Book Opener

Adverse PossessionOwnership of real property can be lost by adverse possession . Thisloss occurs when someone who doesn’t own property takes possessionof it for a period set by state statute, such as twenty years. The possessionmust be open, not secretive, with a claim that it is being done rightfully.The continuous possession by others, one after the other, withoutinterruption by the real owner, is counted toward this time period.Example 8. Bruce and Jennifer Lue bought a house and lived init for 25 years. Later, they discovered that the property line ranthrough the middle of their house. Their neighbor actually ownedthe land under half their house. The Lues could petition the courtfor title to the land under their house by adverse possession.Liens, Licenses, and EasementsProperty use can be limited by liens, licenses, or easements. A lienis a right in another’s property as security for a financial obligation. Forexample, in Chapter 17, we saw that a hotel keeper has a lien over aguest’s property. A license is a temporary, revocable right to limited useof another’s land. An easement is an irrevocable right to make limiteduse of another’s land. It might be a right to cross someone else’s land ata particular place, such as a driveway, or for a particular purpose, suchas drainage. An easement is a property interest that, onceestablished, cannot be terminated without the consent of the owner ofthe right. Usually, an easement is bought and paid for, either in moneyor by some other consideration.Reviewing What You Learned1. Describe legal aspects of a mortgage.Include information on the types ofmortgages and the federal protection offeredto borrowers.2. Describe the differences among a fixed-rate,an adjustable-rate, a graduated-payment, anda balloon-payment mortgage.3. Examine the forms of co-ownership of realproperty. Briefly describe each form.4. What types of deeds are discussed in thischapter? How are they alike? How arethey different?5. Distinguish between liens, licenses, andeasements.Critical Thinking ActivityZoning Laws Why do you think mostcommunities have zoning laws to stipulate theuse of property in certain areas?Legal Skills in ActionContracts to Purchase a Home Imagine youare a lawyer hired by Robin and Patrick (fromThe Opening Scene). Write a letter to themexplaining what they should have done beforesigning the contract to purchase their home.Chapter 34: Buying a Home 745