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realestate terms

Kamienski realestate terms

Real Property consists of the land plus whatever is affixed to the land
Personal Property anything that is not real property
trade fixture a fixture that is attached to the real estate as part of of the tenant's trade or business
3 characteristics of real property land is immobile, indistructible, and unique
Economic Characteristics of Real Property Scarcity, Improvements, Long term investment, and Location
5 major property rights Control, possession, enjoyment, disposition, and exclusion
Chattel an article of personal property
Chattel Real stays with the property such as a lease
Emblements crops that are produced annually are personal property
Fixture personal property that becomes real property
Severance the process of changing from real property to personal property (cutting down a tree for firewood)
Annexation the process of changing from personal property to real property( installing a wall to wall carpet)
3 factors for fixture determination The intent of the parties, method of annexation, agreement of parties
4 rights of government to our property eminent domain, police power, taxation, escheat
police power laws that are enforced on our property such as zoning ordinaces and building codes
Variance permission to build, convert, or otherwise use a parcel of property in violation of zoning ordinances
Local Board of Appeals the place where variances are granted or denied
Building Codes a set of standards various trades must adhere to when renovating or building property
A Valorem Taxation the right of a city or town to levy and collect taxes based on the assessed value of property
Escheat if a person dies without a will disposing of his property the ownership transfers to the state
Corporeal tangible rights of property ownership such as improvement on or to the land
Incorporeal intangible rights such as "right of way" over adjoining land
Estate bundle of rights and interests that an individaul has in land
Freehold estate last for an indefinate period of time, 4 types fee simple, fee simple determinable, fee simple of condition subsequent, and life estate
Non-freehold estate exist for a definate period of time
Fee Simple The highest form of estate possible, the owner has all the rights and the estate may be given away, sold or inherited, has no time limit
Fee Simple determinable a qualified estate where a condition is attached where if violated the estate automatically reverts back to the person who created the estate or the heirs
Fee simple on condition subsequent a qualified estate where if a condition is violated the prior owner has a right to reclaim the estate but the process is not automatic
Life estate an estate given by the grantor (seller) to the grantee ( buyer) for life, when the buyer dies the property is passed to a third party callled the remainderman
Reversionary when the grantor names himself as a remainderman in a life estate
Homestead an estate that protects the occupants of the family home from personal debt
Concurrent estate when 2 or more individuals hold an estate together, 3 types: Tenancy by the entirety, Joint Tenancy, or Tenancy in Common
Tenancy by the entirety reserved for husbands and wives, has right of survivorship
Joint Tenancy a form of ownership where 2 or more people own the same land with right of survivorship
Tenancy in Common when 2 or more people have shares in the same property with no right of survivorship
Easement the right one person has ( Dominant Estate) in the land of another ( servient estate)
Easement Appurtenant 2 peices of property, adjacent or not, ex. common driveway, the right to travel over other land is stated witht he deed
Easement in Gross held by an individual or company, personal in nature and runs with the user of the land, when the user dies , so does the easement
Easement by necessity created when land is sold that can only be reached by crossing abutting land owned by the seller (Owner must be granted access over the land of another)
Easement by prescription established by 20 yrs of open, notorious use
License use that is permitted by an owner of a peice of property for a specific purpose
Curtesy the husbands right to 1/3 of the wifes estate
Created by: bkamienski