Units 8. Flashcards
Definitions Associated With Water Rights
Accretion is the process of land buildup from water-borne rock, sand, and soil.
Alluvion are new deposits of land as a result of accretion; alluvion deposits commonly occur at the mouth of large rivers (the landowner is entitled to all new soil deposits).
REAL PROPERTY VS PERSONAL PROPERTY
“Fixtures”
1) Intent of the Parties
2) Relationship or Agreement of the Parties
1) The intent of the party placing an article on or in real property is of primary importance. Statements made by an owner to witnesses may indicate the intent to make an item a fixture. For example , including a washer and dryer, in a sale contract as part of the real property, would remove any doubt about the owner’s intention. If a dispute arises between a buyer and a seller or an owner and a tenant, the court may be required to determine the original intent of the parties.
2) Relationship or Agreement of the Parties. In this test, the court seeks to determine the exact nature of the relationship of the parties. Is it a buyer and seller, or a landlord and tenant? Ordinarily, residential tenants are required to leave any item they have attached to the landlord’s real property. However, if a building is leased as a retail store and the tenant has attached display racks to the walls, the court would generally rule that the display racks are trade fixtures that may be removed by the tenant. A Trade Fixture is an item installed by a commercial tenant and used in the tenants’ trade or business. Trade fixtures are legally considered personal property that are removable by the tenant, and, the tenant would typically be responsible for necessary repairs associated with removal. For example, hydraulic car lifts installed by an auto repair shop are trade fixtures.
Homestead.
Protection of the homestead.
Homestead property is protected from forced sales to satisfy judgment liens for debts owing to personal loans, credit card debt, and so forth. Homestead protection does not prevent foreclosure for non-payment of property taxes, special assessments, mortgages, homeowners association fees, condominium association fees, vendors’ liens, or construction liens secured with the homestead property.
Tenancy in Common
When 2 or more persons wish to share the ownership of a single property. They may choose to do so as tenants in common. It is the most frequently used form of coownership, except for husband and wife ownership. Tenants in common may acquire title on the same or different deeds at the same or different times and with equal or unequal shares of ownership. As tenants in common, each owns an individual interest in the whole property. An undivided interest in the entire property rather than ownership of a particular part of the property. For example, Sally and Kathy own a house as tenants in common. Sally holds 2/3 interest in the entire property, and Kathy owns 1/3 interest in the entire property. When Sally and Kathy die, their interest in the property will descend to their heirs. On Sally’s death, for example, her 2/3s interest in the property will desend to her legal heirs (or as instructed in her wil).
Joint Tenancy
Joint tenancy is characterized by the right of survivorship.
Rights of survivorship mean that the share of a co-owner who has died goes to the surviving co-owners and not to the deceased tenants heirs. Joint tenants have an undivided interest in real property. A joint Tenancy can exist only when the 4 “unities” of possession, interest title, and time are present.
COOPERATIVES
Disclosure and Cancellation Period.
The developer is required to include a disclosure in the sale contract stating that the buyer of a residential cooperative unit may cancel the contract within 15 calendar days of signing the contract and receipt by the buyer of all items required by Florida statutes 719.
CONDOMINIUM DOCUMENTS.
Frequently Asked Questions And Answers Sheet FAQ.
The FAQ informs prospective purchasers about restrictions on the leasing of a unit, information concerning assessments, and whether and in what amount the unit owners or association are obligated to pay rent or land use fees for recreational facilities.
