Unit 1 Real Property and the Law

Accession

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.

Air Rights

The legal right to use the airspace above a property, which can be sold or leased separately from the land itself. This concept allows property owners to control vertical space and is particularly important in urban areas where land is scarce and vertical development is common. Air rights can be transferred, leased, or sold, and are subject to local zoning regulations that may impose restrictions on their use. Understanding air rights is crucial for real estate transactions and ownership disputes, as they can significantly impact property value and development potential.

Annexation

The process of converting personal property into real property.

Appurtenance

A right, privilege, or improvement belonging to, and passing with, the land.

Area Preference

Refers to the concept where a property owner may have the right to use a property for a specific purpose or in a certain manner, which may be different from the general use of the property. This concept is often associated with zoning laws and regulations, which dictate how land can be developed and used within a municipality. Area preference can be a significant factor in real estate transactions, as it may affect the value and usability of a property.

Bundle of Legal Rights

The concept of land ownership that includes ownership of all legal rights to the land — for example, possession, control within the law, and enjoyment.

Chattel

Movable objects that are items of personal property.

Emblements

Growing crops, such as grapes and corn, which are produced annually through labor and industry; also called fructus industriales.

Factory-Built Housing

Dwellings that are built off-site and trucked to a building lot where they are installed or assembled.

Fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty; ex. kitchen cabinets, plumbing.

Improvement

A significant addition or alteration to a property that increases its value, extends its useful life, or adapts it for new purposes. Improvements are characterized as permanent and go beyond simple repairs or replacements. Examples include adding new structures, renovating existing buildings, or upgrading facilities to meet modern standards. These enhancements are crucial for property owners as they can impact property taxes and overall value.

Land

The Earth’s surface extending downward to the center of the Earth and upward into space, including permanent natural objects such as trees and water.

Manufactured Housing

Dwellings that are built to HUD (Housing and Urban Development) specifications that are at least 320 square feet and on a permanent chassis.

Mine Subsidence

The process of downward land shifts due to the collapse of underground mine shafts and groundwater flows usually results in sinkholes and troughs. The damage to structures may be functional, cosmetic, or structural.

Nonhomogeneity

Refers to physical uniqueness of the land.

Personal Property

Items, called chattels, that do not fit into the definition of real property; movable objects.

Real Estate

Land plus human-made additions.

Real Property

Real Estate plus “bundle of legal rights“

Severance

Changing an item of real estate to personal property by detaching it from the land; ex. cutting down a tree.

Situs

The physical location or position of a property, including its surrounding environment and geographic setting. The situs of real estate directly influences its value based on factors like accessibility, neighborhood characteristics, and nearby amenities.

Subsurface Rights

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.

Surface Rights

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights)

Trade Fixture

An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.

Water Rights

Common law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights and land ownership.