CH 26 - Real Property

real property

consists of land and everything permanently attached to it, including structures and other fixtures

airspace and subsurface rights

the owner of real property has rights to the airspace above the land along with the soil and minerals underneath the land

fixture

an item of personal property that has become so closely associated with real property that it is legally regarded as part of that real property

trade fixture

the personal property of a commercial tenant that has been installed or affixed to real property for a business purpose

fee simple absolute

an ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power

life estate

an interest in land that exists only for the duration of the life of a specified individual, usually the holder of the estate

conveyance

the transfer of title to real property from one person to another by deed or other document

waste

the use of real property in a manner that damages or destroys its value

concurrent ownership

joint ownership

tenancy in common

joint ownership of property in which each party owns an undivided interest that passes to their heirs at death

joint tenancy

joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property

right of survivorship

the right of a surviving joint tenant to inherit a deceased joint tenant’s ownership interest

tenancy to the entirety

joint ownership of property by a married couple in which neither spouse can transfer their interest in the property without the consent of the other

community property

a form of concurrent property ownership in which each spouse owns an undivided one-half interest in property acquired during the marriage

leasehold estate

an interest in real property that gives a tenant a qualified right to possess and/or use the property for a limited time under a lease

fixed term tenancy

a type of tenancy under which property is leased for a specific period of time; also called a tenancy for years

periodic tenancy

a lease interest in land for an indefinite period involving payment of rent at fixed intervals

tenancy at will

a type of tenancy that either the landlord or the tenant can terminate without notice

tenancy at sufferance

a tenancy that arises when a tenant wrongfully continues to occupy leased property after the lease has terminated

nonpossessory interest

in the context of real property, an interest that involves the right to use land but not the right to possess it

easements

a nonpossessory right, established by express or implied agreement, to make limited use of another’s property without removing anything from the property

profits

in the context of real property, the right to enter onto another’s property and remove something of value from that property

easement or profit appurtenant

arises when the owner of one piece of land has a right to go onto (or remove something from) an adjacent piece of land owned by another

easement or profit in gross

the right to use or take things from another’s land is given to one who does not own an adjacent tract of land

license

a revocable right or privilege of a person to come on another person’s land

closing

the final step in the sale of real estate, in which ownership is transferred to the buyer in exchange for payment of the purchase price

escrow account

an account generally held in the name of the depositor and the escrow agent

marketable title

title to real estate that is reasonably free from encumbrances, defects in the chain of title, and other matters that affect title, such as adverse possession

title insurance

insurance commonly purchased by a purchaser of real property to protect against loss in the event that the title to the property is not free from liens or superior ownership claims

implied warranty of habitability

an implied promise by a seller of a new house that the house is fit for human habitation

deed

a document by which title to real property is passed

metes and bounds

a way of describing the boundary lines of land according to the distance between two points, often using physical features of the local geography

warranty deed

a deed in which the grantor promises that they have title to the property conveyed in the deed, that there are no undisclosed encumbrances on the property, and that the grantee will enjoy quiet possession of the property’ provides the greatest amount of protection for the grantee

special warranty deed

a deed that warrants only that the grantor held good title during their ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners

quitclaim deed

a deed that conveys only whatever interest the grantor had in the property and therefore offers the least amount of protection against defects of title

grant deed

a deed that simply states that property is being conveyed from the grantor to another