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URE-PROPERTY
Term | Definition |
---|---|
Accession | The process of adding to the real property by man or nature. |
Allodial | A political/economical system that allows for private ownership of real property. |
Appurtenant | Refers to things attached to the land or deed. |
Bill of Sale | The document to transfer or sale personal property. |
Chattel | Personal Property. Anything considered moveable. |
Corporeal | Physical or tangible. |
Deed | Evidence of ownership. Considered corporeal or tangible. |
Emblements | Crops nurtured in the year of the sale. They are personal property and the seller retains the rights to harvest the crop unless negotiated otherwise. |
Fixture | That which is attached to the real property without losing its identity. They are always considered real property. |
Improvements | Man made modifications to add value to real property. |
Incorporeal | Intangible assets such as easement or leasehold. |
Lateral Support | Support given to adjoining land, such as building a retaining wall. |
Mineral Rights | Considered Real Property along with water and air. |
Non-homogeneous | No two parcels of real property are the same. |
Personal Property | That which is severed from real property. |
Real Property | The land, all that is attached or appurtenant to the land; the subsurface to the center of the earth, and the air space to infinity. |
Severance | The process of turning real property into personal property by separating it from real property. |
Situs | Where the property is treated as being located. |
Trade Fixture | That which is attached to a trade or business. |