Incorporeal Property

Definition

Incorporeal property consists of legal interests in real property that do not entail the right of possession. Instead of granting ownership or physical control over the property, these interests provide specific, limited rights. Common examples of incorporeal property include easements, licenses, and profits à prendre.

Examples

1. Easement: An easement is a non-possessory interest that allows the holder to use someone else’s land for a specific purpose, such as a right of way, access to utilities, or drainage.

2. License: A license grants permission to do something on another person’s land that would otherwise constitute trespass, such as hunting, fishing, or utility installation. Unlike easements, licenses are typically revocable and temporary.

3. Profits à Prendre: This type of interest permits the holder to remove natural resources from another property, such as minerals, timber, or game.

Frequently Asked Questions (FAQs)

What differentiates incorporeal property from corporeal property?

• Corporeal property includes the physical possession and control of property, like land or buildings, while incorporeal property involves non-possessory interests and rights in these properties.

Can an easement be transferred to another person?

• Yes, easements can often be transferred depending on their type and the specific terms under which they were granted. Easements appurtenant typically run with the land and transfer with it.

Are licenses considered permanent?

• No, licenses are usually temporary and can be revoked by the property owner unless otherwise stated in a contractual agreement.

How is incorporeal property valued?

• The value of incorporeal property typically depends on the scope and duration of the rights granted and may require legal and property appraisal expertise to determine.

What is the main challenge with incorporeal property in real estate transactions?

• Ensuring that all parties fully understand the extent and limitations of the rights involved and that the rights are properly documented and legally enforceable.

Related Terms

• Real Property: Refers to land and anything permanently attached to it, such as buildings or natural resources.
• Easement: A legal interest that gives the holder the right to use another’s land for a specific purpose.
• License: A permission to do something on another’s land that would otherwise be a trespass.

Online References

1. Cornell Law School - Incorporeal Property
2. American Bar Association - Property Law
3. Investopedia - Real Property

Suggested Books for Further Studies

1. Black’s Law Dictionary by Bryan A. Garner - This legal dictionary provides definitions for incorporeal property and other related legal terms.
2. The Law of Real Property by Richard Roy Powell - This book offers an in-depth look at various property law topics, including incorporeal property interests.
3. Property Law: Cases and Materials by John E. Cribbett, Corwin W. Johnson, and Roger W. Findley - A comprehensive guide to property law with cases and materials illustrating key concepts in incorporeal property.

Fundamentals of Incorporeal Property: Property Law Basics Quiz

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