Incorporeal Property refers to legal interests in real property that do not entail the right of possession. This type of property is intangible and includes rights or benefits that a property owner may have which do not involve physical ownership or occupation of the property. Examples of incorporeal property include easements, licenses, and profits a prendre.
Types of Incorporeal Property
Easement
An Easement is a non-possessory interest in land owned by another person that entitles the holder to use the land for a specific purpose. Easements are commonly used for utilities, access rights, or drainage.
License
A License is a permission granted by the property owner to another party to perform an act on the owner’s property, which without such permission would be considered a trespass. Unlike an easement, a license can be revoked at any time by the property owner.
Special Considerations in Incorporeal Property
Legal Entitlements
Incorporeal property requires legal recognition, formal agreements, or specific statutory compliance to be enforceable. This often involves recordings with local government authorities or compliance with real estate regulations.
Transferability
The transfer of incorporeal property rights can be more complex compared to corporeal (physical) property due to the intangible nature of these rights. Legal documentation and appropriate laws govern the transfer and enforcement of such rights.
Examples of Incorporeal Property
- Utility Easements: Rights granted to utility companies to install and maintain infrastructure such as power lines, sewers, and pipelines.
- Access Easements: Rights allowing one property owner to cross another property for access.
- Profit a Prendre: The right to enter another’s land to extract natural resources such as minerals, timber, or fish.
Historical Context of Incorporeal Property
The concept of incorporeal property dates back to feudal England, where land rights and usage rights were meticulously regulated to ensure efficient use and legal order. Over time, these principles have evolved to accommodate modern property laws and practices.
Applicability in Real Estate Transactions
Incorporeal property rights play a crucial role in real estate transactions, as they can significantly affect property value, usage, and development. Potential buyers and real estate developers must assess all existing incorporeal rights before proceeding with transactions to avoid future legal disputes.
Comparisons
- Incorporeal vs. Corporeal Property: Unlike incorporeal property, corporeal property refers to physical, tangible property that can be possessed, such as buildings, land, and machinery.
- Incorporeal Property vs. Personal Property: Personal property includes movable items like vehicles, furniture, and equipment, whereas incorporeal property involves intangible rights related to real property.
Related Terms
- Easement: Legal right to use another’s land for a specific purpose (defined above).
- License: Permission to use another’s land which can be revoked at the owner’s discretion (defined above).
- Servitude: A broader term encompassing both easements and restrictive covenants placed on property.
FAQs
Can an easement be revoked?
How can incorporeal property rights be created?
Do incorporeal property rights appear on land title records?
References
- Black’s Law Dictionary, defining legal terms related to property rights.
- Property Law Textbooks that cover real estate and incorporeal property principles.
- Legal statutes and case law governing easements and licenses.
Summary
Incorporeal Property encompasses legal interests in real property that are intangible and do not involve possession rights. Understanding the nuances of such rights, including easements and licenses, is essential for effective property management and legal compliance in real estate transactions. These rights are legally enforceable and often recorded to notify affected parties and ensure orderly use and enjoyment of property.
