Vocabulary Flashcards
Land
Spot on earth that goes down to the center and up to infinity
Appurtenance
SOMETHING THAT RUNS WITH THE LAND FROM ONE OWNER TO THE NEXT. Right, privilege, or improvement permanently attached to the land. e.g. trees, streams, houses, buildings, air rights, water rights, mineral rights (oil, natural gas)
Real Estate
Bundle of rights that go along with your ownership. Land + Appurtenances
Emblements
Cash crop also known as Fructus Industriales and is considered personal property. Growing crops in field; allows seller to come back and harvest crop one time even after sale of property, if planted before sale or going under contract.
Fructus Industriales
Fruits of the industry
Eminent Domain
The RIGHT of the government to take (acquire) private property (without permission) for PUBLIC GOOD or use.
Condemnation
The PROCESS used to take property when the government exercises the right of Eminent Domain
Title
Ownership
Deed
The document that transfers real property rights from one to another. It is the paperwork that shows ownership and all the rights that go along with that property.
Personal Property
Moveable Property.
e.g. chair, camera, rented water softener system, etc.
Chattel
Real Property
Non Moveable Property.
Chattel
Another name for personal property
Bill of Sale
Document that transfers personal property
Severance
Going from real property to personal property
e.g. cutting down a tree
Fixture
Part of real property, going from personal to real property. Considered an appurtenance.
e.g. ceiling fans, light fixtures.
Trade Fixtures
Personal property of a commercial tenant who has bought and installed the item for their business.
e.g. display cases
Taxation
On real property; money used for schools, roads, etc.
**Police Power **
- Zoning Regulations: commercial, residential, how will land be used
- Building Codes: makes building safe for occupancy
- Environmental Regulations
** Eminent Domain **
The RIGHT of the government to take (acquire) private property without their permission for Public Good or Use and fair compensation must be paid.
** Condemnation **
The process of eminent domain
**Escheat **
The right of the government to take private property upon:
- Owner dies INTESTATE (no will)
- Has NO HEIRS
Estate
The right of possession and use
Freehold
Ownership
Leasehold Estate
Renting or Leasing (renter has possession and use)
Fee
Inheritable
Conditional Fee or Defeasible Fee
Property deeded with conditions specified. Defeasible is based on time. This information is in the deed.
e.g. must be used as a school
Freehold Estate
Ownership with the right of possession and use
Fee Simple Absolute
Maximum rights in real estate. No conditions to continue to own property
Life Estate
Deeded to someone for life or life of another. Not Inheritable.
Two Purposes for Recording Documents
- Establish Priority - who is first
2. Provide Constructive Notice - moving in or on a property is a way to show constructive notice
Georgia Assessment Rate
40%
Three Physical Characteristics of Land:
- Immovable
- Indestructible
- Non-Homogeneous (Unique)
Three Ways to TRANSFER property:
- Sell It
- Will It
- Steal It
Four Economic Characteristics of Land
what brings value to a property
- Situs - location
- Scarcity - supply & demand
- Improvable - you can build on it
- Permanence of Investment - how long will this be property be profitable
Tests for Determining Fixtures
- method of attachment
- intention of attaching parties
- adaptation of the article
Sellers Disclosure Statement
Itemizes most things that are going to be left or not left with the property
Government Rights
Are for the good of our community
3 Legal Life Estates
- Dower
- Curtesy
- Homestead
4 Voluntary Life Estates
- Estate in Reversion
- Estate in Remainder
- Reservation
- Pur Autre Vie - for another life
Estate in Reversion
Life Estate
When life tenant dies, property goes back to grantor or grantor’s heirs
Estate in Remainder
Life Estate
When life tenant dies, property goes to third party called remainderman
Reservation
Life Estate
Seller transfers property but retains life estate for seller’s lifetime
Pur Autre Vie
for another’s life. Grantees life estate is based on someone else’s life. When grantee dies, grantee’s heirs or life tenant own property as long as third party is alive.
Encumbrance
Something that BURDENS or LIMITS your title or rights held by someone else
Private Rights in Real Estate
The right of possession and use
