© 2009 Cengage Learning/South-Western Valuing Bonds Chapter 4.
RIGHTS AND INTERESTS IN REAL ESTATE ► CHAPTER 4 © 2009 South-Western, Cengage Learning.
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Transcript of RIGHTS AND INTERESTS IN REAL ESTATE ► CHAPTER 4 © 2009 South-Western, Cengage Learning.
RIGHTS AND INTERESTS IN REAL ESTATE ► CHAPTER 4
© 2009 South-Western, Cengage Learning
© 2009 South-Western, Cengage Learning
HOMESTEAD PROTECTION
limited to $500,000 of equity in home
not automatic–requires one time filing (deed or filing)
Section 1 – only one owner for benefit of entire family
Section 1A –seniors or disabled, applies to individual
© 2009 South-Western, Cengage Learning
© 2009 South-Western, Cengage Learning
OTHER CONCERNS
➛ no protection for registered land held in trust
➛ mobile home homestead filed with city/town clerk
➛ may file homestead regardless of how title is held
➛ increase to $500,000, 2004, retroactive before 2004
© 2009 South-Western, Cengage Learning
Dower rights diminished . . .
• common law doctrines related to marital property
• term of curtesy eliminated, now all rights are dower
• dower rights upon death not marriage
• dower rights - life estate 1/3 land of deceased spouse
• dower rights rarely employed
• divorce terminates dower rights
© 2009 South-Western, Cengage Learning
CREATING AN EASEMENT
by deed or express grant
by prescription (adverse use)
by necessity
most easements created by deed or express grant
conveys a limited use of property
may be for unlimited or specific duration
statute of frauds requires writing to be enforceable
© 2009 South-Western, Cengage Learning
© 2009 South-Western, Cengage Learning
© 2009 South-Western, Cengage Learning
implied when a parcel of land is landlocked
not available for registered land
not automatic – each case examined on its merits
© 2009 South-Western, Cengage Learning
© 2009 South-Western, Cengage Learning
Most easements are affirmative authorizing use
Negative easements restrict use such as a view easement barring the blocking or interference with a view
© 2009 South-Western, Cengage Learning
CONSERVATION EASEMENTGenerally negative easements to protect conservation lands, watersheds, historic properties, agricultural lands and affordable housing
SOLAR EASEMENTMassachusetts law encourages solar easements as an alternative energy source
© 2009 South-Western, Cengage Learning
LICENSE
• smallest possible right to occupy real estate
• not an interest in land
• may be terminated by either party at any time
© 2009 South-Western, Cengage Learning
TIDAL WATERS
• riparian owner owns to MLW mark (but not further than 100 rods or 1,650 feet)
• tidelands are land beneath the water
• private tidelands are the land below the water between the high and low water lines owned by a private party
USE OF PRIVATE TIDELANDS
• public easement - swimming, fishing, navigating and fowling
• touching land in private tidelands is a trespass
• the water is state property
© 2009 South-Western, Cengage Learning
RIPARIAN RIGHTS• Massachusetts is a riparian state• generally, all water rights referred to
as riparian rights
PONDS AND LAKES• controlled by state - riparian owner
owns to water’s edge
© 2009 South-Western, Cengage Learning
STREAMS
• riparian owner has right to use, but cannot divert or interrupt
• if navigable, ownership is to water’s edge
• if NON-navigable, ownership is to middle of stream
• if owner owns both sides of non-navigable stream, riparian owner owns all of the land underwater
KEY TERMS
© 2009 South-Western, Cengage Learning
conservation easement
dominant estate (tenement)
dower
easement in gross
homestead declaration
homestead exemption
license
negative easement
prescriptive easement
prescriptive tidelands
riparian rights
servient estate (tenement)
solar easement
tacking
tidal water