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Real estate

Property ownership

QuestionAnswer
real property the land and anything permanently affixed to it; includes the interests, benefits and rights inherent in the ownership of real estate
personal property movable objects (chattels) that do not fit into the definition of real property; conveyed by bill of sale
fixtures an item of personal property that has been converted to real property by being permanently affixed to the land or building, can be either attached or annexed.
severance fixture that is permitted to be and is detached from the land or the building would revert to personal property
physical characteristics of land immobile, indestructible, unique/nonhomogeneous
immobile geographic location of a parcel of land is fixed, can never be changed
indestructible long term nature of improvements plus permanence of the land tends to create stability in land development
nonhomogeneous all parcels differ geographically and each parcel has its own location
economic characteristics of land scarcity, improvements, permanence of investment, area preference or situs
scarcity although there is a substantial amount of unused land, supply in a given location or of a specific quality can be limited.
improvements placement of an improvement on a parcel of land affects value and use of neighboring parcels of land.
permanence of investment improvements represent a large fixed investment; some such as drainage and sewerage cannot be dismantled or removed economically.
situs refers to people's choices and desires for a given area
metes and bounds legal description of a parcel of land that begins at a well marked point and follows the boundaries using direction and distances around the tract, back to the point of beginning
rectangular (government) survey a system established in 1785 by the federal government that provides for surveying and describing land by reference to principal meridians and base lines.
base lines run east and west
principal meridians run north and south
range a six mile strip of land measured east and west from the meridian lines
tier six mile strip of land measured north and south of the baseline
township 36 sections with each section having 640 acres
subdivision plats location of an individual parcel is indicated on a map of the subdivision, which is divided into numbered blocks and lots. each parcel is referred to a lot, block, subdivision name, city, and state.
street address an informal reference too unreliable for a legal description because you cannot walk the boundaries.
legal property description usage in order for a claim to any property to have any value, it must be accompanied by a verifiable and legal property description.
mineral rights maybe owned by the owner of the surface rights, or by separate third party owners of subsurface rights, such as natural gas or oil companies, as well as by the developer or the homebuilder.
air rights the right to use the open space above one's property. it can be sold to build a skywalk or for a utility company to erect power lines.
water rights common law rights held by owners of land adjacent to rivers, lakes or oceans; includes restrictions on those rights and land ownership.
riparian rights
littoral rights a landowners claim to use water in large navigable lakes and oceans adjacent to her property. The ownership rights to land bordering these bodies of water up to the high-water mark.
encumbrances a charge, claim, or liability that attaches to, and is binding on real estate.
lien a right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.
specific lien lien affecting or attaching only to a certain, identified parcel of land or piece of property. specific real or personal property. ex real estate taxes, mortgages, and mechanics' liens
general lien applies to all of the debtor's property both real and personal as well as all assets. ex judgment, court decree
encroachment a fixture or structure, such as a wall or fence, that invades a portion of a property belonging to another.
easement a right to use the land of another for a specific purpose, such as for a right-of-way or utilities; and incorporeal interest in land.
restriction a limitation on the use of real property, generally originated by the owner or subdivider in a deed.
deed restriction private limitation on the use of property. developers use it to make their new neighborhoods appealing to certain buyers. these restrictions can be enforced by a court injunction
appurtenant something in addition to, such as a right of way across someone else's property. Anything that attaches to and runs with the land.
servient tenement tract over which the easement runs
dominant tenement tract that benefits from the easement
easement in gross personal interest in or right to use the land of another such as the right of way fro a utility company there is no dominant tenement, just a servient tenenment
easement by necessity when there is no other access to a property by a street or public way, and the easement is required by necessity rather than for convienience
easement by prescription easement acquired by open notorious continuous hostile and adverse use of the property for the period of time prescribed by state law
license revocable permission to use another's land
meridians parallel vertical lines (N and S) six miles apart used in a government survey legal description
feudal system of land ownership in which the king or government held title to the land; the individual was merely a tenant who held rights of use and occupancy at the sufferance of the overlord.
allodial system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. land is held under the allodial system in the United States
PETE ownership rights are subject to certain rights of government
police power
eminent domain right of government to acquire private property for public use while paying just compensation to the owner through a process known as condemnation.
taxation charge on real estate to raise funds to meet the public needs of the government
escheat
freehold estate an estate in land in which ownership is for an indeterminate length of time.
fee simple absolute maximum interest in real estate recognized by law, holder entitled to all rights incident to property, continues for indefinite period and is inheritable by heirs of owner.
fee simple defeasible/qualified fee, continues for an indefinite period; may be inherited. Estate extinguished on the occurrence of a designated event, the time of such occurrence being uncertain.
life estate an interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
estate pur autre vie for another's life, a duration of a property interest. a person's life interest will last for the life of another person instead of their own.
remainder interest deed or will names a third party to whom title will pass on the death of the life estate owner, then such party is said to own remainder interest.
reversionary interest deed does not convey remainder interest to a third party, then upon the death of the life estate owner, full ownership reverts to the original fee simple owner or if he or she is deceased to heirs.
life tenant interest in real property is time ownership interest. person I possession of a life estate.
homestead tract of land owned and occupied as the primary residence.
adverse possession the actual, open, notorious, hostile, and continuous possession of another's land under a claim of title. Possession for a statutory period may be a means of acquiring title.
freehold estate estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
severalty one owner
co-ownership two or more owners
tenancy in common all owners have equal right of possession. may hold equal or unequal shares. each owner can sell, convey, mortgage, or transfer his/her interest without the consent of the other co-owners. no right of survivorship,
joint tenancy all owners must have equal shares and possession. four unities TTIP-time, title, interest, possession required to create a valid. if one owner dies, the decedent's interest passes to the surviving tenant/s by right of survivorship. may partition land
tenancy by the entirety owners must be husband & wife, live in state that recognized this type of ownership. owners have right of survivorship. title may be conveyed or encumbered only by the deed signed by both parties. usually no right to partition.
partition division of cotenants interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes place through a court procedure
community property system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage.
partnership association of two or more individuals who carry on a continuing business for profit as co-owners.
corporations ownership in severalty, are considered by law to be a single entity.
syndicates joining together of two or more parties to create and operate a real estate investment.
REITs real estate investment trust ownership of real estate by a group of individual investor who purchase certificates of ownership in the trust.
leasehold estate tenant's right to occupy real estate during the term of a lease, generally considered a personal property interest, although a long term lease may be eligible for treatment as real property for financing purposes.
tenancy at sufferance deadbeat tenant
tenancy at will lease that gives the tenant the right to possess with the consent of the landlord for an indefinite period of time; terminated by either party giving notice, or by the death of either.
tenancy from year-to-year/periodic estate lease for an indefinite period of time without a specific expiration date; notice must be given to terminate.
estate (tenancy) for years an interest for a certain, exact period of time in property leased for a specified consideration.
common interest ownership properties cooperatives, condominiums, time-share ownership
leasehold estates estate (tenancy) for years, tenancy from year-to-year, tenancy at will, tenancy at sufferance
bundle of rights theory that land ownership involves ownership of all legal rights to the land, such as possession, control within the law, and enjoyment, rather than ownership of the land itself.
accretion increase in land resulting from soil deposited by the natural force of water
alluvion actual soil-increase deposit resulting from accretion
avulsion a sudden tearing away of land by the action of natural forces
assignment transfer of rights and /or duties under a contract
attachment procedure by which property of debtor is placed in the custody of the law and is held as security, pending the disposition of a creditor's suit
benchmark permanent metal marker embedded in cement, which is used as a reference to indicate the elevation above sea level and actual physical location
cloud on title any claim that may impair the title to a property
erosion gradual washing away of soil caused by flowing water or air
lis pendens action pending
novation new contract negotiated and drawn with the same parties or a new second party
quiet title action court action to establish the title to a specific property, for example, where there is a cloud on the title
statue of frauds
statue of limitations law that refers to the length of time within which a party may sue
waste abuse by one holding less than a fee estate that results in permanent injury to the land or property.
statute of descent and distribution the surviving spouse is frequently allowed to take a specific portion of estate in free, rather than life, estate.
writ of attachment write filed during a lawsuit that prevents the debtor from transferring title to the property involved in the suit.
trade fixture an item installed by a commercial tenant according to the terms of a lease and removable by the tenant before the expiration of the lease- personal property. If not removed, the trade fixture becomes real property of the building owner by accession.
Created by: pleeper