Real Property Avon Lake OH

REAL PROPERTY

Real property includes land, buildings and fixtures, and rights in the land of another. Land means more than the surface of the earth. It includes the soil and all things of a permanent nature attached to the ground such as trees. Land also includes the waters on the ground and things beneath the surface such as minerals. Technically, land is considered as extended downward to the center of the earth and upward indefinitely. However, while the owner of land owns the space above, this ownership right is subject to the right of aircraft to use the air space in such a way that is not dangerous to persons or property lawfully on the land.

A building includes any structure placed on the land or beneath the surface of the land. A fixture is personal property that has been attached to the property or placed in a building in such a way or under such circumstances that it is deemed to be part of the real property. Examples would be a central air conditioning system or a radio tower.

An easement is a right in the land of another. An easement may be created in several ways. The clearest and simplest way to create an easement is by deed. An easement may also be created by implication when part of land is conveyed. For example, if water or drain pipes run from the property conveyed through the property that is retained, there is an implied right to have the use continued. In other words, it is implied that the person selling the land did not mean for the new owner to have the right to dam up the water. An easement may also be created by implication when it is necessary to the use of the land conveyed. This is the case when property is "landlocked."

A person's interest in real property can be defined in terms of the period of time for which the person will remain the owner of the property. A fee simple estate lasts forever in the sense that it lasts until it is sold and then the grantee has the fee. The owner of a fee simple title (also known as fee simple absolute) has the absolute and total interest in the land, although it may be subject to liens. The important characteristics of this estate are: i) Ownership may be transferred during the owner’s lifetime; ii) Ownership may be transferred by will; iii) If it is not transferred by a will, ownership passes to the heirs of a deceased owner; iv) It is subject to the rights of the owner’s surviving spouse upon the death of the owner; and v) It can be sold by creditors to satisfy the debts of the owner.

A fee simple defeasible is the same as a fee simple interest except that ownership can be lost if restrictions placed on the use of the property are not followed. For example, if you convey property to First Baptist Church as long as the property is used as a church, the church will lose ownership if the property is ever used for anything other than a church. The property will revert back to the grantor. The grantor’s interest is called a possibility of reverter.

A life estate ...