Property Law

Property Law

1. Definition

   • Establishes the concept of ownership and possession, and the rights and obligations that arise out of them

2. Real Property

   • This kind of property is characterised by its immovability and is also known as realty
     • Land, Interests in Land

3. Personal Property

   • Consists of all other kinds of property that are not real property
     • Choses in possession/action, Chattels Real

4. Ownership

   • Title to property or property in an object
   • Gives the holder the right to:
     • Transfer ownership
     • Use as security for a loan
     • Keep possession and use the item
     • Give possession of it to another
     • Grant special contractual rights over it
   • Possession
     • Bailment
     • Lease or hire agreements
     • Hire purchase agreements

5. Nemo dat rule

   • The transfer of title to goods by gift or sale is subject to the 'nemo dat quod non habet', which is latin for 'no-one can pass on a better right to ownership than he/she has

6. Ownership of land

   • Doctrine of eminent domain
   • Freehold estates
   • Life estates

7. Multiple owners

   • Joint tenants
   • Tenants in common

8. Land Transfer system

   • The Deeds system
   • Torrens system
     • NZ land divided into districts
     • Records kept by Land Information NZ (LINZ
     • Certificate of title
     • Registration confers a legal interest
     • Mirror principle
     • Curtain Principle
     • Insurance principle
   • Registration
     • confers a legal interest in land
     • gives notice to the whole world of the interest
     • without fraud confers an indefeasible title
       • Means supremacy of title - ownership of land or interests of land is protected from claims by other persons
     • those with unregistered interests in land hold an equitable interest

9. Transfer of land: Land may be transferred by

   • Sale
     • Ownership transferred from seller to buyer
       • Common steps in process
         • Negotiation
         • Agreement for sale and purchase
         • Title search
         • Insurance check
         • Local authority inquiries
   • Gift
     • a gift is the transfer if property from on person to another graciously, with the intention that the property should not return to the donor,
     • Oral promise is not enforceable, written needs to be in form of a deed
   • Will
     • may be passed on provided will is valid
     • any person over 18 and has testamentary capacity can make a will
     • will must be in writing, signed by teastor which must be witnessed
   • Trust
     • Trust is an equitable invention
     • person holds and administers property for other people
       • person who holds is trustee, person who receives is beneficiaries
   • Operation of Law
     • transfers happen automatically within circumstances, e.g. when a person dies, ownership is automatically transferred to the executor by a transmission