Summary
Summary property law
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Summary of 4 pages for the course Property Law at UoW (property law)
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Key concepts;- Real and personal property
- Tangible and intangible property
- Personal rights and proprietary rights
Don’t confuse personal property and personal rights
Think about formalities
Proprietary rights
E.g; a Lease - even if things change, is still valid for period of time
Personal rights
E.g; a license
Formalities;
- unlike in contract - property law we require real formalities
- Usually have to form a deed - very specific and detailed
Why is land so Important?
- we need to understand why land is so important, to then be able to understand why the law has
approach it in a particular way
- So here are some factors
- Necessity
- Uniqueness
- Permanence
- Capacity to support multiple interest
- Land is a finite resource
Necessity
- this is the most logical reason, namely, we all need a home and that home has to be placed on a piece
of land
- For many, land is a source of their livelihood
- Historically, people relied on the land or their social status (discuss later)
Uniqueness
- Location, Location, Location!
- Every piece of land is considered unique! (Just what all parents tell their children)
Permanence
- an investment that will not disappear
- Not all applicable to chattels (personal Property)
Capacity to support multiple interest
- Land, unlike other types of property, is able to support multiple interest at the same time
- Multiple individuals are able to possess right to the same land, as well as use it stimulusly
Example…. Armita
- armita buys a parcel of land but cannot afford the full asking price… she therefore takes out a
mortgage loan in return for the loan, the bank enjoys an interest in the land
- Imagine that when armita purchases the land she promises the neighbours that she will not run a
business from the site (restrictive covenant)
- She gives another neighbour, Ben, the right to walk over her land and park his car (Easement and
Licence)
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