Unit 2: Real Property and the Law Flashcards
Real Estate
“The Land” plus Appurtenances (things that are attached to the land) which include improvements, rights, interest, fixtures, privileges
Real Estate is what?
Immovable: When a property is sold everything goes with it. If you can move it, it is “Personal Property”
Land Rights
- Surface Rights (what’s on top)
- Subsurface Rights (what’s underneath (soil, minerals, gas)
- Air Rights (space above the property)
Improvements
Items that are attached to the land with the intent of being permanent
Ex: House, fences, driveways, roses, perennials)
Ownership Rights
Occupy it, transfer it, control the property
Government rights
Land use controls, taxations, eminent domain
Air rights
Extend as high as can be legally used, Government controls air space above (gets smaller as you get closer to an airport)
Can lease Air Rights and Subsurface
Water rights
Right of water use
Riparian land
R = River (flowing water)
Land abutting relate to flowing water
Littoral rights
Land abutting to standing water “L” = Lake
Accretion
Addition to land through natural causes, Ex: Sandbar
Where do my land rights end with water front
at the average high water point
Avulsion
sudden loss of land by a natural act of nature, ex: Landslide
The property line is generally maintained even if there is land no longer there
Doctrine of prior appropriation
the right to use water is controlled by the state rather than by the landowner adjacent to the water (People upstream can not cut off water supply)
Mineral rights
Can be leased or sold unless the previous owner “reserves” them
Personal Property vs Real Property
Personal Property is not attached permanently to the land and must be included in the purchase contract to transfer with the property
Real property is transferred by what?
Deed
Personal property is transferred by a what?
Bill of sale
Fixture
An object that was once personal property that has been attached to an improvement which is now real property
What are Adaptations?
Items that are specific to each property that are related to fixed property Example: House Keys, Garage Door Openers
Emblements
are annually cultivated crops, each years crop belongs to the party who planted it, unless otherwise agreed upon
Trade fixtures
(Not included) owner or tenant-installed additions that are necessary part of their trader or business
Example: Restaurant’s ovens and stoves equipment, need to have bill of sale to transfer these items
