RE: Water Rights & Types of ownership

Water Rights

Riparian Rights Doctrine - Used in states EAST of Mississippi where water is plentiful
Riparian Rights - Common-law rights granted to owners of land along the course of river, stream or similar body of water

Equality of rights - Same rights for all riparians
Reasonable use
Ownership extends to the center of the body of the water

Prior Appropriation Doctrine:
Applies in WESTERN states because water is scarce
Under prior appropriation doctrine, the first landowner to use body of water for some beneficial economic purpose has right to use all the water needed

A permit system is typically used to keep track of water rights which can be sold

Littoral Rights - Apply to owners whose land is adjacent to navigable body of water
Ownership of land extends to the high-water mark of lakes and navigable rivers


REAL PROPERTY vs PERSONAL PROPERTY

Real Property: Interests benefits and rights that are included in the ownership of real estate

Personal Property: Legal interests in any item NOT permanently attached to the land

Fixture: Personal property that has become part of the real estate because it is permanently attached to the land or an improvement. Fixtures generally transfer with the real estate unless they are specifically excluded.

Trade Fixture: Article owned by a tenant and attached to rented space or building or used in conducting a business. Trade fixtures must be removed before the last day of the lease and the cost of repairing damage is the responsibility of the tenant.

CONFLICTS OF FIXTURES
When conflicts arise as to whether an item of personal property is a fixture courts apply several tests to determine if an item is a fixture
- Intent of parties
- Test of attachement - was the item permanently attached to the real estate. Can it be removed without damaging the sorrounding property?
- Test of adaptability - Was the item specifically designed/modified to fit the real estate

OWNERSHIP RIGHTS IN REAL ESTATE

Fee Simple Absolute estate - Fee relates to ownership of land; Simple suggests ownership is without restrictions

Fee simple interest provides all of fundamental legal rights associated with the real estate, unabridged and unaltered
- Possess the property
- Use and modify the property
- Exclude others
- Sell or give the property to whomever I want


Qualitified Fee Estates - Owner's rights can be terminated based on the occurence or nonoccurence of some specified event
- Determinable Fee
- Fee on condition subsequent

Each qualitified fee interest has an accompanying future reversion interest that may never be realized

Life Estates
In ordinary life estate, the GRANTEE is called a Life Tenant and enjoys full ownership for the duration of his or her life. The interest terminates upon the grantee's death.

The person who will receive the property upon the death of the grantee is called the REMAINDERMAN and has a REMAINDER interest

If the life estate is based on the lifetime of a person other than the life tenant, it is known as an ESTATE PUR AUTRE VIE "for the life of another"

LEASEHOLD INTEREST
When the lease is created the rights are separated into LEASEHOLD INTEREST ("Less-Than-Freehold") for the tenant or lessee and A leased fee interest with a right of reentry for the lessor or landlord

JOINT OWNERSHIP OF REAL ESTATE
Tenancy in common - Traditional form
- Proportional interests
- Equal rights of use and possession

Joint Tenancy with right of survivorship - When I die, my co-owners receive my interst in the real estate
Unity of time/title/interest/possession

Condominiums and Coops
Condo ownership - Fee simple ownership of units and tenants in common for common grounds.
Cooperatives - Residents purchase shares in a non-profit corporation in proportion to the value of their units

Time Shares - A form of ownership that splits the interst further by time