What is Incorporeal in Real Estate?§
In the realm of real estate, the term “incorporeal” refers to intangible legal interests. Unlike tangible property (or corporeal property), which has a physical manifestation such as buildings or land, incorporeal property involves rights or privileges that don’t have a physical form but are still enforceable by law.
Examples of Incorporeal Interests:§
- Easement: A right to cross or use someone else’s land for a specified purpose, such as a right-of-way.
- License: Temporary permission for an individual to use a property for a specific purpose, which can be revoked.
- Profit à Prendre: The right to enter someone’s land and take something of value (like minerals, timber, etc.).
- Restrictive Covenants: Conditions written into a property deed that restrict or limit the use of the property.
Frequently Asked Questions (FAQs)§
Q1: How does an easement differ from a license?
- A1: An easement is a permanent right to use someone else’s land for a particular purpose and runs with the land, whereas a license is a temporary, revocable permission for certain use of the land.
Q2: Can incorporeal rights be transferred?
- A2: Yes, many incorporeal rights, like easements, can be transferred from one party to another. However, some rights, like licenses, are usually personal to the individual and cannot be transferred.
Q3: Are incorporeal rights considered real property or personal property?
- A3: Incorporeal rights related to real estate are typically considered real property since they pertain to the use or benefit of the property, even though they are intangible.
Q4: What happens to an easement if the property is sold?
- A4: Easements generally run with the land, meaning they continue to exist even when the property is sold to a new owner. The new owner must honor the easement.
Q5: Can a restrictive covenant be enforced in court?
- A5: Yes, restrictive covenants can be legally enforced in court, provided they are reasonable and don’t violate any laws or public policies.
Related Terms with Definitions§
- Easement: A legal right to use another’s land for a specific limited purpose.
- License: Permission to do something on another’s property, making it lawful what would otherwise be unlawful.
- Profit à Prendre: The right to take minerals, crops, timber, or other resources from another’s land.
- Restrictive Covenant: A binding stipulation concerning the utilization or state of the property.
- Servitude: A burden on property, granting use or benefit to another property or party.
- Tenancy in Common: A form of co-ownership where each owner owns a separate fractional share of undivided property.
Online Resources§
References§
- American Law Institute, Restatement (First) of Property.
- Garvey, Vincent F. “Easements and Licenses in Property Law.” ABA Publishing, 2017.
Suggested Books for Further Studies§
- “Principles of Property Law” by Henry Smith
- “Thompson on Real Property” by David A. Thomas
- “Real Estate Law” by Marianne M. Jennings
- “Modern Real Estate Practice” by Fillmore W. Galaty, William J. Sauer, and Robert C. Kyle
