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Basic principals

real estate basic principals

Bundle of Rights Right to sell, use, mortgage, lease, give away, and the right to refuse to exercise any of these right.
Real property All things attached to the land. All things inherent in the land. Generally immovable.
Personal Property Generally movable. goes with the person ex: a chair
Severance Changing an item from real property to personal property by detaching it from the land.
Annexation Attaching a smaller item to the larger property. Attaching personal property to real property. (becoming a fixture) ex: a sink
Appurtenance Belonging to the land and transfer with the land either attached or not. ex: a barn attached to house, easement on land.
Fixture personal property that becomes real property when attached in permanent manner ex: ceiling fan
Trade fixture used in the operation of a business and remain the tenants property. ex: a pizza oven
Emblements annual crops produced by the cultivation legally belonging to the tenant.
The doctrine of emblements Guarantees the farmers right to reap and carry away the fruits of his labor even is he loses title to the land of which they are grown.
OR rule OR is the giver, seller, conveyor (GrantOR, lessOR, optionOR, vendOR, makes me the givOR of the propetOR for your pleasOR)
EE rule receives, purchase, acquire (grantEE, lessEE, optionEE, vendEE give mEE propertEE which makes me happEE)
Created by: Smithhannah236