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Definition
| land at, above, and below the earth's surface, including all things permanently attached to it whether natural or artificial. |
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Term
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Definition
| land itself, the improvements on it and the interests, benefits, and rights inherent in ownership of real estate (aka bundle of legal rights) |
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Term
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Definition
(DEEPC)
Disposition-right to sell, will, transfer, etc
Enjoyment-uninterrupted use
exclusion - keep others from use
Possession-right to occupy
Control |
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Definition
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Term
| Economic Characteristics of Real Estate |
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Definition
(SLIP)
Scarcity
Location
Improvements
Permanence of Investment |
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Term
| Physical Characteristics or Real Estate |
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Definition
Immobility
Indestructibility
Uniqueness |
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Term
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Definition
| right or privlege that goes with the ownership of land. Includes: subsurface rights, air rights, and water rights |
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Term
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Definition
| growing crops (eg. grapes, corn). usually considered to be personal property |
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Term
| 4 legal tests of a fixture |
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Definition
1. Intention of annexor
2. relationship of annexor
3. method of annexation
4. adaptation to real estate |
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Term
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Definition
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Term
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Definition
| leasehold. involves tenants |
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Term
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Definition
| highest and best form of ownership. owner can do anything with property unless it violates public land use regs, deed restrictions or the rights of others. |
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Term
| fee simple defeasible (what are the two types) |
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Definition
estate may be lost on occurrence or non occurrence of event.
Fee Simple subject to a condition subsequent.
Fee simple determinable |
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Term
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Definition
| estate requires that a specified activity or land use continue. "so long as". automatic reversion |
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Term
| fee simple subject to a condition subsequent |
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Definition
| estate dictates some action or activity the new owner must NOT preform. reversionary right through court |
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Term
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Definition
| freehold estate that is limited in duration to the life of owner or other designated person. |
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Term
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Definition
| limited to the lifetime of the owner of the life estate. estate goes back to grantor or to a remainderman |
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Term
| life estate pur aurtre vie |
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Definition
| life estate measured by life of a named third party. |
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Term
| North Carolina Intestate Succession Act |
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Definition
| provides for distribution of the property of an intestate person. equal division of property among eligible heirs. no heirs - goes to the state (escheat) |
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Term
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Definition
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Term
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Definition
| undivided interest. everyone gets a deed. each owner holds an undivided interest in severalty and can sell convey mortgage or transfer that interest through the right of partition. always willable. |
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Term
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Definition
| 1 deed with multiple copies. ownership shares are always equal. can include right of survivorship |
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Term
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Definition
| special form of tenancy for husband and wife. have right of survivorship. both must sign deed to convey |
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Term
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Definition
| a claim, charge or liability that attaches to and is binding on real estate |
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Term
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Definition
| easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land. two adjacent tracts of land owned by different parties. |
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Term
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Definition
| a personal interest in or right to use land of another. benefits a person or entity not a parcel of land. (utilities) |
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Term
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Definition
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Term
| essential element of valid deed |
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Definition
- be in writing.
- grantor must have legal capacity to execute.
- grantor and grantee must be identified.
- adequate words of conveyance.
- accurate legal description of property.
- signed by grantor.
- delivered to and voluntarily accepted by grantee.
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Term
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Definition
| best type of deed. most protection for grantee and most liability for grantor. 4 covenants: Seisin-grantor is legal owner and has right to convey; No encumbrances; Quiet Enjoyment; Warranty forever |
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Term
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Definition
| person dies intestate = land goes to state |
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Term
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Definition
| (OCEAN) possession of claimant must be: open, continuous, exclusive, adverse to true owners possession, notorious/hostile. 20 years |
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Term
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Definition
| gift of real property by will/person who receives the property |
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Term
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Definition
| only 2 warranties - grantor received title and prop was not encumbered by grantor |
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Term
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Definition
| no express or implied warranties. used primarily to convey less than fee simple or to cure a title defect. |
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Term
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Definition
| real estate documents are not valid to third parties unless recorded |
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