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Ch. 2

Vocab: Property Ownership & Interests

TermDefinition
Air Rights Rights in the air space above the surface of land.
Alienation Transfer of title to real property.
Appurtenance All rights/privileges of ownership of a prop. (move w/title) Buyer gets title, includes easement (rightofway across other's adjoining land/driveway), easement is an appurtenance to title. Thing added to other thing that becomes inherent part of thing.
Appurtenant Easement A right of use in the adjoining land of another that movies with the title to the property benefiting from the easement.
Bundle of Rights The rights of an owner of a freehold estate to: -possession -enjoyment -control -disposition of real property.
Condemnation The exercise of the power of eminent domain. The taking of private property for public use by paying just compensation.
Condominium A form of ownership of real property, recognized in all states, that consists of individual ownership of some aspects and co-ownership of other aspects of the property.
Cooperative (Co-op) A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.
Co-ownership Title to real property held by 2 or more persons at the same time. also called concurrent ownership. Forms of this type of ownership include: -Tenancy in common -Tenancy by the entirety -Joint tenancy
Curtsey A husband's interest in the real property of his wife.
Declaration of Restrictions The instrument used to record restrictive covenants on the public record.
Defeasible Fee A title that is subject to being lost if certain conditions occur.
Dower A wife's interest in the real property of her husband.
Easement A nonpossessory right/ interest/use in the land of another. It provides a right of use in land and not a right of possession.
Easement in Gross A personal right of use in the land of another without the requirement that the holder of the right own adjoining land.
Emblements Personal property growing in the soil that requires planting and cultivation. Annual crops. Also, the right of former owners to reenter property to cultivate and harvest annual crops that were planted by them.
Encroachment A trespass on the land of another as a result of an intrusion by some structure or other object.
Encumbrance A claim, lien, charge, or liability attached to and binding upon real property.
Escheat The power of government to take title to property left by a person who has died without leaving a will or qualified heirs.
Estate An interest in real property sufficient to give the owner of the estate the right to possession of real property.
Estovers/ Right to Estovers Right of life tenant to cut and use a reasonable amount of timber from the land to repair buildings or use for fuel, but not to cut and sell timber for profit. Violation of this right is called an "act of waste."
Fee Simple Absolute An inheritable freehold estate in land that is the greatest form of real property ownership.
Fixture Personal property that has become real property by having been permanently attached to real property.
Foreshore The land between high and low watermarks.
Freehold Estate An interest in land of at least a lifetime and is therefore generally identified with the concept of title or ownership. These types of estates can be fee simple estates (inheritable) or life estate (most life estates are non-inheritable).
Fructus Industriales (Fruits of Industry) Growing things on real estate that require planting each season and cultivation (e.g., annuals, crops). These are typically considered personal property and not real property.
Fructus Naturales (Fruits of the Soil) Growing things that do not require planting r cultivation but grow naturally and are perennial (e.g., forest trees and native shrubs). They are designated in law as real property as long as they are attached to the soil.
Hereditament All the corporeal and incorporeal attributes of real estate that can be inherited. Includes everything in the term land AND everything in the term tenements that is capable of being inherited. -Ex: Land and buildings (can be inherited)
Intestate Successsion Distribution of property by descent as provided by statute.
Joint Tenancy A form of co-ownership that includes the right of survivorship.
Judgement Lien A general lien resulting from a court decree.
Land The surface of the earth, the area above + below the surface, & everything attached naturally (trees, crops) thereto. -Includes structures + other improvements (fences, pools, flagpoles, retaining walls) placed w/ intention to be permanent part of land.
Lateral Support The right of land to be supported in its natural state by adjacent land.
Leashold Estate Nonfreehold estate. An estate of limited duration and it provides the right to possession and control, but not title.
Levy Imposition of a tax executing a lien.
Lien -Categorized as specific (against specific property; mortgages, prop. taxes, mechanic) and general (against person/person's property; judgment, pers. prop. or income tax, estate/inheritance tax).
Life Estate A freehold estate created for the duration of the life or lives of certain named person or persons. A noninheritable estate. "Pur autre vie"- inheritable during measuring life of another person.
Life Tenant One holding a life estate.
Lis Pendens Literally "a lawsuit pending." Notice of pending litigation whose outcome potentially will affect title to all or part of a new owner's property.
Littoral Rights The rights of owners bordering large bodies of water such as oceans to access of that water body. *Body of waters w/ tides.
Marital Life Estates Life estates created by the exercise of the right of dower, curtesy, or a statutory substitute.
Mineral Lease A nonfreehold (leasehold) estate in the area below the surface of land.
Non-freehold Estate Also known as less-than-freehold or leasehold estates. These estates confer a rental interest in real property. 4 estates are recognized: 1. Estate for years 2. Estate from year to year 3. Estate at will 4. Estate at sufferance
North Carolina Condominium Act Legislation passed in 1986 that set requirements for the sale or resale of condominiums. Requirements include: -Disclosure -Right to rescind contract for 7 days -Special escrow rules -Timely provision of required documents.
Partition A legal proceeding dividing property of co-owners so that each holds title in severalty to a specific portion of the property.
Party Wall A common wall used by two adjoining structures. Ex: townhome/duplex with 2 homes sharing 1 wall.
Police Power The power of government to regulate the use of real property for the benefit of the public interest.
Prescription A method of acquiring an easement by continuous and uninterrupted use without permission.
Prescriptive Easement Easement obtained by open, continued, and uninterrupted use without the owner's permission.
Profit (or profit a prendre) The right to participate in the profits of the land of another.
Pur autre vie French meaning "for the life of another." A life estate measured by the life of someone other than the life tenant.
Remainderman One having a future interest in a life estate.
Reversionary Intererst A return of title to the title holder of a future interest, such as the grantor in a life estate not in remainder.
Riparian Rights The rights of an owner of property adjoining a watercourse such as a river, including access to and use of the water.
Severalty A type of ownership or estate in which only 1 person holds title to a piece of real property.
Subjacent Support The right to have one's land supported from below.
Survivorship The right of the surviving co-owner(s) to receive automatically a deceased co-owner's title of property immediately without probate (probate=the procedure for proving a will's validity).
Tenancy by the Entirety A form of co-ownership limited to husband and wife the right of survivorship.
Tenancy in Common A form of co-ownership that does NOT include the right of survivorship.
Tenements Land & all corporeal+incorporeal land rights. Includes: - buildings(corporeal) -rights in prop. of another-like easement(incorporeal) -intangible rights in another's land-ex. right to take minerals, soil, timber, fish, game from land(profit a prendre)
Time Share NC Real Estate Law describes this as the right to occupy 1 unit or 1 of several units, for at least 5 non-consecutive periods, over span of at least 5 yrs., whether it's deemed freehold or leasehold estate.
Townhouse A dwelling unit in a housing complex in which the owner or owners of an individual unit own the unit and land under the unit, and the homeowner's association owns and maintains the common areas.
Uniform Commercial Code (UCC) Allows lender to retain a security interest in a chattel (personal prop) until lender is paid in full. Ex= owner financed purchase of an item installed in her property, even though owner owns it, her lender has a security interest in this personal item.
Corporeal Tangible things (can be touched or seen)
Incorporeal Intangible things.
Concept of the law of real property Real property consists of lands, tenements, and hereditaments. Therefore, everything included in these terms is a component of the property owner's bundle of rights.
Fee Simple Defeasible ( Fee w/ a Condition Subsequent or Fee Simple Determinable) Inheritable freehold estate in the form of a fee simple estate; however, the title can be defeated/taken away or terminated by the grantor under certain conditions. Grantor restricts future use of the property in some way.
Freehold Estates (provide title) 1. Inheritable 2. Non Inher. A. Fee simple est. A. Conventional & 1. Absolute B. Marital life est. 2. Determinable 3. Cond. B. Life est. pur autre vie
Freehold vs. Leasehold Estate Freehold Estate= you are 'free to hold' the property. You're owner of it. Provides title. Leasehold/Nonfreehold Estate= anything less than ownership. *These estates provide possession + control, but not title.
Nonfreehold Estates (Leasehold Estates) (Less-than-freehold Estates) -Estate for years ( fixed time, auto. terminates) -Estate from year to year (periodic; auto. renews). -Estate at will (indefinite time, either party can cancel). -Estate at sufferance ( holdover sit. tenant's lease ends + fails vacate, not estate).
Rights in Land of Another Estates A. Easements (right to use of adjacent/other's land but not right to possess it) B. Profits * These estates provide a right, but not title or possession.
3 Types of Estates and Rights in Real Estate Property (in descending order of importance) 1. Freehold Estates 2. Nonfreehold Estates (Leasehold Estates) 3. Rights in the Land of Another (Pur autre vie estates)
Specific Liens vs. General Liens Specific Liens: claims against particular prop. -Mortgage -Real property (ad valorem) tax & special assessment -Mechanic's General: claims against ALL assets of a person -Judgment -Personal prop. tax - Income tax -Estate & inheritance tax
Remainder A future interest in a life estate.
Right of Survivorship The right of an owner to receive the title to a co-owner's share upon death of the co-owner, as in the case of joint tenancy and tenancy by the entirety.
Trade fixtures Items installed by a commercial tenant that are removable upon termination of the tenancy (ex: restaurant owner installs freezers/shelves in leased/rented prop., they're owner's personal prop. unless left after end of lease- become landlord's property).
General Classifications of Easements (2) 1. Appurtenant Easement - requires at least 2 adjacent parcels. 2. Easements in Gross- only requires 1 parcel (since it benefits a 3rd party).Not dependent upon ownership of adjoining property, unlike appurtenant. Only Servient tenement, no dominant.
Dominant tenement vs. Servient tenement -In an appurtenant easement, the land that benefits from the easement = dominant tenement (dominant land, or dominant estate). -Land encumbered by easement (land on which easements exists) = Servient tenement (Servient land, Servient estate).
Easements in Gross (2 types) Normally, owner of easement in gross doesn't own property in the area of the property in which the easement exists. Owner usually receives an easement by contract. Types: -Commercial Easements -Personal Easements in gross
Commercial Easements in Gross Most pop. use of easements in gross. Easements held by utility companies to install power, phone, and gas lines above, on, or below surface. Also railroad rights-of-way. Last long/indefinite period; binding on future owners; assignable, can be conveyed.
License Agreement Right to occupy a property only for a relatively brief period of time; not considered a conveyance of binding property rights. Ex: tickets to a movie or sporting event where holders right is only for duration of named event.
Creation of Easements (3 ways) 1. Express Easements (written) -Grant/reserve (seller grants buyer easement) -Party walls -Dedication 2. Implied Eas. (action of parties) -Necessity -Reference to recorded plat 3. Eas. by Operation of Law (court order) -Prescription -Condemnation
Express dedication Easements may be created by express _________, in which a portion of a property is set aside for use by the public. Ex: Developer building subdivision dedicates portion of land for public use, such as roadways or parks.
NC Homestead Exemption Personal residence protection against creditor judgements. <65= $35,000. >/= 65=$60,000. Doubled for married couples. Includes (-) $5K personal prop prot. Ex=bankruptcies. *Only judgement creditor, not past due taxes or voluntary liens (mortgage).
Writ of Attachment General lien against everything you own now & in the future (bank accounts, wages, lien against real property). Allows court to put a fishhook in all your assets- so you don't hide the money you owe from the court. Renew every 10 yrs.
Priority Order of Liens 1. R.E. taxes 2. Special Assessment taxes 3. Mechanic's liens 4. Claims in order of filing *If foreclosure sale, costs of foreclosure get paid first. *Income tax & IRS get NO special priority on real estate.
Created by: laurenk1996