Sunday, September 16, 2012

Private Restrictions on Ownership

Private restrictions on land are certain restrictions or limitations placed on private land that designate a certain usage or condition for a piece of a property.  Examples may include easements that allow usage to another party for a certain purpose or liens that guarantee interest in ownership such as how a bank is allowed to forclose on a house. 
One reason why the Mortgage Crisis occurred in 2008 is because so many foreclosures occurred when borrowers could not make their payments.  In the video below, reporters say there may be another spike in foreclosures soon.  The Fed's plan for Quantitative Easing is targeting mortgage rates to keep them low so individuals can refinance and have more money to spend.  This may help those that are on the brink of foreclosure to buy some time and make their payments.
http://video.cnbc.com/gallery/?video=3000115809&play=1#

 Easements are another restriction that is used heavily in the oil industry.  Many companies have easements to use land in order to gain access to their pipelines or wells.  One such example is the story below.
http://www.lansingstatejournal.com/article/20120913/NEWS01/309130066/Enbridge-pipeline-company-using-eminent-domain-project?nclick_check=1
In this article, many of the residents of Michigan are unhappy that Enbridge Energy is going through the court system to gain access to properties that they do not already have easements for.  This is upsetting for many of the individuals in the area.  Oil companies, however, have much bigger legal budgets than these citizens so I do not forsee this issue going in favor of those that wish to keep Enbridge off of their properties. 

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