Real Property
The interests, benefits, and rights inherent in real estate ownership.
Real Property
Annually produced crops also called fructus industrialis.
Emblements
An Estate that is subject to conditions
Fee simple defeasible
A charge against a property that provides security for a debt.
Lien
A person who has made a valid will:
Testator
A hidden structural defect that could not be discovered by ordinary inspection and that threatens a property’s soundness or the safety of its inhabitants.
Latent Defect
Items of personal property:
Chattel
Length of ownership rights are based on the length of the owners life:
Life estate
Neighborhoods with an HOA will have rules attached to the deed called:
Covenants, conditions, and restrictions. CC&Rs
The record of a property’s ownership. Beginning with the earliest owner, the title may pass to many individuals.
Chain of Title
The increase of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
Accretion
Fixture vs. Trade Fixture. Which is Personal Property?
Trade Fixture (unless otherwise stated in a contract.)
A leasehold estate that continues for a definite period of time that could consist of years, months, weeks, or days.
Estate for years
Moving a lien or loan to a lesser position
Subordination
A lease requiring the tenant to pay not only rent and utilities, but also costs incurred in maintaining the property including taxes, insurance, and repairs.
Net Lease
A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform.
Unilateral
Personal property that has been attached to a home becoming real property:
Fixture
A lease of property where the landlord pays all property charges such as repairs, taxes, insurance and the tenant pays rent and utilities.
Gross Lease
The right to use the land of another for a particular use.
easement
The transfer in writing of an interest in a bond, mortgage, lease, or other instrument.
Assignment
A right, privilege, or improvement belonging to, and passing with, the land. “Runs with the land
Appurtenance
What are common fixtures that are mistaken for personal property?
oven, chandelier, pool equipment, blinds, tv mount, etc.
What is the full bundle of rights and which type of estate has this?
Fee simple absolute - DEEP C
The illegal placement of property on another property. Typically a driveway or building cross onto a neighboring property.
encroachment
Ownership of real estate between two or more parties who have been named in one conveyance and met the qualification of time, title, interest, possession and with right of survivorship. (PITT)
Joint Tenancy