gistfile1.txt

[2011-04-18 13:05:25,429][DEBUG][action.index             ] [Aardwolf] [wikipedia][2], node[DWa9nNZ6TMiavl6nID7_mw], [P], s[STARTED]: Failed to execute [index {[wikipedia][page][26277], source[{"id": "26277", "revision": {"contributor": "", "id": "349471962", "text": "{{Nofootnotes|date=October 2009}}\n{{worldwide}}\n{{Property law}}\n'''Real property'''  and [[personal property]] are the main classifications of [[property]] in the [[common law]].  '''Real property''' refers to [[Estate in land|land]] and the improvements made by human efforts&mdash;buildings, machinery, the acquisition of various property rights, and the like.\n'''Real property''' is also termed '''[[realty]]''', '''[[real estate]]''', and '''[[immovable property]]'''.\n\nIn countries with personal ownership of '''real property''',\n[[civil law (legal system)|civil law]] protects the status in realty markets,\nwhere [[realtors]] work in realty selling real estate.\nScottish civil law calls it ''heritable property'', and in France\nit is said ''immobilier''.\n\n== Identification of real property ==\nTo be of any value a claim to any property must be accompanied by a verifiable and legal [[land description|property description]]. Such a description could make use of natural boundaries such as river and roads, or make use of purpose made markers such as cairns, posts, survey marks, etc.\n\n==Estates & ownership interests defined==\nThe law recognizes different sorts of interests, called [[estates in land|estates]], in real property. The type of estate is generally determined by the language of the deed, lease, or bill of sale through which the estate was acquired. Estates are distinguished by the varying [[property right]]s that vest in each, and that determine the duration and transferability of the various estates. A party enjoying an estate is called a \"tenant.\"\n\nSome important types of [[estates in land]] include:\n\n*'''[[Fee simple]]''':  An estate of indefinite duration, that can be freely transferred. The most common and perhaps most absolute type of estate, under which the tenant enjoys the greatest discretion over the disposition of the property.\n*'''Conditional Fee simple''': An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur.  If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party.\n*'''[[Fee tail]]''': An estate which, upon the death of the tenant, is transferred to his heirs.\n*'''[[Life estate]]''':  An estate lasting for the natural life of the grantee, called a \"life tenant.\"  If a life estate can be sold, a sale does not change its duration, which is limited by the natural life of the original grantee.\n**A life estate '''''pur autre vie''''' is held by one person for the natural [[Life estate#Duration of a life estate|life of another person]].  Such an estate may arise if the original life tenant sells her life estate to another, or if the life estate is originally granted ''pur autre vie''.\n*'''[[Leasehold]]''':  An estate of limited duration, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, and another party, called the lessor, having a longer lived estate in the property.  For example, an apartment-dweller with a one year lease has a leasehold estate in her apartment.  Lessees typically agree to pay a stated rent to the lessor.\n\nA tenant enjoying an undivided estate in some property after the termination of some estate of limited duration, is said to have a \"future interest.\"  Two important types of future interests are:\n\n*'''[[Reversion (law)|Reversion]]''': A reversion arises when a tenant grants an estate of lesser maximum duration than his own.  Ownership of the land returns to the original tenant when the grantee's estate expires.  The original tenant's future interest is a reversion.\n*'''[[Remainder (law)|Remainder]]''': A remainder arises when a tenant with a fee simple grants someone a life estate or conditional fee simple, and specifies a third party to whom the land goes when the life estate ends or the condition occurs. The third party is said to have a remainder.  The third party may have a legal right to limit the life tenant's use of the land.\n\n[[Estate (law)|Estate]]s may be held jointly as [[joint tenants with rights of survivorship]] or as [[tenants in common]]. The difference in these two types of [[joint ownership]] of an estate in land is basically the inheritability of the estate and the shares of interest that each tenant owns. \n\nIn joint tenancy with rights of survivorship deed, or JTWROS, the death of one tenant means that the surviving tenant(s) become the sole owner(s) of the estate. Nothing passes to the heirs of the deceased tenant. In some jurisdictions the words \"with right of survivorship\" must be used, or the tenancy will assumed to be tenants in common without rights of survivorship. Co-owners always take a JTWROS deed as equal shares, so each tenant must own an equal share of the property regardless of contribution to purchase price. If the property is sold or partitioned, the proceeds must be distributed equally.\n\nThe passing of a co-owner of a tenants in common (TIC) deed will have a heritable portion of the estate in proportion to his ownership interest which is presumed to be equal amongst tenants unless otherwise stated in the transfer deed. However, if TIC property is partitioned, some states may grant a credit for unequal contribution to purchaes price (unlike a partition of a JTWROS deed).\n\nReal property may be owned jointly with several tenants, through devices such as the [[condominium]], [[housing cooperative]], and [[building cooperative]].\n\n==Jurisdictional peculiarities==\nIn the law of almost every country, the [[Sovereign state|state]] is the ultimate owner of all land under its jurisdiction, because it is the [[Sovereignty|sovereign]], or supreme lawmaking authority. Physical and corporate persons do not have [[allodial title]]; they do not \"own\" land but only enjoy estates in the land, also known as \"equitable interests.\"\n\n===England and Wales ===\nIn the [[United Kingdom]], [[The Crown]] is held to be the ultimate owner of all real property in the realm. This fact is material when, for example, property has been disclaimed by its erstwhile owner, in which case the law of [[escheat]] applies. In some other jurisdictions (not including the [[United States]]), real property is held [[Allodial title|absolutely]].\n\n[[English law]] has retained the common law distinction between real property and personal property, whereas the [[Civil law (private law)|civil law]] distinguishes between \"movable\" and \"immovable\" property. In English law, real property is not confined to the ownership of property and the buildings sited thereon{{ndash}} often referred to as \"land.\" Real property also includes many legal relationships between individuals or owners of land that are purely conceptual. One such relationship is the [[easement]], where the owner of one property may enjoy the right to pass over a neighboring property. Another is the various \"incorporeal hereditaments,\" such as [[profit a prendre|profits a prendre]], where an individual may have the right to take crops from land that is part of another's estate.\n\nEnglish law retains a number of forms of property which are largely unknown in other common law jurisdictions such as the [[advowson]], [[chancel repair liability]] and lordships of the [[manorialism|manor]]. These are all classified as real property, as they would have been protected by [[real action]]s in the early common law.\n\n===USA ===\n{{Expand-section|date=June 2008}}\nEach [[U.S. State]] except [[Louisiana]] has its own laws governing real property and the estates therein, grounded in the [[common law]].  In Arizona{{fact|date=February 2009}}, real property is generally defined as land and the things permanently attached to the land.  Things that are permanently attached to the land, which also can be referred to as improvements, include homes, garages, and buildings.  Manufactured homes can obtain an affidavit of affixture.\n\n==Economic aspects of real property==\nLand use, land valuation, and the determination of the incomes of landowners, are among the oldest questions in economic theory. Land is an essential input ([[factor of production]]) for agriculture, and agriculture is by far the most important economic activity in preindustrial societies. With the advent of industrialization, important new uses for land emerge, as sites for factories, warehouses, offices, and urban agglomerations. Also, the value of real property taking the form of man-made structures and machinery increases relative to the value of land alone. The concept of real property eventually comes to encompass effectively all forms of [[capital (economics)|tangible fixed capital]]. with the rise of extractive industries, real property comes to encompass [[natural capital]]. With the rise of tourism and leisure, real property comes to include scenic and other amenity values.\n\nStarting in the 1960s, as part of the emerging field of [[law and economics]], economists and legal scholars began to study the [[property right]]s enjoyed by tenants under the various estates, and the economic benefits and costs of the various estates. This resulted in a much improved understanding of the:\n*[[Property right]]s enjoyed by tenants under the various estates. These include the right to:\n**Decide how a piece of real property is used;\n**Exclude others from enjoying the property;\n**Transfer (alienate) some or all of these rights to others on mutually agreeable terms;\n*Nature and consequences of [[transaction cost]]s when changing and transferring estates.\nFor an introduction to the economic analysis of property law, see Shavell (2004), and Cooter and Ulen (2003). For a collection of related scholarly articles, see Epstein (2007). Ellickson (1993) broadens the economic analysis of real property with a variety of facts drawn from history and [[ethnography]].\n\n==Historical background==\nThe word \"real\" ultimately derives from Latin ''res'' \"thing\" and was used to Middle English to mean \"relating to things, especially real property\"<ref>''Concise Oxford English Dictionary'', Tenth Edition,1999,p 1192.</ref>\n\nIn [[common law]], real property was property that could be protected by some form of [[real action]], in contrast to personal property, where a [[plaintiff]] would have to resort to another form of action. As a result of this formalist approach, some things the common law deems to be land would not be classified as such by most modern legal systems, for example an [[advowson]] (the right to present to the living of a church) was real property. By contrast the rights of a [[leaseholder]] originate in personal actions and so the common law originally treated a leasehold as part of personal property.\n\nThe law now broadly distinguishes between real property (land and anything affixed to it) and [[personal property]] (everything else, ''e.g.'', clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. \n\nIn modern legal systems derived from English common law, classification of property as ''real'' or ''personal'' may vary somewhat according to jurisdiction or, even within jurisdictions, according to purpose, as in defining whether and how the property may be taxed.\n\nBethell (1998) contains much historical information on the historical evolution of real property and property rights.\n\n==See also==\n*[[Real estate]]\n*[[Land tenure]]\n*[[Mineral rights]]\n*[[Landlord]]\n*[[Fiefdom]]\n*[[Benefice]]\n*[[The Land Report]]\n*[[Land ownership in Canada]]\n\n==References and further reading==\n{{Reflist}}\n{{refbegin}}\n;The law of real property:\n*Stoebuck, W. B., and Dale A. Whitman, 2000. ''The Law of Property'', 3rd. ed. St. Paul MN: West Group Publishing.\n*Thomas, David A., ed., 1996. ''Thompson on Real Property''. Charlottesville VA: Michie Co.\n\n;Analysis of the law of real property:\n*[[Bruce Ackerman|Ackerman, B.]], R. Ellickson, and C.M. Rose, 2002. ''Perspectives on Property Law'', 3rd ed. Aspen Law and Business.\n*[[Tom Bethell]], 1998. ''Noblest Triumph: Property and Prosperity through the Ages''. St Martin's Press. For lay people.\n*[[Robert Cooter]], and Thomas Ulen, 2003. ''Law and Economics'', 4th. ed. Addison-Wesley. Chpts. 4,5. Easier text.\n*Ellickson, Robert, 1993, \"[http://www.law.yale.edu/documents/pdf/Ellickson_Property_in_Land.pdf Property in Land,]\" ''Yale Law Review'' 102: 1315-1400.\n*[[Richard Epstein]], ed., 2007, ''Economics of Property Law''. Edward Elgar. An anthology of articles, mostly from the law literature.\n*Shavell, Steven, 2004. ''Foundations of Economic Analysis of Law''. Harvard Univ. Press. Chpts. 2-5. Harder text; extensive references.\n*[[Jeremy Waldron]], 1988. ''The Right to Private Property''. Oxford Univ. Press.\n{{refend}}\n\n==External links==\n*[http://www.irpf.org/ International Real Property Foundation]\n\n[[Category:Real property law| Real property]]\n[[Category:Real estate]]\n\n[[ca:Immoble]]\n[[cs:Nemovitost]]\n[[de:Immobilie]]\n[[es:Inmueble]]\n[[eo:Nemovebla\u0135o]]\n[[fr:Bien immobilier]]\n[[ko:\ubd80\ub3d9\uc0b0]]\n[[id:Real property]]\n[[it:Settore immobiliare]]\n[[he:\u05de\u05e7\u05e8\u05e7\u05e2\u05d9\u05df]]\n[[lt:Agrarin\u0117 teis\u0117]]\n[[hu:Ingatlan]]\n[[nl:Onroerende zaak]]\n[[ja:\u4e0d\u52d5\u7523]]\n[[pl:Nieruchomo\u015b\u0107]]\n[[pt:Im\u00f3vel]]\n[[ru:\u0417\u0435\u043c\u0435\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0430\u0432\u043e]]\n[[simple:Real property]]\n[[fi:Kiinteist\u00f6]]\n[[sv:Fast egendom]]\n[[th:\u0e2d\u0e2a\u0e31\u0e07\u0e2b\u0e32\u0e23\u0e34\u0e21\u0e17\u0e23\u0e31\u0e1e\u0e22\u0e4c]]\n[[uk:\u041d\u0435\u0440\u0443\u0445\u043e\u043c\u0456\u0441\u0442\u044c]]\n[[yi:\u05d0\u05d5\u05de\u05d1\u05d0\u05d5\u05d5\u05e2\u05d2\u05dc\u05e2\u05db\u05e2 \u05d2\u05d9\u05d8\u05e2\u05e8]]\n[[zh:\u623f\u5730\u4ea7]]", "timestamp": "2010-03-12T19:20:00Z"}, "title": "Real property"}]}]
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