The Law Of Property

THE LAW OF PROPERTY 1.

Definitions and classification

Property is everything which can be owned. Property (something capable of being owned)

Real property or realty

Tangible, that is, land itself

Intangible, that is, interests in land

Personal property or personalty

Chattels real that is, leaseholds

Choses in possession, or chattels (tangible)

Choses in action, or rights (intangible)

1.1 Real Property A. Land i. the surface of the land and most things growing on it ii. Fixture, that is, anything permanently attached to the land with the intention that it remains so iii. Some of the air space above the land iv. Everything beneath the surface like subsiold, clays, and scoria, other than the more valuable mineral like gold silver, uranium, and oil, which belong to the Crown under statute. B. Interests in land These are rights over the land that can be created by contract, statute, will, or trust. Because this property is intangible, it is sometimes referred to as an “incorporeal hereditament” which include: freehold and leasehold estates