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Chapter 2

Property Ownership & Interests

QuestionAnswer
Air Rights The right to use the open space above a property, usually allowing the surface to be used for another purpose.
Appurtenance A right, a privilege, or an improvement belonging to , and passing with, the land.
Avulsion The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. The loss of land may not result in loss of title to the property.
Bundle of Legal Rights The concept of land ownership that includes ownership of all legal rights to the land, i.e.. Disposition, exclusion, enjoyment, possession and control.
Condominium Ownership Do not own land underneath unit; can stack vertically; 7 days to cancel; own "paint to paint" or enclosed airspace; common areas owned by all members as tenants in common
Cooperative Owns a share of stock in the corporation and has a proprietary lease to the unit
Emblements or Fructus Industriales Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus industriales. Usually considered to be personal property,
Erosion The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements may cause loss of ownership.
Estover A necessity allowed by law; for example, the right of a life tenant to use some of the property's resources to provide for needed repairs.
Fee Simple Absolute The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable.
Fee Simple Defeasible or defeasible fee estate An estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurrence of a specified event. Two categories of defeasible fee estates exist: fee simple determinable and fee simple on condition subsequent.
Fee Simple Determinable An estate in real estate that continues "so long as" a prescribed land use continues. Estate ends automatically upon the termination of the prescribed use; no lawsuit is necessary for reversion.
Fee Simple with Condition Subsequent An estate in real estate that prohibits a specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings.
Fixture An item of personal property that has been converted to real property by being permanently affixed to the realty.
Foreshore Land at the coast between average high tide and average low tide this is owned by the state of North Carolina.
Freehold Estates An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
Fructus industriales Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus industriales. Usually considered to be personal property.
Fructus Naturales Plants that do not require annual cultivation and are considered real property.
Future Interests A person's present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right or reentry.
Joint Tenancy A concurrent form of ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Usually equal but Ownership interest may be unequal.
Lateral support The support a parcel of land receives from adjacent land; a neighbor’s duty to support adjoining land in its natural state.
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.
Life Tenant A person in possession of a life estate.
Littoral Rights A landowner's claim to use water in large navigable lakes and oceans adjacent to the property. The ownership rights to land bordering these bodies of water up to the average high-water mark.
Manufactured Home A mobile home or house trailer; built under HUD regulations with a permanent chassis. It is considered personal property until hitch, wheels and axles are removed,attached to a permanent foundation,affidavit filed with the Department of Motor Vehicles.
Modular Home A dwelling consisting of a series of rooms or units built off-site according to the NC State Building Code; is considered real property as soon as it assembled on the land. May be multi-storied
Nonfreehold (leasehold) Estates A tenant's right to occupy real estate during the term of a lease, generally considered a personal property interest; nonfreehold estate.
North Carolina Condominium Act of 1986 Specifies that a condo is created and established when the developer executes and records a declaration of its creation in the county where the property is located
Planned Unit Development (PUD) A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.
Proprietary Lease A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment.
Pur Autre Vie For the life of another. A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee.
Reliction Gradual recession of water which uncovers land that usually belongs to the riparian owner.
Remainder Interest A future interest in real estate created by the grantor for some third party that will be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.
Remainderman One entitled to receive a remainder interest in some estate sometime in the future.
Reversionary Interest A future estate that the grantor holds while granting a life estate to another person.
Right of Survivorship or Tenancy by the Entirety A concurrent form of ownership reserved for property owned by husband and wife. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse.
Riparian Rights An owner's rights in land that borders on or includes a steam, river, or lake. These rights include access to and use of the water.
Severalty The ownership of real property by only one person or entity; referred to as closing.
Subjacent Support The support of the surface of land by the land's subsurface; duty of the owned of subsurface rights to support the surface of the land.
Subsurface Rights Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.
Tenancy in Common Two or more parties usually not husband and wife; undivided equal interest unless stated otherwise; each owner receives his share when sold can transfer share without other signing; can acquire at different times on different instruments;heir ship rights
Tenancy by Entireties 1) Owned by Husband and Wife ONLY 2)each own 100% 3) Both must sign when sold 4)a) Divorce changes to tenants in common automatically but legal separation does not b)if not stated, the law presumes, tenants by entire 5) right of survivorship (automatic)
Time-share Ownership Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years. 5 day purchase cancellation (without penalty) 30 days to refund; $500 fine to developer (per violation)
Total Circumstances Test A legal test applied by the courts to determine whether an item is a fixture (and. therefore, part of the real property) or personal property.
Townhouse Ownership Do own land underneath unit (footprint) can not stack units vertically; no cancellation period; own entire unit (and half of party wall); Common areas owned by Homeowners association
Trade Fixture An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
Uniform Commercial Code (UCC) According to the UCC,if a homeowner purchases an item on credit and gives the creditor a security agreement, that either remains personal property and may be removed by creditor in the event of default
Waste An improper use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding title.
Created by: whitwill
 

 



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