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Encyclopedia > Profit (real estate)
Property law
Part of the common law series
Acquisition of property
Gift  · Adverse possession  · Deed
Lost, mislaid, and abandoned property
Bailment  · Licence
Estates in land
Allodial title  · Fee simple
Life estate  · Fee tail  · Future interest
Concurrent estate  · Leasehold estate
Conveyancing of interests in land
Bona fide purchaser  · Torrens title
Estoppel by deed  · Quitclaim deed
Mortgage  · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement  · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures  · Waste  · Partition
Riparian water rights
Lateral and subjacent support
Assignment  · Nemo dat
Other areas of the common law
Contract law  · Tort law
Wills and trusts
Criminal Law  · Evidence

A profit, in the law of real estate, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. Indeed, because of the necessity of allowing access to the land so that resources may be gathered, every profit contains an implied easement for the owner of the profit to enter the other party's land for the purpose of collecting the resources permitted by the profit. The term "profit" comes from the French, "profit a prendre." Image File history File links SmallLadyJustice. ... Property law is the law that governs the various forms of ownership in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... A gift, in the law of property, has a very specific meaning. ... In common law real estate law, adverse possession is a means of acquiring title to anothers real property without compensation, by, as the name suggests, holding the property in a manner that conflicts with the true owners rights. ... A deed is a legal instrument used to grant a right. ... In the common law of property, personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are deemed to be lost, mislaid, or abandoned, depending on the circumstances under which they were found by the next party to come into... Bailment describes a legal relationship where physical possession of personal property (chattels) is transferred from one person (the bailor) to another person (the bailee) who subsequently holds possession of the property. ... A license or licence is a document or agreement giving permission to do something. ... Estate is a term used in the common law. ... Allodial title is a concept in some systems of property law. ... Fee simple, also known as fee simple absolute or allodial, is a term of art in common law. ... A life estate, at common law is an estate in real property that ends at death. ... Fee tail is an obsolescent term of art in common law. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. ... Conveyancing is the act of transferring the ownership of a property from one person to another. ... A bona fide purchaser (or BFP), in the law of real property, is a person who purchases land for value, without notice of any other partys claim to the title to that land. ... Torrens title is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. ... Estoppel by deed is a doctrine in the law of real property that arises where a party conveys title to land that he does not own to a bona fide purchaser, and then acquires title to that land. ... A quitclaim deed is a term used in property law to describe a document by which a person disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee). ... A mortgage is a method of using property as security for the payment of a debt. ... Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time that they sign a contract binding them to purchase the land at a later date. ... This page is a candidate to be copied to Wiktionary. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A restraint on alienation, in the law of real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling or otherwise transferring his interest in the property. ... The Rule against perpetuities is a rule in property law that requires that no interest in property is valid unless: 1) it must vest, if at all, 2) not later than 21 years 3) after one or more lives in being 4) at the creation of the interest. ... The Rule in Shelleys Case, dating from the 14th century, is a famous if now almost useless legal rule that is now the bane of most first-year law students studying common law real property law. ... In the common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to real estate by descent over taking title by devise or by purchase. ... A nonpossessory interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another. ... An easement is the right of use over the real property of another. ... A covenant running with the land, in the law of real property, is a nonpossessory interest in land in the form of an agreement between adjoining landowners to do or not do something with relation to the land that they respectively occupy - to maintain a fence, for example, or not... An equitable servitude is a term used in the law of real property to describe a nonpossessory interest in land that operates much like a covenant running with the land, requiring the landowner to maintain certain practices with respect to the land (e. ... In the law of real property, fixtures are anything that would otherwise be a chattel that have, by reason of incorporation or affixation, become permanently attached to the real property. ... Waste is a term used in the law of real property to describe a cause of action that can be brought in court to address a change in condition of real property brought about by a current tenant that damages or destroys the value of that property. ... A partition is a term used in the law of real property to describe the court-ordered division of a concurrent estate into separate portions representing the proportionate interests of the tenants. ... Riparian water rights is a system of allocating water among the property owners who abut its source. ... Lateral and subjacent support, in the law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining land and underground structures. ... An assignment is a term used with similar meanings in the law of contracts and in the law of real estate. ... Nemo dat quod non habet, literally meaning no one [can] give what they dont have is a legal rule, sometimes called the nemo dat rule that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ... Criminal law (also known as penal law) is the body of law that punishes criminals for committing offences against the state. ... The law of evidence governs the use of testimony (eg. ... Law topics overview List of areas of law List of legal topics List of legal terms List of jurists List of legal abbreviations List of case law lists List of law firms Further reading Cheyenne Way: Conflict & Case Law in Primitive Jurisprudence, Karl N. Llewellyn and E. Adamson Hoebel, University... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... A nonpossessory interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another. ... An easement is the right of use over the real property of another. ... Nodding donkey pumping an oil well near Sarnia, Ontario Petroleum (from Latin petra – rock and oleum – oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... Minerals are natural compounds formed through geological processes. ... Timber Timber is a term used to describe wood that has been processed for use —from the time trees are felled, to its end product as a material suitable for industrial use —such as structural material for construction or wood pulp for paper production. ... Game is any animal hunted for food. ...


Creation of profits

Like an easement, profits can be created expressly by an agreement between the property owner and the owner of the profit, or by prescription, where the owner of the profit has made "open and notorious" use of the land for a continuous and uninterrupted statutory period. An easement is the right of use over the real property of another. ...


Types of profits

A profit can be appurtenant (owned by an adjacent landowner, and tied to the use of the adjacent land) or in gross. An appurtenant profit may only be used by the owner of the adjacent property. By contrast, a profit in gross can be assigned or otherwise trasferred by its owner. Courts will construe a profit as being in gross unless the profit is expressly designated as being appurtenant. Therefore, profits by prescription will virtually always be profits in gross. An assignment is a term used with similar meanings in the law of contracts and in the law of real estate. ... This article is about courts of law. ...


Profits can also be exclusive (guaranteeing the owner of the profit that no other person will be given the right to collect the specified resources on the land).


Termination of profits

Termination of a profit can occur by a number of means, including:

  • merger - if the owner of the profit acquires the land to which it applies, there is no longer any need for a separate right to take resources off of it.
  • release - the owner of the profit can execute a contract to surrender the profit to the owner of the land.
  • abandonment - the owner of the profit ceases to make use of it for a sufficient length of time to lead a reasonable owner to believe that it will no longer be used.
  • misuse - if a profit is used in such a way that it places a burden on the servient estate, then it will be terminated.

  Results from FactBites:
 
Profit (real estate) - Wikipedia, the free encyclopedia (436 words)
A profit, in the law of real estate, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another.
Like an easement, profits can be created expressly by an agreement between the property owner and the owner of the profit, or by prescription, where the owner of the profit has made "open and notorious" use of the land for a continuous and uninterrupted statutory period.
Profits can also be exclusive (guaranteeing the owner of the profit that no other person will be given the right to collect the specified resources on the land).
Florida & Las Vegas Preconstruction Investment Real Estate (3478 words)
While investment real estate opportunities are selling faster than ever before, a few people believe that the US real estate market will suddenly lose all value, and that all of the world’s real estate investors in Florida will go broke due to over development.
In the Florida investment real estate industry the changes are usually slow and avoidable as long as you are with the right brokerage that stays current with the market.
Of course not, real estate agents are very aware that the more agents in the business the less sales they get and unless you’re working for in a firm they own so don’t expect accurate real estate advice from these agents.
  More results at FactBites »

 
 

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