property and Real Property Rights

efined by law, both federal and state, all developed out of necessity

n general states have e$clusive (urisdiction over the land within their borders

tate law concerning the kind of real interests that can be held and how they arecreated is not sub(ect to federal law

Local government law is delegated from the state

+ederal law concerns legal characteristic of individual citi.ens and the production of

particular goods and services that move from one state to another or that has

significant conse'uences for the nation as a whole


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* vast body of law has been developed to resolve and prevent conflicts betweenlandowners e$ercising their real property rights

+ederal and tate land use statutes that define, promote, enforce, and protect theproduction of certain goods and the provision of certain services

/uilding codes

0oning and other regulations on use

ubdivision controls

1ommon !(udicial" law doctrines affecting land use

%asements - including easements by necessity

ervitudes and restrictive covenants

2uisance


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Personal Situation

+ederaland tate Law regarding finances, corporations and real property

3innesota Law definition of real property, (oint tenancy, ownership in water surface

akota 1ounty Law- .oning ordinances

unfish Lake Law- ordinances regarding buildings

#hat our abstract describes

#hat our deed describes

#hat our mortgage describes

akota 1ounty &eal %state n'uiry

akota 1ounty tandard 4roperty 3ap Locator
http://www.firstgov.gov/http://www.state.mn.us/http://www.co.dakota.mn.us/http://www.sunfishlake.org/http://www.co.dakota.mn.us/assessor/real_estate_inquiry.htmhttp://gis.co.dakota.mn.us/website/secmap/viewer.htmhttp://gis.co.dakota.mn.us/website/secmap/viewer.htmhttp://www.co.dakota.mn.us/assessor/real_estate_inquiry.htmhttp://www.sunfishlake.org/http://www.co.dakota.mn.us/http://www.state.mn.us/http://www.firstgov.gov/


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Real Property Rights

5ave a temporal and spatial dimension

5ave a multilayered (urisdictional conte$t that describe

#hat rights in what real property can be possessed

#ho can possess them

5ow they can be possessed

5ow they may be ac'uired

5ow they may be conveyed

5ow they may be e$ercised 5ow they may not be e$ercised

5ow they may be taken by the (urisdiction


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Basic Structure of Real Property Ownership

+ee Title 6wners legal entity with legal rights to use property

%ncumbrances legal entity with legal rights that affect the ownership rights

Legal rights to the land mortgage or another type of lien, a lease, an easement, or

a restriction created by a covenant, or .oning ordinances

Legal claims against the owner mortgages, claims by other parties, court

(udgments, pending legal action, unpaid property and income ta$es


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Rights to! or !"nterests in! land held by owner comprises an

estate

These rights may be

!a" 4ossessory

4resent the holder has immediate possession

+uture the holder may become possessory in the future, typically based upon the

occurrence of a contingency, e7g7 a death, rights pass according to a will or trust

holder possess reversionary rights

!b" 2on-possessory easements, liens, restrictive covenants, licenses, profits


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#orms of Title Present Rights

4resent rights

!a" +reehold which continue indefinitely or until the occurrence of some event

+ee simple absolute holder owns possessory rights now and in the future for an

infinite duration no limitations on its inheritability, does not end if the holderconveys it or part of it during his8her8their lifetime or when the holder dies

+ee simple determinable, a fee simple estate with a limitation, often on how the

land can be used

efeasible +ee estates are lost if a specified condition occurs or fails to occur in

the future

!b" Leasehold - 2on-freehold which ends on a particular date


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$easehold

* non-freehold estate that e$ists for a definite period of time if longer than a year spelled out in a

lease and signed by the parties - tenant has a present possessory interest in the property and the

landlord has a future possessory interest

4eriodic Tenancy continues for successive periods from year to year or fractions, no definite

termination date continuing until terminated by either the landlord or tenant7 by proper notice,

which is usually statutorily prescribed, created by e$press agreement or by operation of law

Tenancy at #ill landlord and tenant both have the right to terminate the lease, parties must

have an agreement or understanding that either party can terminate at any time, tenancy has nostated duration and lasts as long as the landlord and tenant desire, in most states, the

acceptance by the landlord of regular rent will cause the courts to consider the tenancy to be a

periodic tenancy, commonly, no notice was re'uired to terminate a tenancy at will but most states

have enacted legislation re'uiring notice of termination to be given at least one month in advance

Tenancy for 9ears continues for a fi$ed period of time with certain beginning and termination

dates, the term e$pires at the end of the period without notice re'uired by either party Tenancy at ufferance a tenant who was rightfully in possession and remains at the end of the

tenancy, lasts until the tenant is evicted by the landlord or until the landlord elects to hold the

tenant to an additional term


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#orms of Title #uture Rights

Life %state

rights whose duration is measured by the life or lives of someone else, ending at

the death of that person:

+ee Tail, rights that can endure forever but can only be passed to lineal descendants -

ends if and when the first fee tail tenant has no lineal descendants to succeed him

or her in possession

4rimogeniture, rights that pass to the oldest son


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Acquiring Rights %Title&

;oluntary conveyance by a method purchase, e$change, donation

through a written instrument deed, will, easement

nvoluntary conveyance by a method divorce, escheat, adverse possession,

condemnation, dedication, forfeiture

through (udgment of a court or the operation of a statute


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'olding Title

/y one legal entity called )severalty)

/y several entities


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Tenancy in (ommon

There is a presumption that a conveyance to two or more persons is a tenancy in

common where doubt court infer tenancy in common

%ach owner possesses an undivided right to the whole property

%ach owner has an e'ual right to possess and use the property

%ach owner can transfer all or any part of their rights

%ach tenant has a distinct proportionate interest in the property2o survivorship rights


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)oint Tenancy

%ach owner has an e'ual percentage of ownership

%ach (oint tenant has an undivided right to the whole property

%ach owner has an e'ual right to use

2o owner can transfer a (oint tenancy to another entity

! f *, /, < 1, are (oint tenants and 1 sells her interest to , then * < / are (oint tenantsof a =8> interest and is a tenant in common with a ?8> interest"

@oint tenancies carry full rights of survivorship

f a (oint tenant dies, the interest automatically is transferred to the surviving (oint tenant

2ot all the states allow this form of property ownership


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(ommunity Property

pecial form of (oint tenancy between husband and wife, each owning one-half

Apon death, the decedentBs interest passes in a manner similar to tenants in common


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Trust

* right in property !real or personal" which is held in a fiduciary relationship by one

party !the trustee" for the benefit of another !the beneficiary"

3any trusts are created as an alternative to or in con(unction with a will and other

elements of estate planning

tate law establishes the framework for determining the validity and limits for both

nter vivo established during the lifetime of the individual creating the trust

Testamentary established, at the death of the individual creating the trust, under

the terms of a will


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*asement

right to use land held by some other legal entity than the fee owner, allowing the

holder to do something !affirmative easement" or preventing the fee owner from

doing something !negative easement"

)runs with the land,) meaning that it is enforceable against all succeeding owners of

the property

typically ac'uired and recorded in a formal document signed by the property owner

and the easement holder - purchase, donation, condemned, dedicated

can be obtained )by prescription,) a form of adverse possession e7g7 when a

neighbor openly and continuously drives his vehicle across your land without

permission and you make no effort to stop the trespass - after a period of time fi$edby state law, the neighbor could claim a legally enforceable rightto drive across

your land


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*asements

1an be held public or private entities

!a" 4rivate easement is limited to specific individuals or entities such as the owner of

an ad(oining land

!b" 4ublic easement is one that grants the right to a large group of individuals or to the

public in general, such as the easement on public streets and highways or of the

right to navigate a river

!c" 5ybrid easement that can be held by specific public agencies or specific non-

profit agencies conservation easements


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*asements

&ight to light

olar

#ind

*vigation easement

&ailroad

Atility easements: storm drains, sanitary sewers, electrical power lines, telephone line,

gas pipeline, oil pipelines, drainage, fiber optic cables

&ights-of way: driveway, side-walk, beach access,

;iews

5istoric preservation

1onservation easements


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Statutory *asements

)#ind easement) means a right, whether or not stated in the form of a restriction,

easement, covenant, or condition, in any deed, will, or other instrument e$ecuted

by or on behalf of any owner of land or air space for the purpose of ensuring

ade'uate e$posure of a wind power system to the winds

another lease and wind easement

)olar easement) means a right, whether or not stated in the form of a restriction,

easement, covenant, or condition, in any deed, will, or other instrument e$ecuted

by or on behalf of any owner of land or solar skyspace for the purpose of ensuring

ade'uate e$posure of a solar energy system as defined in section

=?C17DC, subdivision ?E, to solar energy
http://www.revisor.leg.state.mn.us/bin/getpub.php?type=s&year=current&num=500.30http://www.powernaturally.org/Programs/Wind/toolkit/14b_windenergyleaseagreement.pdfhttp://www.wind-watch.org/documents/wp-content/uploads/greenlight-land-lease-and-wind-easement.pdfhttp://www.revisor.leg.state.mn.us/bin/getpub.php?type=s&num=216C.06&year=2006http://www.revisor.leg.state.mn.us/bin/getpub.php?type=s&num=216C.06&year=2006http://www.wind-watch.org/documents/wp-content/uploads/greenlight-land-lease-and-wind-easement.pdfhttp://www.powernaturally.org/Programs/Wind/toolkit/14b_windenergyleaseagreement.pdfhttp://www.revisor.leg.state.mn.us/bin/getpub.php?type=s&year=current&num=500.30


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(ommon "nterest (ommunities in +innesota

+innesota Statutes, (hapter -.-B

3ulti-family residences - separate housing units for residential inhabitants are containedwithin one building or several buildings within one comple$

*partment parcels leased to tenants

1ondominium parcels owned by individuals a parcel of real property individually owned use of common facilities in the piece such as hallways, heating system, elevators,

e$terior areas is e$ecuted under legal rights associated with the individual ownershipand controlled by the association of ownersthat (ointly represent ownership of the wholepiece

Legal descriptions of who owns what comple$ 6wners of units do not own land %ach unit not an independent unit

3inneapolis Lofts and 1ondos
http://www.lawlibrary.state.mn.us/condos.htmlhttps://www.revisor.mn.gov/statutes/?id=515Bhttp://realestate.findlaw.com/condos-coops/what-are-condominiums.htmlhttp://realestate.findlaw.com/homeowners-associations/http://www.minneapolisloftsandcondos.com/http://www.minneapolisloftsandcondos.com/http://realestate.findlaw.com/homeowners-associations/http://realestate.findlaw.com/condos-coops/what-are-condominiums.htmlhttps://www.revisor.mn.gov/statutes/?id=515Bhttp://www.lawlibrary.state.mn.us/condos.html


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+innesota Statutes, (hapter -.-B

Townhouse often refers to a construction style, similar looking houses sharing

common walls

6wner owns the portion of the structure defined by the walls

6wns also land

Anits are legally independent of each other e$cept for shared walls !perhaps roofs

and foundations"

tructure and e$teriors maintained by a 5ome 6wners *ssociation

*rbor Lakes

#est /ank Townhouses
http://www.lawlibrary.state.mn.us/condos.htmlhttps://www.revisor.mn.gov/statutes/?id=515Bhttp://www.townhomesatarborlakes.com/?gclid=CMbI4rTdwqsCFaEBQAodjTKRsghttp://www.housing.umn.edu/other/townhomes/index.htmlhttp://www.housing.umn.edu/other/townhomes/index.htmlhttp://www.townhomesatarborlakes.com/?gclid=CMbI4rTdwqsCFaEBQAodjTKRsghttps://www.revisor.mn.gov/statutes/?id=515Bhttp://www.lawlibrary.state.mn.us/condos.html


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+innesota Statutes, (hapter /01A

5ousing 1ooperative structures owned by a corporation usually non-profit

%ach shareholder in the corporation possesses the right to occupy a specific

portion of the structure !similar to a lease"

6wners do not own the real property

+re'uently the cooperatives are aimed at specific population segments, such aspersons age FF or older, students, or are designed to provide affordable housing

+ormed under 3innesota tatutes, 1hapter >DG*7

uch housing cooperatives are also common interest communities under the

3innesota 1ommon nterest 6wnership *ct, 3innesota tatutes, 1hapter F?F/
http://www.lawlibrary.state.mn.us/condos.htmlhttps://www.revisor.mn.gov/statutes/?id=308Ahttp://www.fredlaw.com/articles/realestate/real_0801_sro.htmlhttp://www.seniorcoops.org/list.phphttp://www.studentscoop.org/http://www.umnctc.org/https://www.revisor.mn.gov/statutes/?id=308Ahttps://www.revisor.mn.gov/statutes/?id=515Bhttps://www.revisor.mn.gov/statutes/?id=515Bhttps://www.revisor.mn.gov/statutes/?id=308Ahttp://www.umnctc.org/http://www.studentscoop.org/http://www.seniorcoops.org/list.phphttp://www.fredlaw.com/articles/realestate/real_0801_sro.htmlhttps://www.revisor.mn.gov/statutes/?id=308Ahttp://www.lawlibrary.state.mn.us/condos.html


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Records


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Records


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Public $and in +innesota

Anited tates +orest ervice

3innesota - 2& tate-owned land

3etropolitan 1ouncil - 4arks

akota 1ounty - Leisure < &ecreation,

+oreclosure sales, +armland and

2atural *reas 4rogram

3inneapolis 4ark and &ecreation /oard

#hite /ear Township

#hen ac'uiredH

5ow ac'uiredH

#ho was involved in the ac'uisitionH 5ow financedH

#hy ac'uiredH

5ow usedH

*ny restrictions on useH

*ny restrictions on saleH
http://www.fs.fed.us/http://google.dnr.state.mn.us/search?q=state+owned+land&site=PublicSitehttp://www.metrocouncil.org/parks/index.htmhttp://www.co.dakota.mn.us/LeisureRecreation/default.htmhttp://www.co.dakota.mn.us/LeisureRecreation/default.htmhttp://www.metrocouncil.org/parks/index.htmhttp://google.dnr.state.mn.us/search?q=state+owned+land&site=PublicSitehttp://www.fs.fed.us/


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$and Trust

Land 1onservancies

* nonprofit organi.ation that, as all or part of its mission, actively works to protect the

ecological characteristics of land by

ac'uiring or assisting in ac'uiring rights to land fee title, conservation easement

managing such land or easements

Land Trust *lliance

Trust for 4ublic Land

*merican +armland Trust

3innesota Land Trust


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$and Trust

1ommunity Land Trust !1LT"

&esidential land trusts emerged in the Anited tates after calls among civil rightsleaders in the ?IFDs and ?ICDs in the *merican outh for economic reforms toreverse rampant poverty

The goal of residential trusts is often to protect housing prices from speculation andgentrification while allowing residents to accrue e'uity7

1ommunity Land TrustsJ *n ntroduction

2ational 1ommunity Land Trust 2etwork

1ity of Lakes 1ommunity Land Trust

&ondo 1ommunity Land Trust

2orthern 1ommunities Land Trust

ownership types

Documents