Legal Environment of Business
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Introduction
Property law is the area of law that concerns different forms of law related to the ownership of land property and personal property Dratler & McJohn, (2020). Property is something that refers to legally claimed resources such as land, personal and intellectual property. Property can be exchanged through contract law, secured under tort law.
Week 5 Case Study
Answer 1
The easement is known as the right to property that gives the owner of the property to use their property even when they are not the owner of the property. The owner of the property keeping in mind the factors that include the purpose of water, light, and many more can only grant such a right. In the case of property easement, a part of the land remains with the landowner but another person or organization is given the right to effectively use it for any distinct purpose. It is a kind of limited right Lixinski, (2020). It grants specified assessment restrictions. In this case, it can be either positive or negative. It can be positive when the owner of the land claims the right to exercise their right over the land of the servant owner. In a negative way or negative easement, the dominant owner prevents or restricts the server owner from doing a certain act or acts that the owner does not want in their joint premises Wolff, L. C. (2020). In this way, the servant owner can prevent the dominant owner to do something and that cannot bind the server owner to do something for the dominant.
Answer 2
A right of way is considered as a particular type of easement that is a right related to the land property or regarding the annexation of the land or includes the traveling over the land that includes different ownership in a particular manner. It is a legal right; it includes the usage of land or grant of land when passing along a specific route through the property of land that belongs to another. Property owners own the right of way by default. This includes the right to air, water, light, build, and the right to flow of water Sosoni & O’Shea, (2020). Over here it relates to the property as the easement act says that it is the act where one can use others property legally. When a piece of land is interfering between two houses then it effectively comes under the right of way. It is bound to have a right of necessity over a road, driveway especially if it is the only way of access between the two neighbors of the same land. When granting the right of way the owner of the land benefits from the right to pass over the land which is subjected to the right Siphuma, (2020). This also includes all the factors which are responsible necessary to enjoy the right of way.
Answer 3
The concept of encroachment comes under the concept of real property law. In this case, the actual property hangs from one property over the property line that includes the premises of another landowner’s premises. The structures that can come in the path of the owner and the people sharing the property can be a tree, bush, stairway, window, garage, fence, and building or can be related to any other fixture Rajec, (2020). It is a kind of easement that is related to the easement in gross. Encroachment occurs when a neighbor builds something in the path of the property or when the property is overhanging. This is how the whole concept is related to the real problem. It has the power to influence in front of whatever it encounters in front. It means something that is slowly occupying the space of another thing. Illegal encroachment is a factor that includes that when a person enters into someone else property in possession of another with a bad intention of an offense or threaten, insult or annoy the related person or owner of the property Lixinski, (2020). If the person tries to illegitimately stay there then it is considered an offense or illegal encroachment.
Answer 4
Missing several mortgage payments leads to the loss of credit. It is more than just about missing one payment. If you miss several, mortgage payments then that could result in foreclosure which I considered as one of the most damaging marks on the credit of that person Late fees are added in case of missing the mortgage payments. It harms the credit score. In case if the person misses the second payment then the person is considered to be in default Wolff, (2020). The person who misses the payment then has to agree with the mortgage lender within 90 days. In case if the person does not agrees to come in agreement with the mortgage lender and then miss the other three mortgage payments then the person taking the mortgage is in very serious trouble. In general when a mortgage payment is missed then the missing payment is immediately informed to the person by the lender through the three major credit bureaus these credit bureaus are considered to deduct the credit scores Sosoni & O’Shea, (2020). In addition to this factor, a fine or a late fee for the payment failure is charged along with the original payment to be made.
Conclusion
In the case of house property, the taxpayer is known as the owner of the property. The house property is not something that can be used for business or profession related to the taxpayer. Such a building can be used for commercial or residential purposes.
References
Dratler Jr, J., & McJohn, S. M. (2020). Intellectual Property Law: Commercial, Creative and Industrial Property. Law Journal Press.
Lixinski, L. (2020). Commercializing Traditional Culture: Promises and Pitfalls in the Convergence of Intellectual Property Law and Cultural Heritage Law. Forthcoming in Annali italiani del diritto d’autore, della cultura e dello spettacolo (AIDA).
Rajec, S. R. W. (2020). The Harmonization Myth in International Intellectual Property Law. Arizona Law Review, 62.
Siphuma, N. S. (2020). The doctrine of notice in property law (Doctoral dissertation, Stellenbosch: Stellenbosch University).
Sosoni, V., & O’Shea, J. (2020). Translating property law terms: an investigation of Greek notarial deeds and their English translations. Perspectives, 1-15.
Wolff, L. C. (2020). The relationship between contract law and property law. Common Law World Review, 49(1), 31-55.
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