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URE-PROPERTY

TermDefinition
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.
Created by: Megan07