Real Property: Land, Fixtures, and Installations - Essay Sample

Introduction

Real property in law includes land and various features that are associated or attached to it. Additionally, real property many are comprised of undeveloped lands, such as a field that contains premises such as houses. It may also include other things that are connected to the area, for example, subsurface lights. The ground may provide fixtures, which are the personal property that is connected to the land, which is supposed to be transferred with the territory. Installations on-premises may include the furnace and the bathtub. Trees that grow within the field are also considered as properties of the land. A person can get property through the acquisition of the title deed of the land in various ways. This acquisition methods include inheritance, gift, and can be bought or even through adverse possession. In real property, ownership rights are moved by the title deed of the land. This means that the owner of the area has a legal right to own the features and also has the mandate to exclude other people, as stated in the law.

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Mortgages and Legal Position

In Maxwell's case, Joshua's legal position is unlawful since the land he bought from Louise had been lodged a caveat by Pauline over the mortgage signed with Maxwell. A caveat is a legal document that is submitted by a person against a real property where a caveator can claim the interest realized from the property. There is a Land Title Act that provides a person with an opportunity to have a claim for the benefit of the property that he intends to lodge a caveat. However, even if Joshua becomes successful in becoming registered with the land, he will not be subject to the mortgages since Pauline had already lodged it. This implies that the mortgage belongs to Pauline since she followed the legal process while making an agreement with Maxwell over the lease. Although, Maxwell, as the registered owner, might prevent the registration and will not be subjected to the mortgage since he would remain indefeasible. In this regard, the conventional means that are used to acquire real property is by purchase.

In the purchase of the real property, the seller and the buyer of the land must negotiate on a contract which will have all the essential terms of the sale. The parties involved in land purchase requires to undertake their promises under their contract. This consists of the buyer paying the seller while the seller will have to transfer the title via deed, and hence, the act is recorded. In the case of Charlie, the interest can be considered as equitable mortgage since it is in the right forum but unregistered. Therefore, his interest is not legal since the mortgage needs to be registered. Any contract for a particular interest in the property should be made in writing to make it lawful against the respondent according to the Statute of Frauds. Various types of deeds convey different kinds of interest - for example, the quitclaim deed, which expresses the interest contained in the title of the land. However, a person cannot convey interest that he does not have. Several states permit for a warranty deed that tends to warranty against defects that are associated with the title. Buyers of the original property demand warranty deed once they purchase that property. Once the deed transfers the title, it should then be recorded, although it may not be necessary for ownership. Recording the deed is very crucial since it places other people on notice that the person responsible for recording the deed owns that particular property. In a situation where the property is acquired through inheritance, the land may be bequeathed via a will. Real property may also be acquired as a gift. If a person providing the gift aims at making the gift of the title once the deed is taken to the recipient, then the gift is considered to be valid. If one of these features is not met, then it implies that the donation is yet to be made, and the title of the property will not be conveyed. Another method that can be used to acquire a property is through adverse possession, although it is a less conventional way. This method holds that getting the property creates the sincere belief that the value of the land possesses is in its use for profit.

Adverse possession of the real property is when a person who is not the owner of the property claims to be his own. For this person to successfully acquire the land, some of the features need to meet at first. In this element, the possessor of the property should be in real possession and also exclusive. The possessor is required to pay taxes regarding the property during the process of adverse possession. If all these elements are taken care of, then the possessor can go further to claim for the title. Once this attempt is successful, the possessor now becomes the real owner of the property. Assuming that Joshua becomes unsuccessful while trying to get the land sold to him by Louise, the mortgage that was agreed between Maxwell and Pauline must be settled first if Maxwell becomes bankrupt. This is because Pauline had lodged a caveat over mortgage using the deed as the evidence of her interest.

Pauline is advantaged since the Land and Property Information authority satisfied her mortgage agreement since she had lodged a caveat. This means that she followed the legal process as advocated by the law of the land. The mortgage agreement sets the basis for terms of the contract between the person borrowing the mortgage and the lender. Once it is signed, the deal gives the borrower legal right for access to the money. Moreover, the agreement mandates the lender the right to take property used as a security if the borrower fails to repay the loan. Therefore, this implies that Pauline will get compensation from the mortgage that was agreed between her and Maxwell. Joshua's interest as the buyer of the property is not equitably governed by the law since his dealings are not registered, thus not protected by legal interest. Pauline's caveat to stop Joshua from the registration implies that Joshua does not possess an immediate registered profit and cannot get it from Louise since he used a forgery transfer of property. Therefore, Joshua cannot get registered, and hence, he cannot get any interest from the property.

Conclusion

In conclusion, real property in law comprises of land and other features that are associated or attached to it. Moreover, real estate may include undeveloped land, such as a field that contains buildings such as houses. As revealed, Joshua's legal position is unlawful since the property he bought from Louise had been lodged a caveat by Pauline over the mortgage she signed with Maxwell. However, even if Joshua becomes successful in becoming registered with the land, it implies that he will not be subject to the mortgages since Pauline had already lodged it. This indicates that the mortgage belongs to Pauline since she followed the legal process while making an agreement with Maxwell over the mortgage. If we assume that Joshua becomes unsuccessful while trying to get the land sold to him by Louise, the mortgage that was agreed between Maxwell and Pauline must be settled first if Maxwell becomes bankrupt.

References

Meyenberg v Pattison (1889) 3 QLJ 184

Real Property Act 1900 (NSW) s 74F.

Statute of Frauds Amendment Act, 1828 (9 Geo. IV, c. 14)