Property Ownership & Interests Flashcards
Bundle of Rights
The right to possession of the property. The right of quiet enjoyment. The right to exclude others. The right to dispose of property by gift, by sale, or by will. The right to control the use of the property and profits within the limits of the law.
D.E.E.P.C
Disposition, Enjoyment, Exclusivity, Possession, & Control
Annuals or Perennials
Annuals (fructus industriales) are considered personal property. - fruits of the soil
Perennials (fructus naturales) are real. - unless in planter - fruits of the industry
Tenements
Includes everything in definition of land.
Corporeal rights
Tangible things, can be touched or seen. (Ie. Buildings)
Incorporeal rights
Rights that are intangible. (Ie. rights in the land of another)
Profit à prendre or profit
The right to take soils, minerals, timber, fish & game.
Hereditaments
Everything in the term land and everything the term tenements that are capable of being inherited.
Emblements
Fruits of the industry, annuals, or plants in a planter. - term is used often to denote the right of a tenant to reenter a property and harvest the emblements after termination of the tenancy.
(Ie. Crops, corn, wheat, melons, & soybeans)
Appurtenance
Runs with the land, anything transferred with the deed.
Ie. Subsurface rights, riparian (water) rights, air rights, lateral and subjacent support
Mineral lease
Permits the use of land for mineral exploration and mining operations.
Creates a mineral royalty.
Subsurface rights
Rights to harvest minerals or resources below the surface.
Air rights
Ownership of and the rights to the area above the surface of the earth.
Littoral rights
Rights of landowners whose property borders a lake or an ocean.
Forshore
The land between the mean high watermark and the low watermark.
Accretion
A gradual process in which the boundary of riparian land is extended by natural forces.
Reliction
The receding of water to expose land beneath. Owner gains more property or riparian land.
Erosion
Reverse of accretion. Loss of riparian land
Avulsion
Rapid or sudden change in the land. Resulting in either loss or gain from violent natural forces.
Usually does not affect boundaries unless otherwise stated.
Doctrine of prior appropriation
First person to use the water becomes the owner
Lateral support
The dependency of a piece of property on another piece of property with separate owners
Subjacent support
The right to have ones land supported from below. (Ie. If the mineral rights are given over and people begin mining they cannot make your land collapse)
Fixtures
A Permanent improvement deemed part of the real property by law. Cause many misunderstandings. Cannot be determined by someone who doesn’t practice law. Listing agent should inform seller of form # 2-T offer to purchase contract.
Intention (fixtures)
Was the improvement intentionally installed or put in to be a permanent thing? (Outweighs other 3 criteria)
Relation of the attacher (fixtures)
Based on this term, the permanence of the improvement is guessed by whether the tenant or owner meant for that improvement to be permanent or to take it down when the property is sold or the lease is up.
Method (fixture)
Does the method of attachment mean the removal of the improvement or add on would cause damage to the property? (Ie a picture would not but 1,000 lb statue with pillars could be considered permanent)
Adaptation (fixtures)
How is the item being used and is it adapted to the real property?
The more item specific the attachment is, the less obviously attached it needs to be in order to be considered a fixture.
(Ie. Custom made blinds that fit nonstandard windows)
Accession
At the end of a lease any fixtures remaining are considered abandoned and become real property to the landlord
Agricultural fixtures
Fixtures installed by the property owner for agricultural use.
Effect of Uniform commercial code (UCC)
Fixtures or improvements that have been financed. (Collateral - personalty - is held until the agreement is paid in full). This is filed by the register of Deeds.
Lender can remove the item in the case of missed payments.
Considered personal property until paid off
