National Flashcards
Real Property (Real estate, realty)
Land, everything attached to it and the rights that accompany it.
Property that is immovable. Transferred by deed.
Deed
The written instrument by which a property owner as “grantor”conveys and transfers to a “grantee” an ownership (freehold) interest in real property.
Grantor
Gives a deed-typically the seller.
Grantee
Receives a deed-typically the buyer.
Erosion or Avulsion
The tearing away of land due to natural causes.
Accretion
The increase of land due to natural causes.
Heterogeneity
No two parcels of land are the same because land is different from place to place.
Appurtenances
The rights and improvements that are transferred with the land unless reserved or excepted.
Emblements
(annual crops-fructus industriiales) our personal property. Emblements are also defined as the right of a tenant farmer to harvest crops after the lease has expired.
Riparian rights
Water rights next to a river or stream.
Personal property (chattel)
Personal property is movable such as:
- Potted plants
- Furniture
- Automobiles
- Documents (leases, contracts, Deeds of trust, promissory notes)
Personal property is transferred by a bill of sale.
Littoral Rights
Water rights next to a lake or ocean.
Fixtures
An item which was once personal property but has been permanently attached to and has become real property. A fixture retains the characteristics of personal property.
Conversion
The process of changing real property to personal property or personal property to real. Trees become personal property upon conversion into lumber.
Police power
Right to enact laws for health, safety and welfare of the public.
Example: zoning laws, health codes.
Eminent domain
The right to take private property for public use with fair compensation paid. The process of taking property through eminent domain is known as condemnation.
Taxation
Charge against the property to bear the cost of municipal functions.
Escheat
Reversion of property to the state due to owner dying without a will (intestate) and with no heirs.
Bill of sale
By which personal property is transferred by.
Affidavit of Affixture
?? Need better definition
Dedication
The transfer of privately owned land to the public, without consideration, with the intent that the land will be accepted and used for public purposes.
Condemnation
The process of taking property through eminent domain.
