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56 Cards in this Set
- Front
- Back
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Real property
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The LAND PLUS ANYTHING PERMANETLY ATTACHED. By nature or man.
Ex.. Well, fence, trees, bushes |
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REAL ESTATE
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any interest in land whether it is freehold, non freehold, leasehold ....
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Land
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The surface of the earth extending down to the center of the earth and upwards to infinity
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Personal property
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All property that does not fit the def of real property. This is transferred by a bill of sale.
Can be moved and is referred to as CHATTEL |
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CHATTEL REAL
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Personal interest in real property. Includes documents. Lease, mtg, land contracts
Holder of the document has no ownership in real property. |
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EMBLEMENTS
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Fractus industrials. Annual growing crops that are replanted each year. Corn, tobacco, wheat...
Considered personal property |
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Improvements
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Something added to property that would add value
Fence, driveway... Note not all improvements enhance surrounding properties. |
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Appurtenances
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Goes with the ownership of the land . Anything that belongs to the real property.
Easements, water rights an incidental right (as a right-of-way) attached to a principal property right and passing in possession with it |
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What is a Fixture and what are the 4 deciding properties?
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Personal property that has been perm attached to real estate.
Light fixtures, plumbing, air conditioning To decide. Use the following 1. Intent of parties 2. Method of attachment 3. Adaptation or use it provides to the property 4. Agreement of parties |
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Trade fixtures
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Fixtures used in a trade or business by a tenant.
Chattel fixtures. Normally considered to be personal property. Gas pumps, restaurant equipment... |
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Accession
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Trade fixtures that are not removed by tenant before the lease is up. Becomes the property of the landlord.
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Amenities
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Both tangible and intangible that add value to property.
Community pool, good view |
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Littoral rights
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Water rights
Refers to ownership of land along large lakes, seas, or oceans. Ocean will own to median high water mark L=large bodies of water |
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Riparian rights
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Water rights
Ownership along small bodies of water that flow. River, creek, stream. R=River |
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Riparian rights ownership
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If canoe will float down the stream, it is navigable. If not, it is non navigable.
Navigable. You own to the waters edge Non-navigable: you share with neighbor, and own to the middle of the bed |
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Doctrine of prior appropriation
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Govt gives states the right to access water.
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Reliction
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Gaining title to land by receding of water.
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Erosion
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Loss of land by wearing away by moving water
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Accretion
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The building up of eroded land.
That which erodes may build up somewhere else. Gaining land |
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Alluvion or alluviam
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The actual material involved in the erosion and accretion process
Mud or sand |
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Contiguous
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Water rights
Next to..if 2 parties own property along a stream and the stream is the dividing point, the properties are said to be contiguous |
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Avulsion
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The sudden tearing away of land such as earthquake or sink hole
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Air rights
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We own the airspace above our land
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What are the Bundle of rights
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Meaning you can sell mineral rights but keep the land... The bundle includes:
1. The right of possession 2. The right to control the property within the law 3. The right to quiet enjoyment 4. The right of disposition. ( to sell, transfer or dispose of property) |
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Metes and bounds
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Legal description used as a way to describe the real estate in a contract or deed
Measurements and direction based on monuments. Physical markers or flags. Sometimes using degrees |
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Lot and block system
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Used in this part of the country.
Live on lot 1 of block 1 in Subdivision. Used on the plat of the subdivision. |
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Govt survey system
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Based on 36 sq miles. Not used in this part of country. Rectangular survey system.
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Estate
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Refers to the degree, quantity, nature and extent of ownership one has in real property. To have an estate, you must in some way possess the real property
If by lease: leasehold If by ownership: Freehold |
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Tenancy
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May b created by ownership, holding title to the property or it may be created by a lease that gives possession.
Interest in real property ownership or the right to use |
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Interest in property
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Involves ones rights, powers, privileges and or immunities.
You can have an interest in property but not own it. ALL ESTATES SHOW INTEREST IN LAND, BUT NOT ALL INTERESTS IN LAND REFLECT ESTATES |
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Fee
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Degree of ownership in real property. Fee means it can be inherited.
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Title
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What you are buying.. Gives the right to or the ownership of land
Original: can only be vested with the state such as TITLE GAINED BY DISCOVERY OR CONQUEST Derivative is held by an individual. 2 a : all the elements constituting legal ownership b : a legally just cause of exclusive possession c : the instrument (as a deed) that is evidence of a right DEED: : a legal document that shows who owns a building or piece of land.. Deed transfers the title into your name |
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Types of estates
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Freehold and Leasehold
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Freehold estates
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Actual ownership for undetermined amount of time.
1. Inheritable 2. Life estates 3. Future estates |
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Freehold estates..
INHERITABLE |
Inherited by lineal heirs
Fee simple (absolute). Highest type of ownership/ degree of interest in real property. |
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Freehold estates
LIFE ESTATES |
Limited in duration to the life of the owner or other individual.
Life tenant can do everything it cause waste. Life interest can b sold but terminates on the death of the person whom the life estate is measured. 1. Ordinary life estate: terminates on the life estate owners death. 2. Life estate pur autre vie: based on the life of another person. Bob gets the estate based on the life of Sam. When Sam dies, bob no longer has interest in property (for other life) |
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Freehold estate
FUTURE ESTATE |
Present right to future interest in property. Executors rights, recently, reversions and remainders
Reversionary interest: future interest created at same time as another estate. (Deed property to mom, as long as mom lives Remainder Interest: Future interest in real estate that is created at the same time as another estate. Remainder goes to a third party |
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name 2 types of Personal Property:
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Chattel Real (Documents such as leases, mortgages and land contracts)
Emblements (Annual Growing Crops) |
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What are the 3 types of Real Property Rights?
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Mineral
Water Air |
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What items are associated with Water Rights
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Littoral
Riparian Doctrine of Prior appropriation Reliction Erosion Accretion Alluvion / Alluvium Contiguous Avulsion |
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Two ways to gain title to land by nature:
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Reliction
Accretion |
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Two ways to lose title to land by nature
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Avulsion
Erosion |
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What is a Nonfreehold leasehold or tenancies
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the Lessor (Landlord holds the title) the Lessee holds possession. The lease creates a leasehold estate
1. Tenancy for Years: (Non Freehold) Any lease with a definite period of time. could be 1 hour, or 12 years. if there is a end date, this is a tenancy for years. 2. Periodic Tenancy:Estate from period to period. Month to month... no end date provided. if tenant pays on time, the lease continues. notice is determined by the length of the lease... 7-day, 30-day 3. Tenancy at Will: (Estate at Will). gives the tenant the right to possess the property with the convent of the landlord for an unspecified duration. This will end at the death of either party. 4. Tenancy at suffarance: (Estate at sufferance) Tenant is holding possession of the property without the consent of the landlord . IN SC THIS IS THE WEAKEST LEASE INTEREST |
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What are the forms of ownership
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Tenancy in severalty
Tenancy in common Joint Tenancy |
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What is Tenancy in Severalty
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SOLE OWNERSHIP. owned by one individual.
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What is Tenancy in Common
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Co-Ownership where each owner has a complete possession in the property as if they were the sole owner. THIS IS THE DEFAULT IN SC
Concurrent ownership between two or more owners No special wording to create gives the parties involved the right of inheritance each owner owns a part which is undivided. May own with separate deeds only unity of possession is required Right to partition transfer of interest |
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What is Joint Tenancy
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Ownership of property by 2 or more persons with rights of survivorship built in. If one dies, the other owns in severalty.
Four unities are required to create a joint tenancy: PITT Unity of Possession Unity of Interest Unity of time Unity of title |
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How do you own Land?
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Statutory Ownership & Common interest Ownership
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Condominiums are:
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Horizontal property act. Covers the entire project including all units and all common elements. Fee Simple Ownership of Unit / Common ownership of land.
THE MASTER DEED MUST BE RECORDED |
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CONVERSION
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Refers to a coop or rental apartments in a condo complex. must either purchase or vacate when the lease expires
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Condo: Common Elements
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Land courtyards and pools are owned by the unit owners.
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Condo: Owners Association and Bylaws
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Owners Association governs the properties. they establish and enforce the bylaws.
Condo gives title to the unit (Real Property) 51% of the members are required to adopt new decisions 66.6 (2/3rd's) vote is necessary to make changes to bylaws |
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Cooperatives
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Chattle Real (Lease Ownership in a Co-op)
Proprietary Lease gives the owner the right to occupy the unit for the life of the co-op. Owner gets stock (Personal Property) rather than real estate and all shareholders are responsible for the entire project. |
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What is a timeshare or interval ownership
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Freehold (Fee Simple) or Leasehold (Interest in real estate)
Right of rescission: You have the right to cancel the contract within 5 days (Not including Sun) fro the date you sign. |
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What are Business Entities?
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Partnership: Two or more co-owners
General Partner: Unlimited personal liability Limited Partner: (Silent Partner) Money only. Only responsible up to the $ invested. Limited Liability corp (LLC) Not responsible for personal taxes. combo of both partnership and corporation. Corporation Legal organization that is created by the stat laws where it receives its charter. Owners purchase stock. The owners liability is limited to the amount invested. |
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REIT:
Real Estate Investment Trust |
At least 75% of the income generated thru this type of business must come from RE.
Must have 100 shareholders Exempt from corporate tax as long as 95% of the income is distributed. |
