Modern Real Estate in North Carolina-Unit 2

Accretion

The addition of land by the natural deposit of sand or soil from a river, lake, or sea.

Appurtenance

'It runs with the land'. A right, privilege, or encumbrance associated with the property. ex. parking spaces, easements, water rights... it transfers to a new owner when property is sold

Avulsion

A sudden act of nature that removes soil, such as a flood or avalanche. Avulsion does not change property boundaries.

Bundle of Legal Rights

Ownership of all legal rights: disposition, enjoyment, exclusion, possession, control.

Common interest ownership

Contains elements of both ownership in severalty and concurrent ownership, like in a condo or a PUD (planned unit develpment).

Condominium Ownership

Owner acquires title to a "unit" within a building, with undivided interest in the land, buildings, and improvements of the common areas/elements of the development as a tenant in common with the other owners.

Concurrent Ownership

Ownership by two or more persons at the same time

Cooperative Ownership

Ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses.

Emblements (fructus industriales)

Growing crops, such as grapes, soybeans, and corn, that are produced annually through labor and industry. Usually considered to be personal property.

Erosion

The process of eroding or gradual wearing away of land by wind, water, or other natural agents.

Fee Simple Absolute

The maximum possible estate or right of ownership of real property, continuing forever. Complete ownership of real estate.

Fee Simple Defeasible

An estate which may be lost or defeated on the occurrence or nonoccurrence of a specified event.

Fee Simple Determinable

An ownership in which the estate is held " so long as" or "during the period" a condition or limitation is maintained. It requires that a specified activity or or land use continue. One of the Fee Simple Defeasible Estates.

Fee Simple Subject to a Condition Subsequent

Some action or activity that the new owner must not perform. (i.e. alcohol is sold on the property).

Fixture

An item of personal property that has been converted to real property by being permanently affixed to the real estate.

Freehold Estates

Estates of indeterminable length, existing for a lifetime or forever. Ownership estates.

Fructus Naturales

Plants that do not require annual cultivation and are considered real property. Fruits of nature. Trees, bushes, grasses.

Joint Tenancy with Right of Survivorship

An ownership interest where two or more persons own an undivided interest in property. Equal possession, equal interests, title taken at the same time (unity of time).

Life Estate

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.

Life Tenant

The person or holder of a life estate.

Limited Common Elements

Common elements of a condominium project reserved for the exclusive use of one or more units, such as parking spaces or storage areas.

Littoral Rights

Rights granted to owners whose land borders oceans and large, navigable lakes that have a tide.

Non-Freehold Estate

A possessory interest in real property, could be estate for years, periodic tenancy, tenancy at will or sufferance. "I lease it."

Probate

Legal process by which a court determines who will inherit a deceased person's property and what the assets of the estate are.

Proprietary Lease

A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment.

pur autre vie

"For the life of another." A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee.

Riparian Rights

An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

Tenancy by the Entirety

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.

Tenancy in Common

A form of concurrent ownership where two or more persons hold separate titles in the same estate. May have equal or unequal shares. Right of partition. Do not have to take title at the dame time.

Time-Share Ownership

Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years. 5 day right of rescission. Rule of 5's!

Townhomes

Sold as distinct living unit individual lot share common walls. Owner of the townhome owns the property beneath the structure.

Trade Fixtures

Personal property used in a business and can be removed by the lessee when the lease terminates.