Property Law Basics

Property law is a foundational pillar of the common law tradition, governing the relationships between individuals and between individuals and things. At its core, property law is less about the "thing" itself and more about the rights one has with respect to that thing—often conceptualized as a "bundle of sticks," where each stick represents a distinct right (e.g., the right to possess, use, exclude, transfer, destroy).

First Possession: Capture

Pierson v. Post [1805] established that ownership of wild animals requires physical possession (control or mortal wounding), not mere pursuit.

Finders' Rights

Freehold Estates

Future interests are non-possessory interests that grant the right to possess property at some point in the future.

What is the difference between real property and personal property?

Real property includes land and anything permanently affixed to it (buildings, trees). Personal property includes all property that is not real property, including tangible items (cars, books) and intangible items (stocks, patents).

What are the requirements for Adverse Possession?

Adverse possession requires: actual (physical possession), open and notorious (visible to anyone), hostile (without permission), exclusive (not shared), and continuous for the statutory period (varies by jurisdiction).

What is the difference between a Fee Simple Determinable and a Fee Simple Subject to Condition Subsequent?

A Fee Simple Determinable automatically terminates upon the occurrence of the stated event, with the grantor retaining a Possibility of Reverter. A Fee Simple Subject to Condition Subsequent does not automatically terminate; the grantor must take affirmative action to reclaim the property, retaining a Right of Entry.

What is the Rule Against Perpetuities?

The Rule Against Perpetuities states that no interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest. It prevents property from being tied up indefinitely.

What is the difference between a vested remainder and a contingent remainder?

A vested remainder is created in an ascertained person and is not subject to any condition precedent. A contingent remainder is created in an unascertained person or is subject to a condition precedent.

What are the different types of leasehold estates?

The types include: Term of Years (fixed, ascertainable period), Periodic Tenancy (successive periods until proper notice), Tenancy at Will (no fixed period, terminable by either party), and Tenancy at Sufferance (holdover tenant).