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An abutter is a person (or entity) whose property is adjacent to the property of another. In jurisdictions such as Massachusetts, [1] New Hampshire, [2] and Nova Scotia, [3] [4] it is a defined legal term.
At common law, property owners held title to all resources located above, below, or upon their land. Cuius est solum, eius est usque ad coelum et ad inferos (Latin for "whoever's is the soil, it is theirs all the way to Heaven and all the way to Hell") [1] is a principle of property law, stating that property holders have rights not only to the plot of land itself, but also the air above and ...
An affirmative covenant is one in which property owners must actively perform a specific activity, such as keeping the lawn tidy or paying homeowner's association dues for the upkeep of the surrounding area. An agreement not to open a competing business on adjacent property is generally enforceable as a covenant running with the land.
An alternative form of ownership, popular in parts of the U.S. but found also in other common law jurisdictions, is housing cooperative, also known as "company share" or "co-op". A Housing Cooperative is where the building has an associated legal company and ownership of shares gives the right to a lease for the residence of a unit. [53]
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property . [ 1 ]
Ownership by definition does not necessarily imply a responsibility to others for actions regarding the property. A "legal shield" is said to exist if the entity's legal liabilities do not get redistributed among the entity's owners or members. An application of this, to limit ownership risks, is to form a new entity (such as a shell company ...
In Cook County, which includes Chicago and its suburbs, property taxes are due twice a year. Taxes not paid by the first due date in March are considered "delinquent," and interest begins to accrue.
An easement owner, as the owner of incorporeal property, can take legal action regarding their property in their own name, whereas a licence holder has no standing of their own to take legal action regarding the property against any other party (other than the landowner) and must have the landowner take action or take action in the landowner's ...