national chp.4
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| 4-1 real estate | includes land plus improvements and appurtenances
-which includes rights, privileges, and fixtures
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| land includes | -surface rights
-air rights
-subsurface rights, including mineral rights
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| improvements | items affixed to the land w/ the intent of being permanent
-ex- house, garage, fence, landscaping, etc.
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| appurtenances | including rights, privileges, and fixtures
-run w/ land
-transfer w/ a deed
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| fixtures | items attached to improvements w/ the intent to become real estate as evidenced by:
-attachment or annexation
-adaption
-agreement
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| fixtures are part of... | the real estate and transfer w/ the property unless the contract states differently
-ex- plumbing or electrical fixtures
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| sellers that remove fixtures... | w/out excluding them in the contract, are in breach of contract
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| free-standing vs. built-in | free-standing= personal property
built-in= fixture
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| exceptions: | emblements (crops) and trade fixtures= personal property
-neither automatically transfer w/ property
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| emblements | annually cultivated crops that belong to the party who rightfully planted the seed
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| trade fixtures | tenant-installed additions to a property for use in a trade or business
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| what can not be a fixture? | land
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| personal property/chattel | -if included, must be listed in a written agreement (often a purchase agreement)
-if not agreed to in writing, the seller may take even if the personal property was listed in the MLS
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| What does personal property/chattel include? | everything that is not real estate
-ex- a freestanding fridge
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| how is personal property transferred? | by a bill of sale
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| 4-2 physical characteristics of land | 1. immobile
2. indestructible
3. unique- each parcel has its own location
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| economic characteristics of land | 1. scarcity, placement of improvements, and area preference
2. disadvantage to owning real estate is that land lacks liquidity
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| 4-3 methods of legal description Metes and bounds | linear measurements, directions, and compass degrees
-starts and ends at point of beginning (POB)- referenced from a monument
-measure clockwise
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| metes and bounds example | "commencing or starting at the street sign at the corner of Ridge and Ash, go 100 ft. south and then go 100 ft. west"
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| rectangular survey/government survey | uses meridians, townships, ranges, tiers, and sections to locate land parcels
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| ...townships | each township contains 36 sections
-6 miles by 6 miles
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| ...section | 640 acres or 1 mile by 1 mile
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| ...acre | 43,560 square feet
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| recorded plat | lot, block, subdivision
-urban/residential
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| ...steps of recorded plat | 1. create plat map
2. record the map
3. obtain building permits
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| survey | on-site measurement of property lines and position of improvements, easements, and so forth
-can be used to create or verify a legal description
-may reveal encroachments or zoning violation
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| ...a monument | a visible marker used to help establish property BOUNDARIES
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| improvement location certificate | similar to survey but only locates improvements on the lot
- will find encroachments
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| 4-4 types of ownership freehold estates | indefinite duration of ownership
1. fee simple absolute
2. qualified fee/fee simple defeasible
3. life estate
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| 1. fee simple absolute | last forever and features the maximum rights of ownership
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| 2. qualified fee/fee simple defeasible | lasts "so long as" deed condition is met
-holder of reversionary interest would have the right to try and acquire title if the condition is broken
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| 3. life estate | lasts for duration of life tenant's (owner of the life estate) lifetime
-life tenant has lifetime ownership and use
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| ...upon death of life tenant | the holder of either the reversionary or remainder interest will own a fee simple absolute estate at death
-lease by life tenant to another terminates upon death of life tenant
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| ...pur autre vie | life estate may be based on the life of someone other than the holder of the life estate
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| nonfreehold (leasehold) estates | have a definite duration and may be terminated
1. estate/tenancy for years
2. periodic estate/tenancy
3. estate/tenancy at will
4. estate/tenancy at sufferance
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| lessee holds... lessor holds... | lessee hold nonfreehold (leasehold) estate
lessor leased fee estate
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| 1. estate/tenancy for years | has predetermined termination date; definite period w/ no notice
-if sold, buyer purchases the property "subject to the lease," and tenant retains posession until the end of the lease term
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| 2. periodic estate/tenancy | continues from period to period (such as month to month) until proper notice given
-renews under same conditions and terms upon payment of rent
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| 3. estate/tenancy at will | continues until terminated by owner or tenant
-tenancy is at owner's consent
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| 4. estate/tenancy at sufferance | occurs when a "holdover tenant" stays beyond termination w/out consent
-if landlord accepts payments, becomes a period tenancy
-it is lowest estate
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| encumbrances/imperfections | clouds on title may impair or lessen owner's rights
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| encumbrance | nonpossessory interest in the lands of another
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| easement | RIGHT TO USE LAND of another for a specific purpose
-transfers w/ the land at closing unless released by the holder
-may or may not be paid for
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| easements must be? | in writing
-NOT REVOCABLE ONCE GIVEN
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| appurtenant easement | dominant tenement and a servient tenement
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| easement in gross | no dominant tenement, only servient
-ex- utility easement
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| easement by necessity | may be granted to a homeowner to avoid landlocked property
-available to private owners, not to government, utility, telephone, or gas companies
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| easement is terminated by? | merger, release, or abandonment
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| lien | claim that attaches to and is binding on property to secure debt repayment
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| property tax/special assessments lien | specific lien
-takes priority over all other liens, even those previously recorded such as a mortgage
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| specific lien | -mechanic's lien
-mortgage lien
-condominium/townhouse association assessments lien
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| general lien | judgment or IRS lien
-which attaches to all real and personal property
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| encroachment | unauthorized use of another person's land
-survey points out or ILC(improvement location certificate) will find
-title insurance or attorney's opinion won't protect (visual inspection)
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| license | REVOCABLE PERMISSION to use the land of another w/out creating an estate in land and may or may not be paid for
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| lis pendens | recorded document that gives constructive notice of a pending lawsuit regarding title
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| 4-5 forms of ownership | an attorney for the buyer best determines the appropriate form of ownership
-licensees should NEVER advise on how to take title
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| sole ownership/estate in severalty | when property is owned solely and separately by one person or one entity
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| partnerships take title in severalty | -general partnership
-limited partnership
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| general partnership | all partners share equal profits and liability
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| limited partnership | -general partner is responsible for liability of investment
-limited partner is responsible for only the amount of his investments
-limited partner's liability equals the amount invested
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| concurrent/multiple ownership | -tenants in common
-joint tenancy
-tenancy by the entirety
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| tenants in common | co-ownership w/ no right of survivorship
-interests passed to heirs or devisees upon death
-if no form of ownership indicated, law presumes tenancy in common
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| ...who is responsible for taxes in tenants in common? | each tenant as an individual or as a group
-may have unequal shares of ownership
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| joint tenants | co-ownership w/ the right of survivorship
-overrides a will
-interests pass to co-owners/cotenant upon death w/out going thru probate
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| ...what are the 4 unities of title in joint tenants? | PITT (required in some states)
possession, interest, time, and title
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| tenancy by the entirety | applies exclusively to married couples in some states
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Created by:
kmills5
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