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RURAL PROPERTY RIGHTS AND INTEREST

RURAL PROPERTY RIGHTS AND INTEREST. LAND IS SELDOM HELD IN FEE SIMPLE DUE TO ACCESS EASEMENTS, UTILITY EASEMENTS, MINERAL RESERVATIONS, AND OTHER ENCUMBRANCES.

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RURAL PROPERTY RIGHTS AND INTEREST

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  1. RURAL PROPERTY RIGHTSAND INTEREST • LAND IS SELDOM HELD IN FEE SIMPLE DUE TO ACCESS EASEMENTS, UTILITY EASEMENTS, MINERAL RESERVATIONS, AND OTHER ENCUMBRANCES. • WHEN A RIGHT IS SEPARATED FROM THE BUNDLE OF RIGHTS AND TRANSFERRED OR MORTGAGED, A PARTIAL, OR FRACTIONAL, PROPERTY INTEREST IS CREATED.

  2. FEE SIMPLE ESTATESANDLIFE ESTATES • FEES SIMPLE ESTATE ABSOLUTE OWNERSHIP UNENCUMBERED BY ANY OTHER INTEREST OR ESTATE, SUBJECT ONLY TO THE LIMITATIONS IMPOSED BY THE GOVERNMENTAL POWERS OF TAXATION, EMINENT DOMAIN, POLICE POWER, AND ESCHEAT.

  3. A FEE SIMPLE ESTATE INCLUDES SURFACE RIGHTS, AIR RIGHTS, SUB-SURFACE RIGHTS, AND ALL OTHER PROPERTY RIGHTS ASSOCIATED WITH REAL ESTATE OWNERSHIP.

  4. LIFE ESTATES DEFINED AS THE TOTAL RIGHTS OF USE, OCCUPANCY, AND CONTROL, LIMITED TO THE LIFETIME OF A DESIGNATED PARTY. • LIVE ESTATES TRANSFER OWNERSHIP WHILE RETAINING USE AND CONTROL FOR THE LIFE OF THE GRANTOR. • THE INCOME STREAM FLOWING TO THE LIFE TENANT IS NORMALLY THE BASIS OF VALUING A LIFE ESTATE.

  5. LEASE INTEREST • LEASED FEE ESTATE: AN OWNERSHIP INTEREST HELD BY A LANDLORD WITH THE RIGHT OF USE AND OCCUPANCY CONVEYED BY LEASE TO OTHERS. • LEASEHOLD ESTATE: THE TENANT’S POSITION, WITH THE RIGHT TO USE AND OCCUPY REAL ESTATE FOR A STATED TERM UNDER THE CONDITIONS CONVEYED IN THE LEASE.

  6. LEASE INTEREST • A LEASE INTEREST RESULTS WHEN THE BUNDLE OF RIGHTS IS DIVIDED BY A LEASE. • A LEASE IS BOTH A CONTRACT AND CONVEYANCE. IT IS A CONVEYANCE BY WHICH THE LANDLORD GIVES THE TENANT THE RIGHT TO OCCUPY THE PROPERTY FOR THE TERM SPECIFIED BY THE LEASE. IT IS A CONTRACTUAL OBLIGATION ON THE TENANT TO PAY RENT TO THE LANDLORD, AND MAY CONTAIN OTHER PROMISES AND AGREEMENTS BETWEEN THE LANDLORD AND TENANT.

  7. ESSENTIALS OF A LEASE • A LEASE IN EXCESS OF ONE YEAR IS REQUIRED TO BE IN WRITING. • MUST SUFFICIENTLY IDENTIFY THE PARTIES TO THE LEASE. • MUST IDENTIFY THE PROPERTY WITH REASONABLE CERTAINTY. • MUST STATE THE AGREED PRICE OR RENTAL TO BE PAID. • MUST SET FORTH THE DATE IT BEGINS AND THE DATE IT ENDS. • MUST CONTAIN WORDS OF “CONVEYANCE” THAT DISCLOSE AN INTENT TO CREATE A LEASEHOLD ESTATE.

  8. MOST LEASES CONTAIN CLAUSES PERTAINING TO THE DURATION OF TENANCY, RENT, SECURITY DEPOSIT, INSURANCE, PAYMENT OF UTILITIES, RIGHT OF ENTRY, ASSIGNMENT AND SUBLEASING, MAINTENANCE AND REPAIR, TAXES, AND RENEWAL OPTIONS.

  9. TENANCY • THE DIVISION OF PROPERTY RIGHTS BETWEEN TWO OR MORE PARTIES. • TENANCY HAS TWO MEANINGS WITH RESPECT TO REAL ESTATE. • THE HOLDING OF PROPERTY BY FORM OF TITLE. • TENANCY IN COMMON • JOINT TENANCY • TENANCY BY THE ENTIRETY • THE RIGHT TO USE AND OCCUPY PROPERTY AS CONVEYED IN A LEASE.

  10. RENTAL PAYMENTS • IN AGRICULTURE THE MOST COMMON LEASE TYPES ARE: 1) A GROSS LEASE WITH THE TENANT PAYING A STIPULATED RENT AND THE LANDLORD PAYING THE PROPERTY CHARGES (TAXES, INSURANCE, ETC). 2) A CROP-SHARE RENTAL AGREEMENT WITH THE LANDLORD SHARING CERTAIN OPERATING COSTS WITH THE TENANT AND RECEIVING A SHARE OF THE CROP. THE LANDLORD AND TENANT MAY SHARE CERTAIN FIXED EXPENSES AND PROPERTY CHARGES.

  11. FRACTIONAL INTEREST • LEASEHOLD POSITION • SUB-LEASEHOLD POSITION • EASEMENTS - AN INTEREST IN REAL PROPERTY THAT CONVEYS USE, BUT NOT OWNERSHIP, OF A PORTION OF AS OWNER’S PROPERTY.

  12. FRACTIONAL OWNERSHIP • CONDOMINIUM OWNERSHIP - A FORM OF OWNERSHIP OF SEPARATE UNITS OR PORTIONS OF BUILDINGS, THAT PROVIDES FOR FORMAL FILING OF DIVIDED INTEREST IN REAL PROPERTY. OWNERS HAVE AN UNDIVIDED INTEREST IN COMMON AREAS, WITH EXPENSES FOR MANAGEMENT AND MAINTENANCE DIVIDED ON A PRO RATA BASIS.

  13. COOPERATIVE OWNERSHIP - EACH OWNER HAS STOCK IN A COOPERATIVE BUILDING AND RECEIVES PROPRIETARY LEASE AND IS OBLIGATED TO PAY RENT. TITLE OF THE PROPERTY IS HELD BY THE CO-OP. • TIMESHARING - THE SALE OF EITHER LIMITED OWNERSHIP INTEREST IN , OR THE RIGHTS TO USE AND OCCUPY, RESIDENTIAL APARTMENTS OR HOTEL ROOMS.

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