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A profit (short for profit-à-prendre in Middle French for "advantage or benefit for the taking"), in the law of real property, 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. [1]
Conversely, an easement in gross benefits an individual or a legal entity, rather than a dominant estate. The easement can be for a personal use (for example, an easement to use a boat ramp) or a commercial use (for example, an easement to a railroad company to cross property to build and maintain a rail line).
A typical real estate contract specifies a date by which the closing must occur. The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or ...
If the landowner owns everything beneath the ground on his property, he may convey to another party the rights to mineral deposits under the land and other things requiring excavation, such as easements for buried conduits or for water wells. However, such a conveyance requires the recipient to prevent any damage to the surface of the land ...
The easement contains pipes that supply water to 360,000 residents. The problem is that those pipes are now nearly 100 years old, so a rupture could happen at any time, resulting in untold damages.
A full coverage search is usually done when creating a title report for sale/resale transactions and for transaction that involves construction loans. It generally includes searches related to property lien, easements, covenants, conditions and restrictions(CC&Rs), agreements, resolutions and ordinances that will affect the real property in question.
Estate is a common law concept. In real estate law, an easement appurtenant may be created for the benefit of the original owner (the seller or grantor) of property who splits off a property and conveys part of the original property; the owner may retain an easement for an access (such as a driveway or utilities). [1] In certain cases, dominant ...
Real covenants and easements or equitable servitudes are similar [9] and in 1986, a symposium discussed whether the law of easements, equitable servitudes, and real covenants should be unified. [4] As time passes and the original promisee of the covenant is no longer involved in the land, enforcement may become lax. [10]