Chapter 1-6 Real Estate
Terms
undefined, object
copy deck
- What are the four tests of fixtures?
-
1. manner of attachment
2. adaptation of object
3. existance of an agreement
4. relationship of parties - Appurtenance
- any right that transfers with the sale of property. (ex/ easement)
- Doctrine of Prior Appropriation
- person who gets to water first and diverts it into beneficial use gets rights
- riparian rights
- right to use water flowing past my property as long as the water isn't diverted (course of water hasn't changed)
- littoral rights
- right to use a body of water adjacent to property as long as position of water is unchanged
- Metes and bounds
- land description used with monuments or to describe irregularly shaped parcels
- rectangular survey system
- grid made of up latitude (base lines) and longitude (meridians)
- township
- 36 square miles
- section
- 1 mile square (640 acres)
- recorded plat
- (map) useful for subdivisions and used often with lot and block system
- reference to document (other than map)
- deeds and mortgage
- assessor's parcel number
- never used as a legal description of property and aids in assessment of property for tax collection purposes
- range line
- line 6 miles east and west of meridians
- informal reference
- street address
- datum
- vertical land description
- cul-de-sac
- closed at end with circular turnaround
- flag lot
- shaped like a flag on a flagpole
- corner lot
- a lot that fronts on two or more streets
- inside lot
- lot with only one side on street
- key lot
- adjoins the side or rear property line of a corner lot
- What are the three physical characteristics of land?
- immobility, nonhomogeneity, and indestructibility
- What are the economic characteristics of land?
- scarcity, permanence of investment (fixity), modification, and area performance (situs)
- feudal system
- all landownership rested in name of the king
- allodial system
- land ownership under which individuals were given the right to own land
- eminent domain
- the right of gov't to take ownership of privately held real estate regardless of owner's wishes
- condemnation
- legal proceeding involved in eminent domain and property owner must be paid fair market value of property taken
- police power
- right of gov't to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public ex/ zoning laws, planning laws, building, fire codes, rent control
- escheat
- when a person dies and leaves no heirs and no instructions as to how to dispose of her real and personal property or when property is abandoned, the ownership of that property reverts to the gov't
- property taxes
- an example of a gov't right
- fee simple
- the largest estate in land. If one owns the property in fee simple with no encumbrances, then one has every right not reserved by the government. can be held by person forever
- fee simple determinable
- the length of the ownership can be determined from the granting document
- fee simple subject to condition consequence
- ownership is granted as long as some condition(s) is met. If the condition is no longer being met, the property either reverts back to the owner (a reversionary interest) or goes to some third party (a remainder interest).
- fee simple subject to condition precedent
- some condition must transfer before ownership actually transfers
- easement
- a right or privilege one party has to the use of land of another for a special purpose consistent with the general use of the land
- encumberance
- any claim, right, lien, estate, or liability that limits the fee simple title to property
- easement by necessity
- buyer cannot be landlocked by seller and can ride/walk through property to get to his own property
- easement by prescription
- another way to acquire an easement without written document is by constant use
- easement in gross
- ex/ telephone poles, electricity, or gas line
- partywall easement
- exists when a single wall is located on the lot line that separates 2 parcels of land
- easement by reserve
- kept by the seller of the land when sold
- easement by grant
- given by the owner of the land to another party
- dower
- recognizes wife's efforts in marriage and grants her legal ownership of the family's real estate
- community property
- each spouse has equal interest in all property acquired by their joint efforts during the marriage
- curtesy
- husband benefits (but wife can defeat those rights in her will)
- Life estate
- conveys an estate for the duration of someone's life
- deed restrictions
- – rules set forth in the deed (or a document referenced by the deed) that you agree to adhere to if you purchase the property. For example, no work vehicles in the driveway overnight or no swimming pool in the backyard or only certain colors allowed on the exterior.
- estate for years
- has a definite end date. could be only for a few months.
- periodic estate
- similar to estate for years except it has no definite end date
- tenancy at will
- holdover tenancy. continue until either party gives reasonable notice. can terminate at any time with reasonable notice.
- tenancy at sufferance
- usually happens when one of the other tenancies ends. essentially trespassing, but there was permission to enter. no agreement between parties.
- liens
- claim against property
- property tax lien
- a lien filed by local gov't to enforce property tax payment. filed every year and removed when paid. (voluntary and special)
- mechanic's lien
- can be filed by anyboy that provides labor or materials for your property.
- judgment lien
- a lien resulting from a judgment against a property owner
- mortgage lien
- a lien to protect the lender and secure payment of mortgage
- special lien
- a lien that only applies to one property
- general lien
- a lien that applies to more than one property
- tenancy in common
- more than one owner. each owner has undivided interest. can own different percentages. can sell or give away interest. no right to survivorship
- joint tenancy
- poor man's will. has right to survivorship. undivided interest. same percentage of ownership.
- tenancy by the entirety
- right of survivorship. only available to married couples, if they divorces they become tenants-in-common
- grant deed
- includes a covenant that the owner has not previously conveyed the property, that the owner has not encumbered the property except as noted, and that the owner will convey any ownership interest received in the future.
- special warranty deed
- guarantees only against defects in title occurring during the ownership of the current owner.
- bargain of sale deed
- contains no covenants, but does imply ownership of the property.
- quitclaim deed
- contains no covenants and does not imply ownership of the property.
- gift deed
- used if the consideration is not monetary (i.e. “for natural love and affectionâ€).
- guardian deed
- to execute the sale or gift of property by a minor
- sheriff's deed
- used to convey property after a court-ordered sale
- tax deed
- used to convey property after a sale for non-payment of taxes.
- interspousal deed
- used to convey property from one spouse to another
- cession deed
- used to convey roads and sidewalks from a developer or homeowner’s association to the municipality in which they are located
- correction deed
- used to correct a previous deed (misspelled name or incorrect property description).
- holographic will
- handwritten will. problems with authenticity and mental state and is it in legal format?
- oral will
- recorded before death or by military persons
- codicil
- an amendment to a will
- adverse possesion
- has to be actual, visible, continuous, exclusive, notorious, and hostile (w/o owners permission)
- color of title
- paying property or some claim of ownership
- alluvian
- when you have a river running by property and deposits dirt
- reliction
- lake and sea recedes and you own that new dry land
- avulsion
- super-erosion
- annexation
- materials are attached to the land
- public grant
- homestead act. gov't giving away land to public.
- dedication
- individual gives land to gov't for public use
- alienation
- any change in ownership
- lis pendens index
- for pending lawsuits that might affect property
- marketable title
- title to property that is free from all reasonable doubt as to the true owner
- quiet title suit
- used to clear up clouds on title
- constructive notice
- recording documents in the public records is one way to provide constructive notice to the world of your ownership interest in a piece of property (possessing the property is the other).
- inquiry notice
- further investigating anyone making a claim of ownership in a property one is interested in buying. You could learn of the ownership claim by perusing the public record or by visiting the property.
- actual notice
- knowledge about a property that one gains from stuff one actually sees (documents, the property, etc.).
- chain of title
- listing of owners of property