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Chapter 1

Real Estate

TermDefinition
Land physical property and natural objects like trees and bodies of water - "lot", "site", parcel
Real Estate land with permanent manmade improvements
Real Property land and improvements along with "bundle of rights". Transferred by deed
Tangible Rights physical aspects of a property, such as: land, buildings, forest, farmland, vineyards, trees, plants life, floral gardens, fixtures
Intangible areas above and below land surfaces, access and privileges such as: air, water, mineral rights
Categories of real propety Residential, commercial, industrial/manufacturing property, agricultural, vacant land; special purpose properties: parks & recreational areas, institutional properties
personal property property that is tangible and moveable - chattell does not include rights to the land and transferred by bill of sale
fixtures items that have been permanently attached to real property. can be personal property that has been "physically or constructively annexed" to a structure. M-A-R-I-A
land characteristics physical and economic
land descriptions monuments, metes & bounds, rectangular survey system, lot and block survey system or recorded plat, APN
Appurtenant Rights additional beneficial rights, interests associated with land ownership beyond just physical soil. Major appurtenant rights are: water, air, mineral rights, license, profit
Encumbrance a non-possessory claim or lien on a parcel of real property
easements right granted for a specific use of the land of another created by: express grant, express reservation, easement by implication, easement by necessity, easement by prescription, party wall
Encroachment a structure or fixture is built on anogther persons propety or land and "encroaches" on their property
Police Power goverment e3ntities ability to control the rights to the property for the public good by creating aws or guidelines
eminent domain the governments power to take pricate propery for public use excuted by a condenation proceeding
zoning laws range from restirctios on size ,hight and use of land or strucures population density and income lebels
accessory use "in-law" apartement or a home business, known as "home occupation" must be "incidental and secondary" to the residential use
zoning catefories as of right zoning, incentive zoning, cluster zoning, spot zoning
moratorium official delay in further development of property within the municipality
use variance grants permission to wuse land in a way currently prohibited by the existing zoning
area variance grants permission to use land in a way curr3ently prohibited by the dimensional or physical requirements of the exsiting zoning
Certificate of Occupancy (CO) the evidence that a building or renovation is in full complaiance with all building codes, has passed inspection and declared fit for occupancy.
Dpctroine of Laches assertion that another individual has "slept on its rights". If restrictive covenants are not enforced in a timnely fashion, the courts may terminate the restriction
Private controls - voluntary use restrictions adopted by landowners or homeowners associations
subdivion form of private control. Division of contiguous land such as planned developments, condos, cooperatives and apartment projects
Common Interest Subdiviosion ownership or lease of a lot, unit or interest, with an undivided interest or membership interest in the common area
condominium a common undivided interest in a portion of real property together with a separate interest in a unit
cooperative a corporation formed to title to improved real property. Shareholders own stock in the corporation and receive a right of exclusive occupancy, Can only be transffered with the stock ownership
planned devopmentqlos lots or parcels owned separately and lots or areas owned in common, reserved for the use of some or all of the individualo lot owners
municipal agencies empowered by state and local legislatures to oversee and regulate issues pertaining to health, welfare and safety of residents
freehold estates grants the bundle of rights including exculsive right to own, use and transfer for an indefinite period of time; inheritable
fee simple absoulte most common type of freehold estate
fee simple defeasible same rights as "absolute" but contains conditions that would cause the property to revert to the prior owner
life estates all the rights of ownership for a persons entire lifespan. may be sold or leased, but is terminated upon thier death
non-foree hold estates lease or contract for possession only and for a defined period of time. Holder is "lessee" or "tenant and owner is "lessor" or "landlord"
estate at will tenancy at will. Can terminate at any time
estate for years lease that includes fixed start and end dates. can be short as hours or days, or as long as 100 years or more
estaate from perid to period periodic tenancy or periodic estate. similar to an esate for years but automatically renews unless one of the parties gives notice of termination
estate at sufferance use and/or occupancy against the owners wishes
estate/ownership in severalty ownership by a single person only
co-ownership ownership by two or more owners
four unities unity of time, unity of title, unity of interest and unity of possession
tenancy in common two or more parties posses the property simultaneously; does NOT include a "right of survivorship"
joint tenancy two or more parties own an undivided interest with the right of survivorship must include all four unities
community property in Texas, spouses are treated as equal partners with each owning a one-half, undivided interest in all real and personal property; includes income from separate property
separate property property owned by either spouse prior to the marriage or acquired with separate funds or by gift, devise, descent, or through a personal injury settlement
tenancy by the entirety co-ownership limited to legally married spouses with right of survivorship and requires all four unities. Terminated by divorce decree and NOT recognized in texas
tenancy in partenership two or more people combine assets and property for business purposes
specific liens security granted over an specific property to secure the payment of a debt or obligation. Types are: mortgage, property tax liens, mechanics lien, materalmans lien
general liens a claim against a person and everything they own to secure a debt or obligation. Types are: judgement and tax inlcuding estate/inheritance, corporate and income taxes
liens pendens "notice of pending litigation" attached to a piece of real property as warning of ongoing lawsuit
homestead protection laws that allow individuals to declare a portion of their property as "homestead", offering limited protection in the even of a lien or lawsuit; exempts a portion of their equity from seizure
Texas Homestead protection broader protections; requires both spouses jointly agree and sign documentation for any sale or encumbrance of the property; does not require a formal declartion, created automatically;
Created by: ctindle2
 

 



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